Budgeting Tips for the 2021 Bride (Nice-to-Have and Must-Have)
Are you overburdened with all the bills with no one to help you out? Or, are you worried about a long to-do list with numerous ‘advisers’ but no help in sight? This is one time to pause and breathe! Yes, Breathe in…Breathe out… Now that you’ve taken a breath, here’s what to do to get control of your wedding expenses three months before your wedding: 1. Make two lists; a Must-Have List and a Nice-to-Have List. Grab your fiancé to do this with you. Your Must-Have list contains things you know you need to make the wedding the most successful to you.Your Nice-to-have list is for anything else that will be good to have but does not determine your wedding’s success or your happiness. Let’s not deceive ourselves, not everything is a must-have so be true to yourselves as a couple and make that clear from the beginning. 2. Review your Must-Have list and put a timeframe to each item with the corresponding cost. Thankfully, I have created a wonderful Wedding Budget Template to help. 3. Make notes of when the next stream of income will come and plan for it. If you earn monthly, plan ahead on how much of it goes into your wedding. 4. According to priority, review your Nice-to-Have list and add the maximum you can spend on each item. 5. When money comes in, check off something on your Must-Have List. Repeat until everything is checked off. 6. Use extra income to start checking things off your Nice-to-Have list, in order of priority. 7. When help is offered, as long as you have items on your Must-Have list, channel all help to this list first before anything else. 8. Repeat as often as required. In my line of business, I’ve realised that the smartest brides are those who always stay on top of their finances. Remember, the whole essence of this is for you to take one day at a time. There is no need getting so frustrated about what isn’t available or living beyond you. You’re on your own budget! #NoComparison. Always remember, you’re not alone and I’m always here to help.
Finance Tips for Startups Trying to Survive the Pandemic
Someone said, saying “when the pandemic is over” is starting to sound a lot like “when Rihanna releases a new album” and lol, I couldn’t agree more. We should start adjusting to what life looks like now, instead of making plans for when the pandemic ends, because we have no idea when that might be. Everything around us is constantly changing, including the way we do business. The World Economic Forum says that the businesses that are most likely to survive this pandemic are the innovative ones. I also believe that businesses that have made good financial decisions in the past (have emergency funds) are most likely to survive the pandemic. For businesses that are still in their infancy stage, this might be a very tough period as they don’t have a pool of savings to tap into and unfortunately have to depend on their creativity. We’ve come up with a few finance tips and tricks that businesses can utilize to not only survive the pandemic but operate smoothly even after it is long gone. 1. Don’t put your eggs in one basket You have probably heard this piece of advice a thousand times before, but you need to listen to it now more than ever. With so many businesses closing their doors, the least that you can do as a business owner is diversify your income. Depending on one source of income/sales is way too risky, you need to start thinking of how to improve the customer experience and in turn, get more sales. What else do your customers need apart from what you already provide? Can you provide that product/service? Try by all means to think of ways to introduce new offerings to your existing customer base or start providing something new to a new clientele. 2. Everything is becoming virtual, why aren’t you? This tough period has forced so many business owners to think on their feet and execute immediately. We’re also seeing so many businesses hopping onto the online scene and honestly, it makes so much sense! Think about it, do your customers need to visit your office for all of your products/services? Is there a way that you offer your services online? Can customers order and have your products delivered to them? If there is even the slightest chance that you can continue with some parts of your business online, then GO FOR IT! You don’t have much to lose, setting up an online platform is less costly and has higher returns, in most cases. 3. Make Smarter Budget Choices for Your Business We need to make smarter money moves this year and that starts by budgeting better. Also, try by all means to increase your income and decrease your expenses. The first thing you can do is ask yourself; what costs can you absolutely live without? Think of all the costs that are not vital to your business operations and all the costs that are unnecessary now that some employees are working from home. For example, you no longer have to buy coffee and tea because, if no one is in the office, no one needs these during coffee breaks. Most landlords can give their tenants payment holidays and cuts on their rent, you will never know if yours is keen unless you ask them. Administration costs such as stationery can lower your spending, see how much money you can save by not buying these. To save the company from costs of petrol, try to arrange all meetings online so you don’t have to travel to any venues or offices. The last thing you can cut out of your budget are events (if you’re still having those), as great as they may be for employee morale, the business can do without it for now. 4. Invest in learning new skills When push comes to shove, become the jack of all trades. For the time being, try not to outsource services such as Marketing and Finance. Tough times call for tough measures, so as a team, this is the time to invest in a new set of skills. There are a lot of free online courses, make use of them. Take a social media course and handle your own social media, this cuts out the Marketing consultancy fees you pay. Your finance team should also try to learn how to create professional and accurate annual financial statements, that way you can pay less on finance fees to other businesses. We’re all trying to survive the pandemic so we need to do business better, the key is to try and see if you can do some things in-house instead of outsourcing. 5. Apply for relief grants Do your research and find out if your local government and banks are still offering relief funds. If they are, take full advantage of this opportunity. Apply for your business and hope for the best. After all, who doesn’t like free money? I hope you find these tips helpful, here’s to successful and thriving businesses in 2021!!!
