Are you thinking about resigning from your job to pursue a postgraduate degree?
The decision to leave the security of full time employment is a huge one. So, you should not make it without thinking it through thoroughly.
Here are some things that you will have to consider before you hand in that resignation letter.
First of all think about why you want to leave your job, are you leaving because you are unhappy with the job that you are doing or you want to change careers.
If you are simply unhappy at your current job, would your decision change if you were offered work somewhere else? Now, If this is the case then why not simply find another job where you will be happier?
Also, if feel that you need to study towards a certain degree to secure a promotion at your current job then discuss this with your manager and find out for sure that you need the degree for the promotion. If there is another way to get the promotion other than leaving to study further may not be the solution that you are looking for.
But if you are looking to pursue a different career or a career in research or academia, then you definitely need a post graduate degree. Find out exactly what you need to secure that job, I mean if you are going to risk this much, then you may as well be super prepared.
Also think about why you want to resign from your job and study full time rather than studying part time. Is this really necessary? Some ladies have been able to work 9-5 and work on a side hustle at the same time.
Resigning means that you do not have an income, so think about this:
How will you pay for your studies?
How long is your degree? Reality is that studying can be expensive.
What happens if you do not get a job straight after you finish studies?
If you have been saving for it then GREAT but if you are thinking of getting a loan, then how will you pay it back?
You really need to plan for it. There is also the issue of maintaining your current lifestyle, truth be told sister… shopping for you may be a thing of the past without an income. And yes….it could also be goodbye to ladies night drinks with the girls.
So be ready to cut down on some of your favorite past time activities. Be REALISTIC with yourself about what this means for you.
If you plan on job hunting after you graduate, it will not hurt to volunteer where you would like to work on a part time bases while you study, this will increase your chances of getting a job there when you graduate.
Quitting a 9-5 job to study will not work for everyone. But this being said, you should not be discouraged if you are sure that this is what you want to do.
Just be prepared for what this will mean for you. Now go out there and get it done, hun!
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I started my 1st job 10 years ago when I turned 21. And I had no savings culture or investment plan. This lingered for the 1st 5 years of my career. I went from zero salaries to over one hundred thousand per month and my expenses surprisingly grew at the same pace.
Interestingly, over the years as I got an increase in salary, the same pattern occurred, I acquired a new taste and my expenses grew at the same pace as my income.
Then I realized that in fact, it isn’t how much you earn but instead what you do with what you earn. I had lost 5 years of an opportunity to invest. I had lost 5 years to make my money work for me. A portion that could have been invested had gone unaccounted for.
Where do I start from?
Let me introduce you to our benchmark – Inflation.
So inflation measures sustained the increase in prices of goods and services in an economy over a period of time. In other words, inflation signifies the time value of money.
Tracking inflation from an investment angle ensures that what I can buy with N1,000 in 2018, I can still buy it in the future with the N1,000 plus the interest I earn on the N1,000 capital. Whenever you’re investing, look for opportunities that give you a return that is at the minimum equal to the inflation rate.
This asset class offers an average of 5% per annum. While fixed deposit offers an average of 10%. Nigeria’s current inflation rate is higher than this, as a result, the returns on a savings account isn’t a good return for the money you worked hard for as it is not high enough to beat inflation.
2. Treasury Bills/Government Bond
The government issues T-bills and Government Bonds when it needs to borrow money via the Central Bank of Nigeria.
T–Bill is short-term in nature while Govt bond is long term. The key differentiating factors between T-Bills and Government Bonds are timing of interest payment and interest rate nature. For T-bills, the interest is paid in advance.
For instance, if you plan to invest N100,000 in T-bills for a year at an interest rate of 11%. You will pay N89,000 to invest in the T-bill (the interest rate is paid in advance). Then recoup the capital of N100,000 at the end of the term.
On the other hand, Government bond interest is paid quarterly, the interest rate is not fixed like that of Treasury bill, it is floating.
Always compare the rates on T-bills and Bonds to the inflation rate.
This is an investment vehicle made up of a pool of money collected from several investors for investing in securities such as T-bills, Bonds, equities, commercial papers or even real estate.
Your capital is relatively safe due to the nature of the instruments it invests in. (T-bills, Government bonds, and commercial papers). You can start an investment with as little as N5,000.
