Rugby fever is set to sweep Britain as the World Cup takes place in New Zealand. But what financial lessons can we glean from playing the sport?
My ‘career’ as a rugby player was fleeting to say that least. One C-team game against Monmouth School in the position of flanker – a role I picked because it meant I didn’t have to put too much of my head in the scrum. Yet I still don’t quite understand what I was supposed to do. Something to do with rucking over. Whatever that means.
But despite this brief period practically engaged with the sport, I was never too far away from rugby. I can blame this on my family background, along with the fact that I grew up in Hereford; a city that seems to see rugby as some sort of legal battleground on which to (attempt to) batter the Welsh.
So as the Rugby World Cup gets underway in New Zealand – I’m going to take a look at some of the financial lessons lurking within the game...
1) Rugby teaches you to plan your conversions
‘Addicted to kicking’ is how England fly-half Jonny Wilkinson describes his obsessive practice regime. Everything from his run-up to that strange arm-praying gesture is rigorously rehearsed by the star-kicker. Indeed, it came out a couple of years ago that Wilkinson was so obsessed with the perfect place-kick that he had turned to Buddhism to stem his fear of failure.
But planning is not just important for rugby conversions. You should also plan ahead whenever making currency conversions in order to avoid making your exchange at the airport where rates are especially poor.
In fact, even over-the-counter services are often pricier than most online currency delivery sites. However if you do head online, remember that conversion rates will vary from site to site depending on the currency you’re after, so make sure you shop around. Head to Get the best foreign currency deal to find out more.
A further alternative is to get hold of a debit or credit card that has no overseas fees (read this article for a rundown of the best deals in this category) or a pre-paid currency card from FairFX, Caxton FX, Travelex or myTravelCash.
But again, exchange rates will continually vary between these providers so make sure you check all the sites before making your choice. The best cards for spending abroad has more information about these accounts.
2) Rugby teaches you to keep your formation
As a fairly lazy sportsman, ‘don’t chase after the ball’ was always a piece of advice I gladly took on-board. In fact, I’d say my main problem was that I didn’t chase the ball enough.
But having a fixed formation is not just important in the world of sport. Knowing when to stay put as well as when to ‘chase the ball’ also matters in the world of finance. Take mortgages, for a while now most homeowners will have been chasing after the historically low base rate of 0.5%, using cheap bank-rate tracker deals to cut their monthly payments. However old Mervyn King and his team at the Bank of England won’t be able to keep hold of low interest rates forever. Which is why it may be worth locking into a fixed rate mortgage soon, before prices across the board begin to rise.
This is especially advisable at the moment, as fixed rate mortgages just keep dropping in price. HSBC currently have one of the cheapest deals around; five years guaranteed at just 3.34%. However you will need to stump up for a 40% deposit and pay £999 in fees. To read more about this and other five-year mortgages and find out whether it’s really worth fixing your rate, read Fix for five years at 3.34%.
3) Rugby demonstrates the need for back-up
My old rugby sessions were as much a lesson in accent translation as they were in sport. I say this because my school’s rugby coach spoke with a strong Welsh accent and – in moments of sporting excitement or frustration – had a tendency to shout sentences as if they were a series of hyphenated words.
But one lesson that did stick in my mind was that, when attacking, you should always aim to keep a line of players facing your opponents. And in addition, one man should stay ‘over’ on the outside of your foe, ready to make a run for the goal line. Easier said than done, I can assure you.
Yet when it comes to finance, keeping a little extra back is also a wise idea. One of the best ways to do this is by using a savings account. That way you’ll be able to earn interest as you stash away your cash. Head to our savings centre to compare all the current best-buy deals.
4) Rugby teaches you to be organised
Picking positions in rugby never seemed too difficult. If you were big, you’d be thrown into the pain chamber that is the scrum. If you were small, you’d be sent to the back to sprint around the pitch for 80 minutes and tackle anything that moved. Everyone knew their role (or that was the theory anyway!).
But staying organised and knowing the functions of various players is as important a lesson in the personal finance realm as it is in sport.
Take credit cards. The two big groups of credit cards are purchase accounts and balance transfer accounts. Purchase deals will give you several months interest-free on any new spending you put on the plastic. These accounts are great if you need to pay off a bill or make a big purchase, but don’t have the money to shell out up-front. One of the best cards in this category at the moment is Barclaycard’s 14/14 – offering a full 14 months at 0% on spending.
Meanwhile balance transfer cards are designed to hold debt from other accounts at zero interest, giving you longer to clear the balance. Barclaycard again have the best card in this market – offering 22 months at 0%.
But remember, as is the case with any credit product – you should only ever take out a credit card if you know you can pay back what you borrow before the 0% period ends.
5) Rugby explains our relationship with banks
As I was scouring the internet for possible lessons lurking within rugby I came across this amusing quote from the ex-secretary of England’s Rugby Union, Dudley Wood;
"The relationship between the Welsh and the English is based on trust and understanding. They don't trust us and we don't understand them."
Now, as accurate as this sentence is regarding relations between England and Wales on the rugby pitch – it also seems to be a fairly apt description of our relationship with the banks.
Indeed, however friendly the man on the customer service phone line seems or how wide the smile of your local branch cashier is, the bank-customer relationship is certainly not one built wholly on trust. And as for understanding; well, I’ve trawled through enough pages of complex banking terms and conditions to know that an understanding of banks is not something that consumers have in abundance.
But that’s why we’re here at lovemoney.com; to point out any bank traps and pitfalls and pick through complex products to get you the best deal. We ocassionally play rugby as well - but only because of the wonderful financial lessons it has taught us.
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What other money lessons can we take from rugby?
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