Budgeting Tips for the 2021 Bride (Nice-to-Have and Must-Have)

Are you overburdened with all the bills with no one to help you out? Or, are you worried about a long to-do list with numerous ‘advisers’ but no help in sight?

This is one time to pause and breathe! Yes, Breathe in…Breathe out… 

Now that you’ve taken a breath, here’s what to do to get control of your wedding expenses three months before your wedding:

1. Make two lists; a Must-Have List and a Nice-to-Have List. Grab your fiancé to do this with you. 

Your Must-Have list contains things you know you need to make the wedding the most successful to you.
Your Nice-to-have list is for anything else that will be good to have but does not determine your wedding’s success or your happiness. Let’s not deceive ourselves, not everything is a must-have so be true to yourselves as a couple and make that clear from the beginning.

​2. Review your Must-Have list and put a timeframe to each item with the corresponding cost. Thankfully, I have created a wonderful Wedding Budget Template to help.

​3. Make notes of when the next stream of income will come and plan for it. If you earn monthly, plan ahead on how much of it goes into your wedding.

​4. According to priority, review your Nice-to-Have list and add the maximum you can spend on each item.

5. When money comes in, check off something on your Must-Have List. Repeat until everything is checked off.

​6. Use extra income to start checking things off your Nice-to-Have list, in order of priority.

7. When help is offered, as long as you have items on your Must-Have list, channel all help to this list first before anything else.

​8. Repeat as often as required. In my line of business, I’ve realised that the smartest brides are those who always stay on top of their finances.

Remember, the whole essence of this is for you to take one day at a time. There is no need getting so frustrated about what isn’t available or living beyond you. 

You’re on your own budget! #NoComparison.

Always remember, you’re not alone and I’m always here to help.

3 Reasons why you are an impulsive spender and what to do about it: Lydia Chinery – Hesse

This September, we’re out here on these streets trynna secure the bag. If you’re an impulsive spender, this one is for you.

As a financial advisor working with Holborn Assets, Lydia Chinery-Hesse has helped clients put measures in place to control their spending while increasing their savings and growing their wealth.

She has been working with various nationalities to help them plan their financial future by giving them transparent, objective and honest advice. Lydia helps them visualize their personal (and business) goals and structure a plan towards achieving them.

Earlier this year, she created a Facebook group called Love Yourself Financially, a community of global women who are dedicated to being the boss of their finances.

Their goal is to be financially secure and free – which has a different meaning to each member.


The Scenario

You’ve just finished a successful meeting and decide to take a short walk through the mall, for some window shopping.

Before you know it, you’ve spent money shopping for more clothes you don’t need!

It’s 4:15 pm and you’re absolutely famished. While you could wait another hour to get home and eat some leftovers from last night’s home-cooked supper, you decide to order food that would cost the same amount as your groceries for the week.

Even if you haven’t found yourself in one of these situations before, you’ve definitely spent money impulsively in one way or another.

  • Why is this?
  • Why are we so impulsive? More importantly…
  • What can we do about it?

Here are the three main reasons for being an impulsive spender, and a few ways you can improve your spending habits.

1. You’re using a credit card

Studies show that when we pay using our credit card, we’re more likely to spend money. With a credit card, your thinking will be more along the lines of “out of sight, out of mind”, as you don’t see the money ‘leaving’ your wallet.

Conversely, when we spend with cash, it hurts a little, and you tend to think twice before spending it.

What should you do about it?

• Until you get to a point where you have significantly improved your discipline in this area, ditch the credit card.

• Ditching the card means spending cash only.

• Withdraw your cash allocation for the week, and carry only what you need on a daily basis.

2. Because money should be spent

If you’re able to spend money impulsively, consider yourself fortunate to have the money to do so. That being said, just because you can, doesn’t mean you should.

As an impulsive spender, It’s likely you’re not tracking your expenses by writing them down or through an app.

If you did, you’d be less likely to spend mindlessly as you’d always be aware of what you’re spending on and how much you’re spending. 

What should you do about it?

• Before you’re about to buy something, you want, pause. Wait a day, a week, a month or longer to determine if you really need it. Chances are you don’t.

• Track your expenses, create a budget and live by it.

• Get an accountability buddy. When you’re itching to spend, call a friend you trust who will talk to you straight.

• Meal prep. Don’t give yourself an excuse to buy a meal. 

• Try no-spend days a few times per month.

In addition to all of these, it’s worth considering…what else could you be doing with that money? This brings me to my last point:

3. You are not thinking long-term

Image result for African woman thinking gifs

Living for today will most likely mean scrambling or struggling in the future.

Perhaps it would be wiser to live according to this African Proverb, “For tomorrow belongs to the people who prepare for it today”. 

What should you do about it? 

• Set your savings goal and reward yourself for achieving them (without spending money – be creative!)

• Save towards future plans. Put some money aside monthly towards that goal, whether it’s a vacation, car purchase, etc.

• Be intentional about your long term goals. This begins by figuring out how much you’ll need to either live comfortably in retirement or to reach financial security (where passive income pays for your expenses).

Once you have that figured out, work backward from there to determine how much you should be saving (and investing) in order to reach your target.

Practicing delayed gratification improves your discipline and you’ll also enjoy the financial rewards in the future – @lydialydzzz Click To Tweet

It takes some self-reflection and being honest to admit that there are areas in which we need to be more disciplined in order for the impulsiveness to end. 


How are you improving your spending habits this month? Click here to share your story with us.

