Money mindset MATTERS

Looking for less stress and more progress when it comes to reaching your #moneygoals? Here are five positive money habits to cultivate on your journey to financial freedom.

- HELEN WALLACE

Most people tend to have a love-hate relationship with money: we'd love to have more of it, and we hate the bills and obligations that force us to part with it. But however you might feel about money, one thing is always true: if you want to reach your financial goals, a fair amount of diligence (as far as saving and spending is concerned) is necessary.

You might not feel as if you have the willpower to change your ways and build your bank balance, but we've got good news: cultivating and honing positive money habits can help reframe your thinking and shift bad behaviours into great results.

SERIOUS SAVING STUMBLING BLOCKS

In South Africa, the cost of living seems to rise more quickly than our salaries. According to the most recent Investec GIBS Savings Index, the average savings rate in the country is pretty much zero. This is because, for every person stashing cash into investments and retirement plans, someone else is taking out multiple loans to lead a lavish lifestyle.

The World Wide Worx 'More Month Than Money' survey, which was commissioned by TymeBank, also revealed that 57% of South Africans run out of money by the 15th of each month, with 76% hitting zero before it ends. Only 4% of respondents claimed that they're able to set aside money monthly for retirement, education or emergencies. Saving, however, isn't the only problem we face when it comes to achieving financial freedom.

SPENDING SETBACK