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Protecting Yourself Financially

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After just coming out of a break up where I invested a LOT more financially into our relationship, I feel quite cautious. I was overly generous and from the outside it does look like I was taken for a ride financially. Situations like this often make us question a lot of aspects of our life, especially our finances. It’s very important to protect yourself financially and I’ve learned a lot over the past month and thought I’d share some tips as well as a great infographic. 

1) Only Spend What You’re Happy to “Throw Away”

When you’re dating it’s easy to get wrapped up in the love bubble. I did, majorly. I subsidised my ex’s life considerably including buying him an iPad and a Macbook Air. Oh, love. Beyond that I also paid for the majority of his life for our entire relationship, including Internet, power, food and petrol in my car when he used it. I lent him money he still owes and will probably always owe. In hindsight, I shouldn’t have been so generous and it’s hard to think about the $10,000s of dollars I spent on this person. Of course you shouldn’t go into a relationship expecting it to fall to pieces, but be mindful of HOW generous you are and only be as generous as you’re prepared to ‘lose’. While I’m grateful for the experiences and lessons learned, that money would have been much better off invested!

2) Protect Yourself From Fraud
When you’re in a relationship, or even close with family members, they can learn a lot about you. Your bank details, your name, birthday, your passwords and even answers to your security questions. It’s important to be mindful of how you protect yourself. Keeping you credit cards secure is one of the most important things you can do. You should monitor your bank accounts for any unauthorised activity and be careful when you use your credit card in certain country’s ATMS and for online purchases.3) Keep Things Clear

Thankfully my ex and I hadn’t been dating for too long; in New Zealand after two years of living together, your assets are counted as ‘joined’. Because I’m a lot better off financially than him, that could have caused significant troubles for me. While I don’t think he’s the type of person to claim that, if your relationship ends you’ll never know how the cookie crumbles. I think this is most important when there’s a significant financial disparity in your income.Unfortunately life is not rainbows and unicorns. There are people who want to take you for a ride – whether complete strangers or potentially some of the people you’re closet to. As such, you need to take special measures to protect yourself financially. Have you ever experienced fraud? How did you do with it?
Santander infographic