Is your money cheating on you with someone else?

Jackson Stiles
Oct 23, 2014, updated May 26, 2015

OMG. The Bachelor‘s Blake Garvey proposed to Sam Frost and then dumped her for Louise Pillidge. Scandal!

Do you sometimes feel like Sam, a week out from payday, broke and alone, with barely enough money left in your account to buy a tub of ice cream to drown your sorrows?

What about a sinking despair when you open your wallet or purse to find that your precious money is nowhere to be seen?

• The top five people to avoid in the office
• Nine ways to simplify your finances

All evidence points to a gross infidelity on your money’s part. What else can explain its constant absence, and the wealth of absolutely everyone else except you?

Finder.com.au spokesperson Michelle Hutchison told The New Daily that money makes for an unreliable partner – it’ll quickly go looking for cheap thrills and make you wonder where your savings went.

So aside from the obviously incorrect move of dating 20 credit cards, or superannuation funds at once, here are the relationship holes you need to watch out for.

Special but choosing only them, not all of them. Photo: Facebook

Make your money feel special

Onthehouse.com.au finance editor Peter Boehm, who has more than 30 years’ experience in the banking and financial services sectors, told The New Daily that “we need to treat our money as a precious asset”, lest it run away.

“Looking after it means using it carefully and not just giving it away – unless of course it’s to a charity or other worthwhile cause,” Mr Boehm said.

Always ask yourself: ‘Is this the best use of my money?’

Spend some quality time with your cash

ME Bank spokesperson Matthew Read told The New Daily that too many of us let our dearest dollars slip away in unseen fees and charges.

“Do yourself a favour and read the fine print before signing up for deals and break out the proverbial wrench to prevent further money leakage,” he said.

Make sure to pay attention to your monthly statement and keep an eye out for any “zombie charges” – bills that keep charging even after you’ve cancelled your membership.

Protect yourself from dirty street pies

Mr Read said there are many creative and clever scam artists out there who want to steal your money. Knowledge is key in your fight with these scoundrels.

For example, safeguard your banking passwords and PINs, and never share them with anyone else; take out insurance to protect your most valued assets and ensure you have a Will in place.

Louise and Blake: monogamous at last. Photo: Channel 10

It’s time to get monogamous

One of the worst things you can do is play the field with a bevvy of credit cards or superannuation funds.

“On one side, you’ve got YOLO (you only live once) and FOMO (fear of missing out) encouraging you to spend now. But on the other side, you’ve got reality,” Mr Read said.

“Missing credit card payments, paying late or maxing them out will only damage your credit score and get you deeper in debt.”

Multiple super funds will also hurt your chances at getting rich through compound interest through doubling up on fees and changes.

So now could be the time to track down and consolidate all your super into the one account.

Never settle for second best

Mortgage Choice spokesperson Jessica Darnsbrough said “the key is not to settle”.

For example, if you are in the dating market for a new home loan, there are “plenty of lenders out there that are very hungry for business at the moment”, she said, so shop around until you find the right one that suits your needs.

You’ll know it’s the right time to part when you find another bank or financial institution that offers better rates over the long-term, as well as a short-term sweetener.