8 money tips from African finance experts

We share inspirational finance tips from 8 African finance experts to get you going Click To Tweet

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

Being financially conscious is not easy, it is hard work, but it can be done - Mapolu Makhou Click To Tweet

Be a budget freak

“A useful tool is to budget. Create a budget and live on a budget”.

Omilola Oshikoya, Life and Finance coach

Know The Difference

“…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”.

4 ways to sustainably self-gift

Just keep a good distance between yourself and irresponsible spending this year Click To Tweet

Are you familiar with the term pro-spending? Okay so maybe I coined and altered that one. I can promise you now though, you can spend productively. Now if you are part of the favoured and wise saving population that has a jar full of pennies to spend on gifts, then this one is especially for you. I mean, who better than you to buy yourself gifts and make your own little wishes come true, right?

Whatever you do and whoever you are, there is always something you know you should probably spend on but won’t. Instead of buying a whole lot of things you’re not even going to have or use, why not gift yourself sustainably?

Trust me, it’s very possible. I intend on schooling you on gifts you should consider addressing to yourself that you will still be proud of forever. Ready to self-gift?

1. Gifts to curb the struggle

Remember all those little items that you desperately need and want but your budget was like…?

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Well why not spend on those items now? If you grew up in a family like mine, then you’ll know that we shop at the season-end sale of the previous one, and that’s the exact same principle we should adopt here.

It might be a study lamp for load shedding, a new suit for work, new devices and gadgets for freelancing or anything durable really. Even with this very ‘safe’ spending, it’s still possible to go over-board, so be cautious.

If the timing of your spending is wrong, even the 'necessary spending' can be reckless. Click To Tweet

2. PR and marketing

The beauty about PR and marketing is that one can always use more of it! This is a good time to look out for new ways to market your services, skills or business. Do this to a group of people with thousands of rands just waiting to be spent on you!

Whether you are an events MC, model, photographer, promotions person, marketing specialist, and so on, someone could use your help. Get out there, market yourself, communicate with your market, tell and show them what you can do.

There's no such thing as enough PR and marketing. Click To Tweet

3. Branding

I can’t stress this enough, you need to get branded!

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In all seriousness, branding legit goes a very long way. Get your logo on a cap or shirt, have your team wear those shirts to events for instance. You never know who’s looking!

An even better suggestion for those whose businesses are still on the ground, go get your logo designed/perfected. Maybe get business cards and hell yes, invest in that famous ‘info@yourbusiness.co.za’ email, you’ll thank me later.

4. Networking

I’m pretty certain most of you will like this one. If all you can do is go to festivals and picnics, then do it with a goal —network! Sneak a few business cards in your purse and casually give them to people you think you could possibly work with.

The upside of this is the opportunities that might come your way during the ever-so-rude hunger month that follows very shortly; JanUWorry. If there’s nothing at all you can think of, especially you early December pay and bonus ladies, I’m sure your bank would be happy to keep that money for you. You’ll be happier when you see it, plus the interest will save you on a rainy day!

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Okay, don’t freak out yet, you’ll be good. Just keep a good distance between yourself and irresponsible spending this year.