Manage Your Money Effectively with these tips from Ifeoma Okoli
Managing money effectively is crucial for every professional woman. The ability to manage finances is what gives you leeway to have the lifestyle you want. Not every woman would tell you that they are comfortable with managing their money. Ifeoma Okoli is an Audit Analyst with a degree in Economics and Statistics. She has a Diploma with the Association of Charted Accountants. Ifeoma is also known to be a driven and enthusiastic Financial Analyst. In this article, she provides her tips on how women can effectively manage their money. The finance world is typically a male-dominated industry. What led you on to the path? I think the notion of the finance industry is typically a male-dominated industry was all in retrospect. Nowadays, especially in Nigeria, more women have begun to demand a seat at the table in this industry. On what led me to this path, I think one of my first inspiration career-wise was my dad. He too worked in this industry and I loved number crunching. However, one of the things that helped me was that my father insisted I do a lot of unpaid internships during my secondary school holidays. That gave me an early start to understanding the nitty-gritty of the industry. How would you describe your day-to-day responsibilities as an Audit Analyst for your company? I look at my role as more of control and compliance (Risk Mitigation), working constructively with finance and other departments to improve internal control across the organization. How would you advise more women to become more financially literate? First of all, to be financially literate does not mean you have to study finance in school. In fact, studies have shown that most people whose job is to manage other peoples finance are actually very bad at managing their own personal finances. With that being said, some of my advice to women is below: You don’t need a glucose guardian to be rich. Get a job and work towards increasing your net worth. There is dignity in labour and financial independence is one of the best gifts you as a woman can give yourself. This may sound very cliche but create a budget tracker. This would help you to know how much you should spend, how much you have spent in a month, variances and mechanical ways to save up from bargains. Whenever you are free, listen to financial podcasts. It will help improve your financial knowledge, plus if you have a side hustle, the podcast will teach you how to scale your business faster while learning from the mistakes of other entrepreneurs. To check out some of my favorite podcasts, click this link . How can the modern young working women budget and save effectively to cater to all her needs? Most career women who are salary earners oftentimes earn way less than their male counterparts at the same level. Yet most times are the ones doing more of the smart work. So as a young lady, be diligent and find out if you are long overdue for a salary increase. Arm yourself with facts and go forward to renegotiate your salary. To be able to cater to all your needs means you have to increase your income and to increase income means you have to increase the money coming from your revenue-generating unit(s) Like I said before, use a budget tracker it would save you a lot of headaches. Have at least three bank accounts. One should be your expense account, one your revenue accounts and the last should be your savings account. Do not spend directly from your revenue account. Separating your account would also help you track your inflow and outflows. Try as much as possible to save up 40% of your monthly income especially if you are still single and have fewer responsibilities. Saving for rainy days cannot be overemphasized. 20% of your six months income should be able to take you on a holiday trip. If not, it simply means the trip is a way too much above your budget and you are balling above your budget. Find a cheaper option. Trust me, you can have an amazing holiday on a budget. Apps like Piggy vest are there to help you cater to your personal savings and investment. Finally, one which most of us ignore. Always negotiate for your pension and health insurance in all your places of employment. Your pension may seem minuscule right now but it compounds and would eventually help to reduce the financial burden when you are old and frail. Are there useful tools or apps that can support women in dealing with their finances? Yes, there are. Apps like Expensify, Fudget even Google sheet can help you with planning and managing your finance What is one thing that you want more women to be aware of when it comes to managing money? If you are contented, you would not go broke trying to prove to broke people that you are not broke. How are you improving your spending habits this month? Click here to join the SLA #SecureTheBag challenge.
You better get your Hot Girl Summer on, Motherland Mogul
Summer or no summer, you MUST live your best life. You are a boss and keeping up with the trends in the digital world is the major key! You must have come across the term Hot girl summer over the past month. If you’re not sure what everyone is on about, we’re serving you the tea in this article. What is #HotGirlSummer??? The phrase #Hotgirlsummer was coined by American rapper, Meghan Thee Stallion. She used the term to tell women (and men) to be unapologetically themselves and fiercely go after their dreams and goals. It simply means that summer or no summer, you MUST live your best life. The term first appeared on Twitter after one of her fans posted a photo with the caption “I hear it’s a #HotGirlSummer”. Since then, the term has since caught on like bush fire. Men and Women around the world are now posting fun and happy photos of themselves on social media with the same caption. The phrase represents women living out their best lives at their own terms, to make it the best thing to ever happen to them. If you are looking to have your own Hot Girl Summer season like the Motherland Mogul that you are, here are some tips to get you started. 1. Review and Define Your Goals In order to live life unapologetically, there must be a goal or vision that you are looking to achieve. It is important that you have a vision of where you are going and come up with a plan of how you will get there. This may involve improving your current skill set or going back to school. Choose your path and glow while pursuing your goals. 2. Put Your Best Foot Forward Where You are In most cases than not, it will take time to get to your dream job/businesses/bosses and/or clientele. While you are building towards your goals and dreams, it is essential that you grab every crucial opportunity that comes by. The journey to achieving your dreams is a culmination of all the work and effort that you are putting in now. Use your current position to build a richer network as this will make your journey much easier. The phrase, Your Network is Your Net worth should come in handy where you are now and when you finally get to achieve your goals. 3. Put In the Work Nothing works unless you do. To achieve anything in life, you must be willing to put in the effort and work required to get where you want to be. It is also important to ensure that your voice is heard in meetings and in boardrooms. As you put in the work and effort, it is also very important that you are taking credit for your achievements. You are much more memorable when your voice is heard, therefore, going forward ensure that you are the lady who takes credit for her work, contributes ideas and always have engaging thoughts in any meetings and conferences. An organization or client will always value someone who adds value. Your work is then to add value. 4. Have Fun While Doing It Girl, work hard and play hard while you’re at it. Going after your goals and choosing to be outstanding is definitely not always fun. There is a lot of unseen hard work and in some cases, you are your own biggest cheerleader. But, how about making it fun for yourself by having a weekly gratitude list? Each week, write down something you are grateful for and also tick off a goal that you have accomplished. It is the consistent cumulative effort that eventually pays off and keeps a smile on your face. 5.Take a Selfie and Don’t Forget to Hashtag #HotGirlSummer Lastly, while putting in the work and securing the bag don’t forget to take a bomb selfie as you live your best life, on your own terms. It is always relaxing to get the perfect selfie and keep the movement going for all the women who are making it happen for themselves and their communities. Have yourself a Hot Girl Summer. Join our Facebook Live on August 22nd to learn how to drive social change through your business/ Career. Click here to sign up.