Where do you get your financial planning advice? Do your friends come to you for money management advice? What do you think your children are learning from watching the way you transact?
This Monday on the 'Be Financially Smart with FNB' series, 702's Azania Mosaka and head of FNB’s Consumer Education Program, Eunice Sibiya, spoke about the legacy of bad habits and how that affects your financial stability.
Sibiya explains that while growing up, most people are not conscious about money, managing finances and spending habits in a household.
What you saw happening growing up, will likely become habits adapted without any interrogation in your adult life, she adds.
We conducted a survey earlier in the year and one of the participants said no one taught him financial education.— Eunice Sibiya, Head of FNB’s Consumer Education Program at FNB
We picked up traits and habits that became a norm says Sibiya. She goes on to say, upon reflecting on the financial mistakes made, it is vital to keep the good habits and discard all the bad ones.
There are people who live from payday to payday because of poor planning or by circumstance.— Eunice Sibiya, Head of FNB’s Consumer Education Program at FNB
Here are four tips on how to break those bad money habits:
You need to carve your own responsible path.
You need to learn from your parents' financial mistakes.
You need to start an emergency fund for savings and investing.
- You need to be careful about what you say and do with regards to money in the presence of your children.
#BeFinanciallySmart with more tips in the clip below: