Unmarried womenconomics: Managing your finances for the future
[bctt tweet=”You may want to start saving ahead if you plan to marry and have kids in the future” username=”SheLeadsAfrica”] So you are just like me. Young, wild and free. In the bloom of youth. No husband has stamped his logo on your heart yet, and there are yet no children to wrap themselves around your legs, displaying embarrassingly in public with cries and tantrums, making you wish they were old and married off already. But we all know someday the story may change. No more Maybelline fit me foundation shades as a priority on the list. Instead diapers, school fees, and their ilk of expenses will be the main components of your monthly and by extension, annual budget. So in the meantime, how do you manage your finances in preparation for the future? Here’s how: Be self-reliant Do not rely on someone else, like a boyfriend or “Sugar Daddy” (yes, we all know they exist) for your financial security. They may or may not be there for you forever, but at least you know that you will always be there for you. Get a job, a career and try to make your own money. Also be open minded about educating yourself on how to manage and invest your money. After all, it’s your money. Trust me, you will rather keep a keen eye on it, than have someone do that for you. There are too many I-trusted-my-money-with-someone stories gone bad and you do not want to be next on that tall list. [bctt tweet=”Like all others, your financial discipline depends on your mental strength.” username=”SheLeadsAfrica”] Budget A budget is simple; it helps you to know how much you have earned versus how much you are spending. Above all, you need to know what you spend most of your money on. It’s as simple as putting down all your figures on that notepad, or downloading Fast Budget or AndroMoney on Google Play Store. Either way, you will know if most of your money is invested in the Friday and Saturday night outings with the girls, or if you are spending more on make-up than you absolutely need to. After such a “divine revelation”, you will know which activities to cut down on and if you need get an alternative yet cheaper means of transport to work. Save Think long term about how you want your financial future to look. One too many Whatsapp chain messages have accused the average African of prioritizing consumption over savings and it is time to prove the outside world wrong. It starts with a mindset change, and for us at SLA, it starts with the woman’s renewed mindset. Unfortunately, statistics has also not been kind to our gender. Per a recent study by mutual fund company, Vanguard, men have 50 percent more money saved for their retirement than women do. Even after earning less, it appears women cannot resist the urge to splurge. so let us prove them wrong. Although this is not necessarily a battle of the sexes, small acts of saving play the most significant role in determining if you can live your desired lifestyle. Let us determine to put a percentage of the salary down, untouched. So walk to that bank, open up a savings account and place a monthly standing order on your current account. Or? “Money, like emotions, is something you must control to keep your life on the right track.” ― Natasha Munson First save, next invest Saving is not enough. It is woefully inadequate. That money cannot just be there breathing. Do your own research on acquiring financial assets; will it be a Treasury bill, a fixed deposit or mutual funds? [bctt tweet=”Let the money make money for you.” username=”SheLeadsAfrica”] It could even double as your emergency fund for that rainy day. There is a lot of information out there for avenues to invest. This is a great place to start. Better still, you can talk to a qualified investment officer about the options for investing. Learn from your money mistakes. Do not let them sentence you to a life of financial misery. “All the blood rushed from her head to her eyes when she saw that red dress, and in a split second of not weighing the odds, she pulled out her purse, counted that thick wad of stash, and exchanged it for a dress which she will later find out to be one size smaller.” Can you relate? (Yes. That was a hushed whisper, but I heard you.) We simply learn from our past mistakes, and the next time our friend above will think twice about wanting that dress, and purchasing it. She now has the present and future to correct that slip-up. The same should be for you. So what if you are an impulse buyer? Seek counsel. Read a book to help you snap out of it. What if you are the contemporary African female Santa? Learn to control your philanthropic escapades. Examine your spending streak, look at your money mistakes and put measures in place so you do not repeat them. So renew that mind and let us get to the promised land. Similarly, the hackneyed quote says; “if you can dream it, you can achieve it.” Here’s a toast to all the money you will be saving and investing for the future. May you be disciplined to manage your finances now! May interest rates be high so that you earn more when you save and invest!! And above all, may you enjoy spending it!!!
Budget Like A Pro This Holiday Season
Don’t want to start the New Year with no money? It is the holiday season and if you’re like us, you’re very excited to buy your friends and loved ones great gifts and go to the best hangouts. And it doesn’t just stop there, you may also be planning a vacation for yourself. You know what this means once January comes around. We know you won’t be excited when you see how your bank accounts look after the season. To avoid this, you need to master the art of budgeting. Budget like a pro! Budgeting allows you spend your money wisely and still have some left. There is nothing wrong with going shopping with friends, buying gifts for your loved ones (or even for yourself). However that feeling after spending all that money is terrible. Topics this guide will cover: How to set financial goals Ways to keep your spending at a minimal rate Ways to save and keep track of your money We don’t want you looking at your bank account like this in 2017; This guide is complete with ideas and ways to budget better, save money and spend smarter! Getting access to this guide is easy: just fill out the form below to join our community and get access to this guide, as well as AWESOME weekly content. [ninja_forms id=57]
How to treat yourself on a budget
[bctt tweet=”You can save money even after you treat yourself if you follow these 5 steps” username=”SheLeadsAfrica”] If you were ever a Parks and Rec fan, you know Aziz Ansari and Retta’s characters always took out some time, to have a “treat yo’ self” day. It’s one day where you get to do everything that you usually wouldn’t do as a reward to yourself. Sometimes Motherland Moguls have to cut the edge of and have a treat yo’ self day. Here’s how you can do it without breaking the bank. 1. You still have to save for it If you could escape saving, I bet you would. But saving is the surest way to avoid over-spending and feeling horrible about those $300 shoes for the whole year. Putting a little aside won’t hurt your bank whilst still setting a tangible goal for something you have been meaning to get yourself. [bctt tweet=”You can choose to have fun at home to save while treating yourself” username=”SheLeadsAfrica”] 2. Have fun at home Sometimes going out with friends might leave you feeling all kinds of regret in the morning. Consider alternating your going out to staying home having a games night, cooking dinner and having that be a group activity. You get to enjoy an awesome night in and away from the pesky ATMs and swipe machines. 3. Did someone say flea market? Flea markets and thrift stores are awesome places to find cool looking clothes and items without breaking the budget. You get the benefit of unique, usually quality clothing at way, way less and you can get a whole lot more than you would at a conventional store. Not only that you get a chance to support small entrepreneurs in your locality as well. [bctt tweet=”Always ask to find out if there are deals when you want to treat yourself on a budget” username=”SheLeadsAfrica”] 4. Try and look for a deal I mean, who does not love a good deal? Most places if you are looking are always offering to get alternative ways to give you value for your money. It could be half priced movies, two for the price of one deals or even service providers who give you packaged deals at cheaper rates for your business. Always try to ask and find out if there are deals around to help you save that extra money. There are also sites that give you comparisons so you can make a more informed choice. 5. Go at it in a group You haven’t been in vacation in awhile, or you want to attend an upcoming conference, well many operators give packaged deals for groups which will most likely cheapen your costs. There is power in bulk buying and so if you can’t do it alone, try find some awesome people to do it with. This way everyone gets the benefit of saving their money for something worthwhile. Now go ahead and TREAT. YO. SELF
Making #MotherlandMoguls money savvy: The big bad B-word of personal finance
[bctt tweet=”Smart budgeting is how you get rid of the guilty feelings that come from spending” username=”SheLeadsAfrica”] “Budgeting is fun!” Said no one ever…oh wait; that’s actually what renowned Personal Financial Management Guru Bob Lotich says. The first time I read that I laughed myself silly and with good reason. However, the more I read his thoughts the more I understood what he was talking about. You know that feeling you get when you spend money that you don’t have, to do something that is probably not that important, like buying yourself a new pair of stilettos. That feeling that lets you know that in a couple of days or weeks you’re going to regret spending your money like that? It will probably come to you when you don’t have cash for fuel a couple of days to payday. Or when you have to borrow money for lunch or fare, or both to take you through the last stretch of the month. That’s when you remember the money you spent on those stilettos and how absolutely unnecessary it was. Guilt, that’s what that feeling is called and budgeting is how you get rid of that feeling. It’s liberating to know that you are buying a new pair of shoes or a new dress or going out for a drink when you know that you set aside some money specifically for that purpose. Either you do, or you don’t Generally, when it comes to budgeting people fall into three broad categories. You either don’t do it at all and you spend as need or want arises. Or, you budget only for the fixed major expenses like mortgage, rent, school fees etc. Or you’ve got