Six Money Survival Tips
1. a) From now on, take ALL responsibility for your financial future. Don’t let anyone talk you out of it, especially someone you love. This is simple, but it takes time.
1. b) Don’t rely on ANYONE ELSE in financial matters. Not your mum, dad, boyfriend, girlfriend, accountant. NO-ONE.
2. Allocate a specific time, say two hours on the first Saturday morning each month. Your money and your peace of mind will depend on this adult habit.
3. Always check – by email if possible – that what someone says they will do is actually done ON TIME. Monitor anything that is to be done by someone else. Monitoring is polite nagging and you will quickly find out that it is ESSENTIAL.
Nagging is the repetition of a question that someone doesn’t want to answer.
a) Together, fix a day for the job to be completed.
b) Send an email before the due date as a reminder.
c) Send an email the day after the due date, to ask if they’ve done it.
d) If the answer is anything but YES, repeat this procedure until the job is done.
4. Keep a scribbled note of any financial meetings. Don’t rely on the person who is supposed to be taking notes.
5. Years ago, I asked a Texan oil zillionaire what was the most useful financial tip he had ever been given. This is what he told me and I’m grateful.
Date notes. Date everything you write – top right-hand corner – and always include the year.
6. Always check your bank balance. Banks make errors.
I wrote this for the financial literacy course for 1st year university students in Newcastle.