Where has all the money disappeared to? This is the age where financial literacy for women is needed more than ever! Whether you are just starting out in your journey to be financially savvy or already an expert, these tips from African finance experts can be a quick reminder and will also inspire you to continue on the journey to financial freedom.
Take control
“…don’t relinquish the financial health of your life or home to your partner; always give your input and direction. Single ladies don’t postpone your wealth creation activities until after you are married (which is not guaranteed) or have kids (which is also not guaranteed).Start creating a legacy NOW. Set up your own family trust, establish and define your own investment philosophies. Every individual is ultimately responsible for his or her financial health and outcome. You can’t blame anyone else later in life if you are in financial distress”.
– Samke Mhlongo-Ngwenya, Founder Justsamke.com
The time to start is now!
“Lots of people in their 20s don’t save or invest because they are waiting to get a better job or start a business to earn more money but the truth is most millennials spend 30-50 percent of their paycheck on entertainment while they claim they are too poor or too young to save and invest but the reality is by the time you get to your 30s you realize you wasted a golden opportunity… time!It’s better to start putting a little aside when you have minimal responsibilities and take advantage of the power of compounding interest. You have to find a balance between having fun and having funds. Sometimes It’s okay to miss out to stack up”.
–Arese Ugwu, Author “Smart Money Woman”
Take responsibility
“You worked so hard for your money; you owe it to yourself to ensure you protect it”.–Nimi Akinkugbe, Author “A-Z of Personal Finance”
Say no to overspending
“In order to build wealth and actually accomplish your money goals, you have to keep your spending under control. Start by tracking your spending in a detailed way – one way to do this is by keeping spending journals where you write down every transaction you make every day for 30 days (reviewing your spending each evening).This exercise will not only show you trends of where your money is going but it will keep you conscious of how and when you are spending”.
–Bola Onada Sukonbi, Certified Financial Education Instructor
Be a budget freak
“A useful tool is to budget. Create a budget and live on a budget”.– Omilola Oshikoya, Life and Finance coach
“…there is a huge difference between savings accounts and investment accounts. Knowing this will help you plan better for the future, help you choose the correct financial products and set you on your way to financial freedom”.
–Nicolette Mashile, Founder Financial Literacy with Nicolette Mashile
Don’t do it alone, seek professional help
“…use an experienced fund manager, portfolio advisor, investment advisor or whatever you call it to manage your entire equities. They have access to tons of historical data. And with their skills coupled with advanced analytical tools, they are able to advise on rates and purchase of equities to maximise the full potential of your returns. Also note that, the experienced middleman will advise you on risks and diversification plans.”–Abeena Brigidi, Investment Analyst
Finally, I leave you with the words of Mapolu Makhou, Founder Woman and Finance, “being financially conscious is not easy, it is hard work, but it can be done. Nothing good ever comes easy! Stay committed”.
This post was first published on sheleadsafrica.org