Life

It's so easy to tell ourselves little white lies when it comes to our own money. But our finance expert Rubina Ahmed-Haq says it's time for the cold hard truth.

Truth: If you have any variable expenses like groceries, entertainment, or clothing, you have room to save. These are the places to cut back and save.

Truth: Investment advisors have many clients and are working with various portfolios. They can't watch all your investments all the time, that's your job. Their job is to advise you on the right places to put your money, but remember their first priority is their employer (probably the bank) and not you.

Truth: If you don't have the money right now in the bank to pay for your purchases, then you can't afford it. A credit card should be seen as a convenience, an alternative to spending cash. Not a way to satisfy all you wants.

Truth: You need an emergency fund of at least six months of expenses. That's how long it takes someone, on average, to find a new job if they are ever laid off. Also, be honest about your monthly expenses — some people have no idea what it costs to run their life from month to month.

Truth: It's guaranteed that your spending represents more of your wants than your needs. We all need food, but do we need to shop at the particular store we do? We all need clothes, but do we need to buy new clothes every time we hit the mall? Take a walk through your own house to see all the things you bought that you thought you "needed."

Truth: No one is better at running your finances than you. You should both be well aware of what bills need to be paid, when and for how much. What's worse is your partner might be thinking the same.

Truth: If you have assets you are never too young to worry about a will. Make sure your family is protected in the event that you are no longer here. Leaving assets behind without a will can result in a huge tax and administrative burden for your family if it's not clear whom it belongs too.