How to make your money work for you

Cape Town - Money is a disastrous master, but a fantastic servant if you can master the art of money management, said the Wealth Chef Ann Wilson.

What this means is that you have to manage it, master it and tell it what you want it to do for you - this is what Wealth Pie is all about, she told Fin24 in a video lecture.

"Wealth Pie is all about how you slice that money that comes into your life in such a way that you can live the life that you want now... and ensure that your future financial wellbeing is sorted."

Before you can even make Wealth Pie you first need to find out what's happening with your money, she said, suggesting downloading bank statements over a year to determine your money flow.

With Wealth Pie you can ensure that you can allocate parts of all your income into serving different purposes. "The very first slice of money that comes into your life goes into the Pay Yourself First part - that is that money that gets to absolutely stay in your life and start working hard for you... the money that you invest and not just save."

Other slices include money allocated to savings; personal growth; day-to-day necessities; having fun and contributing.

   

* Add your voice to our Wealth & Investment Issue by writing a guest post or sharing a personal story.

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