The investor can also compound by contributing regularly to an existing mutual fund account and re-investing the interest accrued.
4. Equity
The value of a company after all liabilities have been deducted. A share a is a smaller unit of a company which measures the financial performance over time and provides an opportunity for investors to buy into it. As an asset class, a share offers value in two ways:
Capital Appreciation: This is a growth in the value of the shares. E.g if you buy UBA’s share at N4 and after 2 years, it is worth N8.
Dividend Payment: This is the profit distribution to shareholders. It is declared on an annual basis per unit of shares.
5. Real Estate
This is the investment in properties. The properties range from virgin lands, commercial buildings to residential buildings etc. Real Estate generates return via capital appreciation, due to increase in the value of the property, and through rental income.
In a country like Nigeria, a bulk of real estate growth comes from the appreciation of the property. Real estate return depends on the type of real estate asset. Location and purpose of property plays a critical role in value addition
6. Personal Development
This is my favorite class of investment. You are your greatest investment. Unlike of all the other options, you are immune to inflation rates, currency devaluation or value erosion.
Take that course to take you to the next level, take up new challenges, prepare for new opportunities, read those books. Ensure you are deliberate about improving yourself.
It is one to know all the investment options available, it is another to take the right step.
Time is a great currency here and the earlier you start the better. It is much easier to start now than trying to play catch up 10 years to retirement. You owe it to yourself to pay yourself first which means investing now.
Oluwatosin Olaseinde is a chartered accountant with 10 years of experience in accounting, corporate finance, auditing, and taxation.
She has worked with several multinationals – Bloomberg TV, CNBC Africa, BAT
She currently runs Money Africa, a personal finance platform that teaches people to build healthy financial habits, cut down on unnecessary expenses and generate multiple income streams.
Save for the rainy day… it might take a little longer for the sun to shine!
Welcome to the final part of our Quick Maths series by FSDH Asset Management, where we’re giving you simple personal finance tips you can master, to achieve your financial goals.
What do you have saved for the rainy day? Nothing?
We can plan for a lot of things in life, but sometimes, the unexpected just happens. These are the times you face bigger-than-expected bills, but having an emergency fund can make it easier.
An emergency fund is money kept aside in case there are emergencies or problems in the future.
Now, listen! An emergency fund isn’t for your everyday needs or special wants, so leave your sinful indulgences out of it, and no! flash sales are not emergencies either.
We partnered with FSDH Asset Management Ltd to bring you this guide to help you understand why you need to have an emergency fund and how to start building up your emergency fund(s).
How much money should you have in an emergency fund?
The difference between emergency funds and investments
Ways to set aside emergency funds
After reading this guide, you would be one step closer to achieving your financial goals. If you want to keep slaying in your finances, be sure to read up on our previous quick maths series, you’ll be glad you did! FSDH ASSET MANAGEMENT LTD – FSDH AM is a wholly owned subsidiary of FSDH Merchant Bank Limited. They are one of Nigeria’s leading asset management and financial advisory firm.
FSDH AM is versatile in financial transactions and investment strategies that meet the need of investors in an emerging economy like Nigeria. They recognize that today’s investors need the services of dedicated and expert professionals to provide them with intelligent investment counsel.
Therefore, their strategies are dedicated to preserving investors’ wealth while maximizing the value that they receive.
Once you’re through with this guide, visit FSDH Asset Management Ltd to know more and get all your pressing questions answered.
Getting access to this guide is easy: just fill out the form below to join our community and get access to this guide. This is the final part of our series but you can get all three series here. By joining our community, you also get to enjoy our AWESOME weekly content as well.
So… you’ve received that alert now and paid all your bills. What do you do with the rest o the money? Cash out? Call up your girls for a breezy weekend? Nah girl, you need to take a step back, there are more pressing issues.
As a career or businesswoman, it’s important to know your bottom line and use it wisely. Your bottom line is what remains after you have removed all expenses from your income. What does your account balance look like after deducting expenses? Is it smiling back at you?
Now ask yourself, have you thought of using your last bottom line to increase your next bottom line? We partnered with FSDH Asset Management Ltd to bring you this guide to help you understand ways to use your business net income, known as “bottom line” to your advantage.
Bottom line – what it means, why it is important and how to make it work for you.
What you can do with your bottom line – how to improve your finances by using your bottom line wisely.
