There is a misconception that to be good with money, you need to have a lot of it. NOT TRUE! Being good with money is about how you manage and plan with what you have. Financial independence is crucial for modern women and it is important for us to know what to do with our money in order to not squander it all.
Here are some simple and informal ways to be smart with your money:
- BUDGET: Keeping a balanced budget will help you stay on track and get a better understanding of your daily, weekly, monthly and annual spending habits. There are apps available to help with this such as Mint.com, Good Budget, Mvelopes, Billguard, Pocket Expense and Wally.
- SAVE a % of your income: Whether it is steady or not, it is always good to put some money aside for a rainy day, or in anticipation for something. Budgeting will help plan doing this better.
- Buy gold for RESALE: Here we can do what we love best, guilt free! Pure gold has great resale value which appreciates over time. This is a win-win situation as you get to shop and look pretty while making an investment at the same time. Make sure to look out for the real stuff so you don’t get swindled!
- Create a CONTRIBUTION group: This ties into saving a percentage of your income. A contribution group entails people coming together, and putting a certain amount of money aside each month. This then accumulates into a large sum that each member of the group takes turns to have. For example, if 10 people came together to save 10 thousand Naira each month, one person gets 100 thousand every month, until it has gone round each member of the group. This method only works best with people who trust each other, and if people will be organised enough to set their money aside every month.
Women definitely face higher financial hurdles than men (not to mention less pay for the same amount of work). This however doesn’t doom us to scraping by in life. By making smart financial moves now and regularly, we can live well whilst still making their money last throughout our lifetime.