Equip yourself with financial management skills to break free from economic hardship, expert advises

Momentum financial planning adviser Jessica Pillay says arming yourself with financial management and seeking guidance will help you get out of a financially abusive relationship.

“There is hope, however — you don’t have to stay trapped in a financially abusive situation,” she says.

Tips on how to break free from financial abuse:

• Become financially literate: Knowledge is power. Learning the basics of money management, understanding your rights and learning how to budget, save and invest will give you the tools to regain control over your financial life. Financial literacy can help you identify when you’re being manipulated and provide a foundation for making informed decisions.

• Seek professional counselling: Financial abuse often goes hand in hand with emotional and psychological manipulation. Professional counselling can help you heal from the trauma of abuse and teach you how to set healthy boundaries. Therapy can also help you rebuild your self-esteem and gain the confidence to take control of your financial future.

• Consult a financial adviser: A financial adviser can assist you in rebuilding your financial independence. They can offer advice on how to manage debts, save for the future, and take control of your money. Financial advisers can provide practical solutions and help you navigate complex financial situations.

• Maintain economic independence: Even if you’re in a relationship, it’s important to maintain your own savings and investment accounts. This ensures that you have financial security and independence, especially if circumstances change. Having your financial cushion can give you peace of mind and protect you from unexpected challenges.

• Ensure financial compatibility: When making joint financial decisions, it’s important to have open and honest discussions about money. Financial compatibility is crucial in any relationship. If you’re in a partnership, ensure that you both understand each other’s financial goals and values before making joint commitments.

• Reach out for help: There are organisations in SA that specialise in supporting victims of abuse, including financial abuse. Organisations like People Opposing Women Abuse, SAPS and various legal and financial support services are available to offer guidance, legal assistance, and resources for women facing abuse. Don't hesitate to reach out to these organisations for help.

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