Guidance for financial stability

TO MARK Valentine's Day, let's look at how young couples can avoid the conflicts and heartbreak that money can cause in a relationship, and build a life together on a strong financial foundation.

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My commonsense musings below, peppered with the odd quotes, may sadly be beyond the scope of the many South African households for whom each day is a struggle to survive.

But if you and your partner are fortunate enough to be employed in jobs that provide a fair, steady income, these are the things you need to bear in mind to ensure financial stability. There are other things, such as making sure you have appropriate insurance policies and a will - my guidelines are more about adopting the right financial mindset, which will serve you well for the rest of your lives.

Don’t measure success in the wrong way

Outward trappings of “success” such as designer outfits and fancy cars may impress your friends, but are likely to make you poorer.

If you are subverting your financial priorities in trying to show the world that you have “made it” in life, you are fooling no one, least of all your bank manager. One of my favourite quotes comes from the American actress Helen Hayes: “My mother drew a distinction between achievement and success. She said that achievement is the knowledge that you have worked hard and done the best that is in you. Success is being praised by others, and that’s nice, too, but not as important or satisfying. Always aim for achievement and forget about success.”

Beware of lifestyle creep