budgeting OCD as far as your money is concerned and you have to know exactly how every shilling you have is going to be spent. [bctt tweet=”Generally, when it comes to budgeting people fall into three broad categories.” username=”SheLeadsAfrica”] I fall in the second category as most people, where any other expense that is not considered major falls under the ‘’miscellaneous’’ box. I have come to learn that my miscellaneous box is where my money disappears to. It’s the hole in my pockets so to speak, every small expenditure planned or unplanned falls here. Most financial management experts will tell you the first rule of budgeting is to know where your money is going. Now, this is a tedious process and can be far from fun. It’s going to need some discipline, but you can do it. Know where your money is going If you have never sat down to look at what your spending looks like on paper you will be shocked at what you discover. Start by using one or two months —possibly even three for good measure, take note of every shilling spent. [bctt tweet=”The first rule of budgeting is to know where your money is going” username=”SheLeadsAfrica”] Not only the big stuff but the little stuff as well, every time you buy airtime, every time you buy a bottle of soda for yourself or someone else or any time you have to get something for your children, whether you knew about it in advance or didn’t. This is the cash that slips through the cracks and easily goes without notice. At weekly intervals sit down to put it all together and see what your spending looks like. This is the first step of budgeting. Once you have this on paper, cluster the expenditure into the major categories: household expenditure, bills, entertainment etc. This process is important because once you have this picture in your mind, you will know where you’re overspending or you’re likely to overspend. Then, you’ll start making decisions on what needs to be cut off so that what goes out is equal to or less than what comes in. Knowing how much you spend on an item on a weekly or monthly basis will also help you know when you can take advantage of some great offers when you shop in bulk. Are you ready to give this a go? Have a look at these exciting downloadable budget spreadsheets to get you started. Thank me later.
Making sense of cents: Quick tips to improve your financial literacy
In an increasingly consumerist society it is very easy to get swept up in the barrage of not-so-gentle persuasions on how to spend your money. It ranges from the seemingly harmless dine-out options you yearn for all month long, the glitzy red bottom heels, to a new gadget that you just have to have. Financial literacy is muscle, the more you engage it the stronger and better skilled it becomes. It is important to practice intense amounts of self discipline. It sounds daunting, doesn’t it? Growing up, having a job, earning your own money and then be told be disciplined with how you spend it. Very few people are raised to understand finances beyond what they spend. It is much like not ever teaching children how to read then expecting them to be able to fully engage with a highly literate world as adults. No fair, right? Don’t worry though, help is at hand. We are going to learn this financial alphabet together. Here are a few tools that are easy to understand and implement, provided you’ve got that discipline we spoke of. Draw up a budget It isn’t as scary as it sounds. First, you write down a list of what you need to spend money on for the month. Then, you take out the cost of those items from the amount of your income. When you see just how you want to spend money you may reconsider what you thought was a necessity. Put together a list of your short and long term goals Whatever your goals, they need to be financed to become a reality. Arrange them in order of importance and find space for them in your monthly budget. While having to say, pay for a course module vs. a really expensive night out with the girls may hurt, in the long run it works out. Once you’ve graduated, you will be able to afford many girls’ nights out. Review previous month’s expenditure Once you’ve given your brave new budget a whirl, go over your expenses. Have a hard look at where you spent money wisely and where you did not. Look closely at where you spent most, check whether you spent money on things that tie into your short and/or long term goals. Then review your habits so that moving forward, you make decisions that give you long lasting value for your money. Save 10% of income It is important to save. Life happens, a family member could pass away, a car could be involved in an accident or a job may be lost. There are plethora of unforeseen circumstances that could hurtle themselves into one’s life. It is always wiser to be on the right side of caution. As your spending and saving habits grow, you could even increase that amount from 10%. It is key to note that knowing you can change your habits makes you the boss of your finances. Join a free online financial literacy class The internet is your friend. There are a many resources available to you, should you want to exercise that financial muscle we mentioned above. Ultimately, financial literacy is about attaining freedom, autonomy and peace of mind. There is a life that exists without ponzi schemes and loan sharks. It can be accessed the moment positive, informed decisions are made. In South Africa at least, there are 95 men for every 100 women, that means we ladies have more… um… manpower. The power to change the trajectory of African women is ours.
