Welcome to the second season of the Santam Insure Your Future Money Bootcamp, where I will tackle various financial topics together with my co-host, Mapalo Makhu.

In this first episode, we investigate the complicated relationship between emotions and money.

We discuss the concept of financial trauma, which is often rooted in our childhood experiences.

Many of us carry emotional baggage related to money, shaped by our upbringing, whether it was growing up in a household that struggled financially or one that instilled a sense of shame around wealth.

This financial trauma can manifest in various ways, including a reluctance to check bank statements or a compulsive spending habit as a means of coping with past scarcity.

Money vows

We all make “money vows” – those conscious or subconscious promises we make to ourselves, usually as a result of our past financial experiences.

For example, Mapalo recalls vowing never to be broke again. After my father died and I saw the effect on my mother’s finances, I resolved to be financially independent.

These personal stories highlight the importance of recognising our money narratives and the impact they have on our current financial decisions.

The episode also emphasises the significance of communication in relationships.

Money can be a contentious topic, but by engaging in open conversations with partners and friends, we can demystify our financial anxieties and work towards shared financial goals.

Practical tips

We have a helpful money questionnaire which can serve as a tool for self-reflection and discussion, helping individuals and couples confront their financial traumas together.

This episode provides practical tips for overcoming financial anxiety, such as creating a budget, understanding spending triggers, and seeking support from financial advisers or friends.

It’s a call to action for anyone feeling overwhelmed by their financial situation to take that first step towards empowerment – whether it’s reviewing bank statements or having an honest conversation about money.

This season of the Santam Insure Your Future Money Bootcamp is not just about numbers; it’s about transforming our relationship with money by understanding the emotional factors at play.

Join us as we explore these vital topics and equip ourselves with the knowledge to navigate the financial landscape with confidence and clarity.