4 Ways To Become A Financially Literate Mogul In 2021
Every two to four business days, I come across very questionable advice on how to be “financially literate” on the interwebs. I almost want to ask the person giving the “advice” if they believe what they are saying or if it is just vibes. See, not everyone is giving you advice is they have fact-checked, taken time to think through or practice. We have to learn how to filter what we hear about managing our hard-earned money, especially in a Panoramic. So, in this piece, we’ll be discussing- What it means to be a financially literate mogul. How you can increase your financial literacy without any of the shenanigans online. Sign up to get your FREE finance worksheet! So, what does it mean to be a financially literate mogul? A financially literate mogul has a basic knowledge about managing personal finances and building wealth. If this is you, it means you have an understanding of how to Create and stick to a budget Set realistic financial goals Pay your bills Track your expenses and income Save your money Navigate the basics of loans (personal, debt, mortgages, etc) Invest your money Now that all this has been listed, reflect on what you understand through PRACTICE and what you need to get better at. Want FREE finance-related content, resources and updates? Click here! Here are some No-BS ways to become financially literate. Read – Books, Magazines, web articles, newsletters, Facebook posts, Tweets, IG posts- read as much as you can about finance from trustworthy sources. Read sources that speak about finance in a way that is relatable to you. While some sources are very helpful in the advice they offer, the context that they operate in might not provide you with the insight you need. With reading comes fact-checking so Google what you do not understand or need more information on. Use Finance Tools And Apps- As much as we want to learn, we may not be able to do so all by ourselves. This is where apps and tools come in handy. These days, thankfully, there are apps and tools for almost every aspect of finance- be it saving, budgeting, tracking expenses or investing. Some finance apps even have learning centres and blogs to help you stay updated. Find one that incorporates the aspects of finance you want to improve on and commit to using it. Take A Financial Literacy Course- Sometimes, what we need is a course to help us step up our money game. If you are clueless about where to start on your finance journey or how to stay consistent, consider taking a financial literacy course. Find a course that breaks down what you need to know and gives take-home assignments. This will help you practicalize your learning and stay accountable. [bctt tweet=”Sometimes, what we need is a course to help us step up our money game. If you are clueless about where to start on your finance journey or how to stay consistent, consider taking a financial literacy course.” username=”SheLeadsAfrica”] Join A Community Of Money-Minded Moguls- There is nothing as uplifting as being a part of a community of people with similar goals. When you belong to a group that shares your goals and has your best interest at heart, you remain motivated. The added accountability and access to resources can also not be underestimated. Find a community or group of friends and become an active member. [bctt tweet=”There is nothing as uplifting as being a part of a community of people with similar goals. When you belong to a group that shares your goals and has your best interest at heart, you remain motivated.” username=”SheLeadsAfrica”] Key Takeaway Learning about finance takes constant practice. There is always room for improvement so do not beat yourself up about what you haven’t learnt. Approach learning about finance with an open but cautious mind and you will be surprised by how much you will grow. Join our community of young African women to get FREE finance-related content, resources and updates.