Financial firepower

Money-handling lessons from ‘Game of Thrones’

You wouldn’t want to pick up any tips on family relations from them. Their fashion choices aren’t sparking any major trends.

But when it comes to money management, you could do worse than take a few tips from your favourite Game of Thrones characters.

Here are eight things we can learn from those who dwell in the seven kingdoms.

Winter is coming

Since the programme began, there have been warnings that winter was not far off, and with it would come unspeakable challenges.

While you’re probably not going to wage war against any White Walkers any time soon, it’s worth considering how you might get through a ‘‘winter’’ of your own.

If you were suddenly out of work, your relationship fell apart, or if you had to cover a big, unexpected expense, how would you cope? Set up an emergency savings fund that could tide you over if the worst happened.

If you have a mortgage, it might make sense to do this with an offset savings account or revolving credit facility so that you have access to that saved money if it is needed but also have the benefit of reduced debt in the meantime.

You could also consider what personal insurances you need in case you’re struck down by illness or long-term disability. You might not have access to a Hodor to carry you around.

Pay your bills

‘‘A Lannister always pays his debts’’ is the catch-cry of Game of Thrones’ foremost dysfunctional family. It’s a good motto to live by – paying your bills on time each time means you are not stung with any penalties or added fees, which can quickly add up.

Paying your bills also helps boost your credit rating, which should give you access to better interest rates and deals if you need them in future.

Related to this: ‘‘The Iron Bank will have its due.’’ You can’t ignore your debts and hope that they will go away. If you know you are getting into trouble, whether that’s with the mortgage, your power bill or something else, get in touch with the provider as soon as you can to signal the problem. They can then help to find a solution.

Don’t rely too much on your family

In Game of Thrones, the characters seem to be either much too close to their family members (looking at you, Cersei and Jaime Lannister) or trying to murder each other (Tyrion and Tywin).

If you’re looking for financial advice, don’t just take the word of your family members. Get help from a professional when it comes to the big decisions.

Appearances can deceive

Arya Stark learned that things are not always what they seem when she joined The Faceless Men.

It’s a good reminder that it’s not always the people with the newest cars, biggest houses and nicest wardrobes who are doing the best, financially. Some people get into large amounts of debt trying to look the part.

If you can forget about keeping up with the Joneses, eschew consumer debt and make sure you consistently spend less than you earn, you will end up better-off.

Know what you have

Daenerys Targaryen, above right, spends much of the show literally sitting on a store of dragon glass, but does not know its importance or what it is worth to Jon Snow in his fight against the White Walkers.

Make sure you’re making the most of what you have. At work, consider whether you’re being paid what you’re worth.

If you own a business, is your pricing set appropriately? Are there things lying around at home that you no longer need, but which might be useful to someone else? You could sell them online or run a garage sale.

Estate planning is important

If you don’t want an evil hothead like Joffrey Baratheon ending up at the helm of your kingdom, it’s worth keeping your will up to date. If you are in business, consider who you would like to take over from you in the long-term. What would happen if you died or were forced out before you planned? How do you want your household assets divided up when you die?

Be careful with your trust

You are unlikely to be beheaded by someone who turns against you, as Ned Stark, above right, was early on in Game of Thrones, but it is still worth making sure you understand the motivations of those who advise you. If you seek financial advice from a bank, remember they can only offer you their own financial products. It may be that a product from another provider is the best fit.

Plan

You don’t have to be a three-eyed raven, below, to keep an eye on the future. Draw up some long-term plans and think about what you’ll need to do to achieve them.

The key to success will be to have a series of small goals that are measurable and achievable, leading to big ones.