10 excuses to give friends when you are too broke to go out
As Motherland Moguls, we know that every kobo, pesewa, and cent counts while chasing your dreams. So while we love our friends, going out often can be a financial burden. If you’re fortunate (or unfortunate – you choose) enough to live in an isolated town where eating out requires an hour commute to the city center, then you must be doing your fair share of saving. If you live in a major city – Lagos, Johannesburg, Nairobi – that new pop up down the road that sells overpriced cereal is tempting. To add to all of this, we all have that friend who always wants to eat out. But there are days when you really know you cannot afford to go out but don’t want them to know you’re skint. Yes, we know that, cause we’ve been there and had to come up excuses like 10 below. 1. “I didn’t do my BVN so my card is not working” This applies if you live in Nigeria, or all your money is deposited in a Nigerian account. If that is the case, you have the new banking policies to thank for this excuse. 2. “Oh, I’ve been eating at *insert restaurant name” too much” This excuse could come back and bite you, as it insinuates you go out to eat often. In the same vein, you could be left with the burden of deciding what restaurant, which leaves you with two options: either suggest somewhere so awful that you know nobody would agree to venturing near, or suggest something completely different and free! 3. “I forgot my card at home” This only works if you are actually out and about with them, or in their house and you have not brought out your card at all. This also means if you are dying for a bottle of water – no can do. 4. “Sorry, I have an appointment/meeting.” Please do not Snapchat anything other than your coffee mug after making this excuse. 5. “Oh my gosh, I wish you had told me earlier, I just ate and I AM STUFFED!” This works better with people who do not know you that well. Why? Because if you love food the way I love food, then your friends know the truth and will know you’re lying. 6. “I’ve been really busy, and need to take time out to rest” I like this one because even if all you’re doing is watching show re-runs with a tub of ice-cream, it makes you sounds somewhat important and occupied with life. This is less of an excuse and more of a genuine reason. Again, stay away from Snapchat. 7. “My parents want me home” This excuse varies in effectiveness based on your age. But if you and your friends are from traditional African homes, I’m sure it would have a decent level of effectiveness. 8. “I’m not feeling too well” – ties in with number 6 I’m slightly wary about this one because it may come to pass. However, if you’re have a little headache, a little exaggeration would not hurt. 9. “Stuck in school/work/at a family event… rain check?” It’s always nice when an excuse has a reason behind it, followed by the possibility of rescheduling. This is probably the most respectful of the bunch. 10. * Phone on flight mode * “Did not get your call/message, my phone just does that.” Not a big fan of this one. I think we can all agree it’s pretty rude. But a friend suggested this and it worked. It also helps to remember all the money you are saving from ignoring those calls and messages… Business Tip: Anytime you cancel on your friends, put that money into your savings accounts. It always pays to pay yourself first, ladies.