Figuring out how to make your bottom line work for you might seem difficult, but we are here to make it easier for you. We’ve gotcha, boo!
After reading this guide, you’ll understand how to manage your income better and use it to get more resources to keep increasing your bottom line. You’ll also learn to track your spending and get excited about checking your accounts.
If you want to keep learning ways to grow your money significantly over time, you shouldn’t miss the next guide because, with every guide, the lessons get deeper.
FSDH ASSET MANAGEMENT LTD – FSDH AM is a wholly owned subsidiary of FSDH Merchant Bank Limited. They are one of Nigeria’s leading asset management and financial advisory firm.
FSDH AM is versatile in financial transactions and investment strategies that meet the need of investors in an emerging economy like Nigeria. They recognize that today’s investors need the services of dedicated and expert professionals to provide them with intelligent investment counsel.
Therefore, their strategies are dedicated to preserving investors’ wealth while maximizing the value that they receive.
Once you’re through with this guide, visit FSDH Asset Management Ltd to know more and get all your pressing questions answered.
Getting access to this guide is easy: just fill out the form below to join our community and get access to this guide, remember this is only part 3, there’s more to come – so stay updated. By joining our community, you also get to enjoy our AWESOME weekly content as well.
Ekemini Dan Abia is a legal practitioner who got inspired by her work in the criminal justice system to create a community which supports and educates victims of domestic abuse through her Instagram page, Abuse Survivor.
Abuse survivor aims to create awareness of the damaging effects of domestic abuse by educating members of the public, using Narcissism as a subject.
She believes that helping individuals understand narcissism can greatly reduce domestic abuse in the home and its result in the larger society.
Through Abuse Survivor, she identifies potential abusers and identifies abuse dynamics. She also provides materials and support for the recovery of survivors and counsels victims of all forms of abuse.
What has been your biggest achievement as a prosecutor?
Watching adults, children, as well as pre-teens who are victims of sex offenses, look their abuser in the eye and testify against him or her in open court.
I am filled with a sense of accomplishment because I know that the person is taking back his or her power and getting out of the abuser’s control.
What prompted you to start the platform Abuse Survivor?
I was deeply shaken by the death of Ronke Shonde in 2016, who was allegedly murdered by her abusive husband. Reports of spousal abuse/homicides seemed to increase in 2017, and I recall asking myself “why couldn’t they heed the red flags before walking down the aisle”?
So I decided to help people identify potential abusers and also highlight the long-term effects of remaining in abusive relationships on adults and children.
I came to realize that a large percentage of those convicted for violent crimes are products of dysfunctional home environments and are people with unresolved childhood trauma.
The pain and anger they carry around makes them gravitate towards crime or other anti-social behaviors. Knowledge of the above facts propelled me to create Abuse Survivor.
Are you an abuse survivor yourself?
Yes. I have been a victim of malignant narcissistic abuse.
How do you vet the authenticity of the stories people send to you since its all done virtually?
Most stories sent to us are accompanied by imageries which are very compelling with the victims pleading for their anonymity. I ask certain question which aims to validate their assertions without leaving them feeling we disbelieve them.
It calls for tact and sensitivity, else we could leave a victim of abuse with invalidated feelings which is against everything we stand for.
Would you consider yourself to be a social entrepreneur and if so, what would you say is the most challenging part of this role?
Yes, I do.
We live in a society where an in-depth discussion of abuse is given a passing interest, thus accessing funds to have more impact has been really challenging. Like most start-ups, this is the biggest challenge I have faced so far.
You use NARCISSISM as a subject to educate your community. How has this impacted them positively?
Lots of people have undergone narcissistic abuse without knowing it. As a result, they lived in utter confusion, depression and other health complications which is characteristic of victims of narcissistic abuse.
Watching some members of our community gain clarity, stop blaming themselves and take control of their lives has been very fulfilling.
Since starting the platform ‘Abuse Survivor’, have you had any support from anyone? And how has this contributed towards your success?
A survivor of narcissistic abuse, who is also a member of our community reached out to me sometime in February 2018. Although living in the UK, she volunteered to build a website for our community.
I am very grateful for this gesture.
She has also become one of our resource persons. She is always on standby with brilliant and innovative suggestions. Having her as a support system right now propels me to keep doing what I do.
What is the one motivation that gets you up every morning?
I wake up every morning with the zeal to put out more information in order to reach more people. The knowledge that far too many people in our society are ignorant about narcissism motivates me.
What is one piece of advice you would give to a woman suffering from domestic abuse?
I would tell her that she is stronger than her abuser is trying to make her feel. All she needs to do is to see herself the way God sees her and learn to love herself.
Only then will she have the strength to walk away for herself and to provide a better environment for her children (if she is a mother).
How do you juggle your full-time job with managing your platform?
To be candid, it is very tasking. However, it is easier because I am passionate about this topic and my full-time job inspires me too.
I make time in the early hours of the day from 4 am to 6 am to plan my content. That way, members of our community never experience content drought.
You currently run Abuse Survivor solely on Instagram. Any plans to move it to another platform? (Website, blog etc).
Right now, we are working on our official website. We plan to make use of other social media platforms while retaining Instagram as our primary means of reaching out to members of our community.
Do you ever meet with the women whose stories you share?
The vast majority of those who share their stories in our community are impossible to meet geographically because they do so from all over the world.
However, I have met a handful of them and they are the most resilient women I have ever met.
What future plans do you have for ‘Abuse Survivor’?
My vision is for Abuse Survivor to become the number one support system and resource outfit for victims of any form of abuse in Africa. We plan to innovate along the way.
What’s your favorite book / Ted Talk of all time?
My favorite book is Chimamanda Adichie’s ‘Purple Hibiscus’. I think that is where my interest in domestic abuse was aroused. I was 19 when I read that novel.
My favorite Ted Talk was given by Warren Buffet. If you don’t find a way to make money while you sleep, you will work until you die.
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Welcome to the second part of our Quick Maths series. We’ll be sharing with you financial terms, tips, and tricks to get you ahead of your financial game.
In the first part, we discussed various ways for you to generate capital to start your business. In this downloadable guide, we highlighted high-level options you can explore to get capital. Catch up on part one by downloading ithere.
Now, let’s talk about diversifying money. It’s important to keep tabs on your money, know where each penny is going, and how it will bring you more money because today’s economy is not smiling at all.
In this guide brought to you by SLA, in partnership with FSDH Asset Management Ltd, we’ll be showing you different ways to save, protect your savings, and why you shouldn’t have all your eggs in one basket.
If you’re wondering how to improve your finances, this guide will help you with some practical ways to get started.
Topics this guide will cover:
Diversification for low-income earners
How to diversify within an asset class
It doesn’t matter whether you are a salary earner or a business owner, as long as you have financial goals that you’re looking to achieve, diversifying can help you reach those goals.
Roll up your sleeves, tie your hair in a ponytail, grab your pen and journal and get down to work!
To keep getting your finances all the way to the top, make sure to follow up on the next guide.
FSDH ASSET MANAGEMENT LTD – FSDH AM is a wholly owned subsidiary of FSDH Merchant Bank Limited. They are one of Nigeria’s leading asset management and financial advisory firm.
FSDH AM is versatile in financial transactions and investment strategies that meet the need of investors in an emerging economy like Nigeria. They recognize that today’s investors need the services of dedicated and expert professionals to provide them with intelligent investment counsel.
Therefore, their strategies are dedicated to preserving investors’ wealth while maximizing the value that they receive.
Once you’re through with this guide, visit FSDH Asset Management Ltd to know more and get all your pressing questions answered.
Getting access to this guide is easy: just fill out the form below to join our community and get access to this guide, remember this is only part 2, there’s more to come – so stay updated. By joining our community, you also get to enjoy our AWESOME weekly content as well.
With so much to do in your daily lives, you need some productivity tools that can make you better organized, work smarter, become more effective, and achieve optimal results.
Here are a few personal productivity tools that can help you do better in your personal life, work and business.
Google Drive
Google drive is a cloud storage service by google with which you can back up the files on your various devices in the cloud and access them on any other device across various locations using your gmail ID.
You are also able to share files and collaborate with others on projects across different locations. Google drive also helps you create various folders for files to save your files.
When devices synced with the google drive app are low on storage space, you can easily save the files on the application and delete them from the device to free storage space.
The google drive application gives 15GB free storage space, if you need to use more than this amount of storage space , you can upgrade to the paid plans.
Evernote
Evernote is an application that lets you collect your thoughts, track them, share them (when you want to) and organize your day to day activities and yearlong goals.
With Evernote, you are able share notes with team mates as you brainstorm or work on a project, you can manage team access to your Evernote account. You can also access the app from any device connected to the internet and notes saved on it can be easily searched.
The Evernote app has a scanning feature that can be used to capture and register business cards as well as search documents. This app comes with virtual post it notes which can be used to organize and set reminders.
Moneyfy
Monefy is a personal finance app that’s useful for money management. This app helps you track your spending habits and create charts that clearly show your spending pattern.
You can even customize some features on the app to suit your lifestyle – expenses, currency and language. It is easy to create and update detailed transaction lists on this platform (daily, weekly, monthly).
The app puts together reports of your transactions at intervals (decided by you); it lets you set monthly budgets, share access with others, back up and export data as required.
The basic version of the app is free to use, however, there’s an upgraded version that comes with extra features and you can get access to it for as low as N500/month. Another personal finance app that can complement Monefy is Goodbudget – this app can be applied to help you save for big expenses.
Quality Time App
Quality Time App; this application lets you know how much time you spend on your phone (hourly, daily and weekly) and how you spend it.
With this app, you can easily identify applications on your device that you are addicted to. You can use this app to curb/manage excessive phone usage.
There are even features on this app you can activate to alert you (or someone else) when you are spending “too much” time on your phone.
A Vision Board
A Vision board is built as a representation of where you are going (vision/goal) using images, picture, quotes.
It is a goal setting tool on which defined vision/goals are illustrated visually .In a world where there’s so much fighting for your attention, there’s need to define your dreams and focus on them and a vision board can help with that.
It is best to place this tool where it can be seen regularly; this lets you constantly feed your subconscious mind with what you want to achieve and how you want to feel. This tunes your mind in on your focus so that it constantly works to bring these dreams to life (whatever you focus on expands).
Famous people like Ellen Degeneres and Katy Perry have spoken about how they used vision boards at one time or the other to bring their dreams to life.
The process of creating a vision board is engaging; it connects you mentally to your dreams and there are no strict rules to it. You can inspire, motivate and affirm your way to your dreams using this tool.
Post It Notes
Post it notes are small sticky sheets of paper for taking notes and setting reminders; you can use it to track and organize thoughts by pasting these notes where they can be easily spotted for the required timely action, it comes in very handy when multitasking.
These notes are easily pasted or detached from surfaces and leave no stains or residue. Post it notes are visually invasive when compared to software applications but they help direct attention to where it is needed.
Virtual post it notes now exists, but I doubt they can take the place of the physical post it notes.
Adult coloring
Adult coloring is simply coloring for adults; sometimes we need to calm our young, active and energetic minds to prevent burnout and increase focus and concentration.
Research shows that coloring has therapeutic benefits for adults; It is said to improve mindfulness and reduce anxiety. This can translate to reduced stress levels as well as better focus and concentration on work. Consider this a good way to manage stress and increase productivity.
Adult coloring apps like ColorMe is a good place to start, you can also go for hard cover adult coloring books if that’s your preferred option.
Now, go and live your best life!
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Dear Motherland Mogul, anyone who said starting a business is fun and easy told a fat lie and worst still, have never started a business.
One of the biggest hurdles an entrepreneur in Africa (or anywhere in the world) has to cross is the hurdle of financing their business. It’s the reason why many fabulous and potential million dollar ideas die every day or remain mere ideas.
Like it or not, money is everything in an entrepreneurs world. Without it, ideas are buried and passions are watered down while frustrations set in, making even the strongest of personalities call it quits and go back to their corporate jobs.
I’ve come up with 8 innovative ideas you can use to fund your startup without necessarily borrowing money. Depending on your situation and kind of business, you’ll find at least one or two you can apply immediately to get your business running.
1. Sell your valuables
Yes! You saw that right. If you’ve been struggling with acquiring funds to finance your startup and nothing seem to be working, maybe it’s time then to look inwards.
Search your house thoroughly for any valuable item that could fetch you a fortune when you sell…that gold wristwatch, expensive jewelry, MacBook, or iPod, whatever.
It’s time to let them go for the bigger stuff. If you aren’t ready to get rid of these precious items to make your ideas work, then it doesn’t matter what you say, you are not ready for business! Or better still, you are not convinced about your ideas.
Entrepreneurs are people that can give everything including their lives for something they believe in. That is one skill you need to survive in this overcrowded business space.
2. Dip into your savings
This is what your savings are meant for: to invest in opportunities and ideas that can transform your life and change your world. Your savings are not meant for spending, fixing urgent situations or paying debts.
You can have separate savings for that but primarily we save to invest. Just in case you don’t have any savings, you might want to take some time making some money at first. So try to get a job where you could work for some time and save before starting your business.
3. Your Rich Friends
What big money is to you is nothing to some of your rich friends. You know this is true. Instead of dying in silence and wondering if they will be willing to help you, swallow your ego, take the bold step and pitch your ideas to them.
You’ll never know if they’ll support you unless you ask. If one rich friend says no, walk up to another until all of them have said no and at that point, you know something else is wrong. Maybe something that has to do with your approach or the feasibility of your ideas.
Your friends should be willing to help you make your dreams come true especially when they can. After all, what are friends for?
4. Crowdfunding from family and close relatives
Crowdfunding is a good fundraising alternative for entrepreneurs. It involves raising a small amount of money from a large number of people. Crowdfunding can be done through online platforms.
The best people to start fundraising from are your family and relatives. You can start by listing down all those who can potentially fund you and write down how much you think they can conveniently donate.
Once you’ve located your potential donors, go reach out to them. Pitch your ideas so that they know what you’re capable of doing. For some other family members, you can ask to instead borrow money and then pay as your business yields profits.
5. Leverage on funding opportunities
Governments, NGOs and other private and public bodies are providing support to entrepreneurs all over Africa. Since more people are participating in entrepreneurship, these bodies come up with initiatives and CSR projects to provide financial support to budding entrepreneurs. Be sure to leverage these opportunities when they show up.
Other funding opportunities include idea-pitching events. For example, the upcoming SLA Accelerator gives entrepreneurs an opportunity to pitch their ideas. Then the top selected ideas get to win large sums of money, partnerships, and mentorship.
Such events provide you an opportunity to not just fund your business when you win, but also learn from your mistakes if you lose. In the end, it’s a win-win situation where you get to build on your ideas either way.
6. Partnerships
Regardless of the kind business you run, a partnership is a smart way of funding your startup. Strategic partnerships will not only afford you funds, but also help you leverage the experience, expertise, resources, and network of the other party.
Just make sure you go about it the right away and involve a legal personnel in all your dealings and agreements.
7. Microloans and peer-to-peer lending
While I always discourage small businesses from starting up with loans, at times, that might appear to be the wisest step to take. Microloans are small business loans offered by microlenders to help small or relatively new businesses finance their business.
As a new business, you might not qualify for a bank loan because of the collateral requirements and others. But with microloans, you can get your business started without acquiring too many debts or paying high-interest charges.
Similarly, peer-to-peer lending is a new debt financing method that provides a platform where lenders are connected to borrowers. You don’t need a financial institution for a p2p lending. The interest rates are also at an all-time low and less risky and safer than other methods.
8. Angel and seed investors
Angel/seed investors are wealthy and affluent individuals who provide a business startup with capital or funds usually for a convertible debt or ownership equity in return.
Most small business owners don’t buy into this idea of business funding. This is because it involves sharing their business ownership with another business even if it’s a small percentage. However, you will consider this option when you think of the bigger advantage, to you as an individual and to your business as an entity.
In conclusion
No amount of funds will cover up for your incompetence, ignorance or poor products and services. At the same time, nobody will be willing to invest their money in a business you’ve not invested adequate time and effort into.
Test your ideas. Hone your craft. Know your industry. Understand your target market. Study your competitors. Identify trends. Research. The goal isn’t 100% perfection but at least do so much background work that anybody will want to invest in your idea. Life is not a dress rehearsal, neither is running a business.
So before you go about looking for funds to finance your business. Ask yourself one very vital question? “Is your idea worth investing on?”
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So you get your school allowance or money from your side hustle and you’re ecstatic! Next thing you know, you’re flat broke and now all you are left with is the billion-dollar question…
How did this happen?
Managing your personal finances while on campus can be hard, but we have a few tips below to help you survive sis!
1. Create a Budget
A budget is simply a statement showing how you plan to spend your income. Creating a budget starts with being realistic. This means that you are realistic about how much money you currently receive/earn and how much you spend or hope to spend.
The word budget can come off as scary and intimidating to most of us and where does one even begin?? Please keep in mind, a budget is super important to have to maintain financial stability while in school.
Let’s be honest. No matter how much money you have, it will never be enough to cover every single thing you need to buy. So budgeting is one key way to ensuring that you spend your money on the things that truly matter to you.
Document everything you spend your money on, from mobile data to hair supplies to that take-out from last weekend to groceries, clothes, and stationery, all while being realistic with your current income.
This helps you take charge of what exactly you want to spend and sticking to it helps reduce impulse spending on things that you don’t really value.
Your allowance might be small, but truth be told, if you can’t save when you earn N20,000, it will probably be difficult for you to save when you earn N20,000,000. This is because your expenses and tastes will inevitably rise in response to your new income. In light of this, the best time to start saving is now!
My favorite tip to share for saving is to open a savings account and DO NOT get an ATM Card or Mobile/Internet Banking for it, you’ll thank me later.
Transfer a certain percentage of all the income you get, (including the money you lobby out of relatives, yes, even that) into that account. This makes it difficult to access the money at will.
Another option is to use a piggy bank. A lot of small businesses make and sell beautifully designed ones to order. Put some money into the box and only open it for emergencies or to invest.
Finally, you don’t have to attend every brunch, every party or buy every dress on sale, I promise you won’t die if you don’t do all the social activities in one month. Always stick to your budget.
3. Budget money for the fun things too
Include an amount of money for the fun things you love to do and buy. If something extra comes up that is not in the budget, politely decline and if necessary you can include it in your budget for the next month.
Spread out these kinds of purchases over different months. For instance, you could buy that dress this month, go for the Wizkid concert next month (or when we’ll be allowed outside again, stay safe!) and buy those new shoes a month later.
4. Take advantage of Student discounts
Don’t be embarrassed to use your Student ID to get the student discount on a movie, event or even products. Look out for these discounts and coupons and make the best of them.
However, with everything else in life, moderation is key. Don’t splurge on everything simply because the word “SALE” is attached to it.
5. Get a Side Hustle
Can you make wigs, create content, draw, do makeup, code, etc? Then get a side hustle – sharpen your skills and monetize them.
Spread the word about these skills and confidently charge money for them. This will serve as an extra source of income for you.
6. Flee Debt!
You’re too young and too cute to be in debt sis. Try not to borrow, especially if it is not urgent. Live within your means always.
Not only do unpaid debts make your relationships sour, it also reduces the amount of money you have to spend on yourself when you receive your next income, making you run out of money early and pulling you back into debt. See, it’s a vicious cycle.
If you must borrow – please try to pay back as soon as possible. Don’t hide from your debtors – be transparent, this ensures that if you ever need to borrow again, you are creditworthy enough for friends to comfortably lend you money.
Don’t worry – create a space in your budget for the repayment of these debts. Split them up into manageable bits, create a plan to repay, and discuss this plan with your debtors. Back up your words with action and ensure that you pay back as planned.
I wish you the absolute best as you SLAY your financial goals!
If you’d like to share your story with She Leads Africa, let us know more about you and your story here.
Now that you have a steady income or your business is bringing in some cool cash, what are you doing with your money? Are you saving or squandering it?
In this guide brought to you by SLA, in partnership with FBNQuest Asset Management, we’ll show you what your investment options are, and why it is important to start investing now, for a financially secure future.
After reading this guide, you’ll have a rethink before you take all that money you’ve been saving and go on a splurge.
Topics this guide will cover:
Understanding the difference between saving and investing,
Knowing the investment options available for you.
Resisting temptation without catching the FOMO fever and,
5 reasons why you should invest your money
The last point is enough for you to make up your mind about investing for your future. Better hurry and get this guide, before all those IG ads, or your buddy who just got engaged hunts you down.
Don’t forget to use the template provided in this guide to write down your short-term and long-term goals. Once you’re done with this guide, you can visit FBNQuest Asset Management to know more.
FBNQuest Asset Management is a subsidiary of FBNQuest Merchant Bank, one of the strongest and most dependable financial groups in Africa.
They work with individual and institutional investors to provide a strategy best suited to your investment goals and portfolios, from mutual funds to liquidity management etc.
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.
To keep getting your finances all the way to the top, make sure to follow up on the next guide.