Taxify awards 5 women with drive to celebrate international womens day

At @taxify.ng, we believe in empowering women to become small business owners Click To Tweet

As we celebrate Women’s History Month, International transportation network company, Taxify brought together women driver-partners and invited guests across Lagos Nigeria, as they celebrated International Women’s Day on Sunday, the 18th of March 2018  at the Backyard Grill and Bar, Lagos.

The event was attended by women driver-partners, celebrity influencers, media and members of the Taxify team.

Guests listened to a passionate speech by ex-Big Brother Nigeria housemate, actress and music artist, Uriel Oputa, while broadcaster Adenike Oyetunde also spoke about the value of Women Entrepreneurs in the press for progress.

Taxify has created work opportunities for hundreds of women since launching in Nigeria and is looking into creating thousands more in the next few years.

With Taxify, women can drive whenever they can or whenever they want. Driver-partners can set their own schedules while maintaining a steady, independent source of income.

Taxify’s Brand Manager, Terver Bendega also addressed the women present at the function. 

“This women’s month we decided to pay tribute to all the women across Nigeria who have shown an extraordinary drive. There is no harder working woman as the Nigerian woman. In celebration of International Women’s Day, we asked Nigerians to nominate inspiring women who have shown drive in various fields for a chance to win a Kickstarter package. Within this package is N100,000 cash, N50,000 in Taxify credit and access to a network of women across various fields,” she said.

At Taxify, we believe in empowering women to become small business owners and equipping them with the network and finances they need to scale these businesses. We also want to show our appreciation to the amazing women partner drivers, working on the Taxify platform, who go out of their way every day to move thousands of people across their cities whilst providing for their families,Terver continued.

At the event, driver-partners and guests engaged in speed networking where they were asked to share what they were driven by, including their passions, dreams, and goals.

The event ended with a presentation of cheques to 5 winners of the Taxify Kickstarter package. Winners were young women with businesses ranging from consulting to confectionary, fashion design, and art. Top female driver-partners were also rewarded with cash prizes.

The Taxify app operates in over 35 cities across Europe and Africa is available for download on the Apple IOS store and the Google play store.


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7 steps to Managing Your Finances while on campus

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.

If you can't save when you earn in thousands, it will be difficult for you to save when you earn millions Click To Tweet

2. Save, Save, Save!!!

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.

Whatever you do, run away from debt!

Always live within your means Click To Tweet

7. Already up to your neck in debts?

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.

The elephant in the room: Year-end bonus

You need to have a financial safety net for when companies can't pay bonus cheques Click To Tweet

Cash Roulette

Many of us dream of the plans we will carry out with our year end bonus. We have already lined up a string of events which we are going to splurge on, and have soon- to-be-bought outfits picked out mentally. In addition to that we have, the vacation plans, the children’s school apparel and school stationary for the next year. We basically plan out an entire budget (read: splurge) from our upcoming bonus.

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The elusive 13th cheque

It may happen that one is so accustomed to receiving their bonus cheque every year-end that it ends up being a customary thing; where no consultation is had and there is an expectation that this will definitely come to pass.

However, most companies give 13th cheques based on the performance of the company in a particular financial year. Other companies offer a bonus on the premise of whether an individual has performed their duties exceptionally or not.

As such, it is always important to never just assume that you will receive a bonus. It is important to inquire with human resources, the company accounts division or your immediate supervisor. This will assist in managing expectations from friends, family and yourself about what you can or cannot spend on.

 

Most companies give a 13th cheque based on the performance of the company in the financial year Click To Tweet

 

Money makes the world go round…

Or does it? There are a myriad of things that money can help us achieve. But, is it the be all and end all of our lives? Oftentimes companies are not able to pay out bonus cheques in a particular year. In this case, it is advisable to have a financial safety net which will assist with the year end and early year costs which come after festive shenanigans.

 

computer keyboard and present on table

 

In order to ensure that you are not caught between a rock and a hard place; the first step to building a healthy financial lifestyle would be to save a portion of your monthly income. A little bit every week or month (depending on your remuneration structure) will definitely will go a long way.

 

The myth about ‘goals’

In the 21st century everything either qualifies as or is a goal. An aesthetic, something to live up to. Everyone is in a perpetual and often self-inflicted rat race. We want to be better, own more, drive the best and live in an affluent neighborhood. Even if all of this at an often high cost to the self. Alleviate this pressure by being certain of your finances before making commitments.

 

No is a complete sentence

We need to learn the art of saying no to situations which do not grow us or expand our territory. The aim is to lead a life that will not be drastically altered whether you receive your bonus or not. It is possible for one to lead the ideal life without having to break the bank to get there. It requires self-discipline and a huge dose of honesty.

 

You should lead a life that will not be drastically altered whether you receive your bonus or not Click To Tweet

 

Bonus or no bonus?

The aim at all times should be to ultimately lead a life of financial freedom. If this means having a side business/job on the side, then so be it.

Truth is that for most of us, one source of income is not enough. Some are fortunate to have partners who balance things out in the home because of a dual income. However, it is possible to live your best life and stay out of debt at the same time. Financial freedom should be the new cool, the ultimate aesthetic.

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Do you have any financial tips on budgeting for the festive season?

If you’d like to share your story with She Leads Africa, let us know more about you and your story here.

Juggling post-grad studies, family, a briefcase and the world

You need a tribe of humans who will be there when you need some downtime and rebooting Click To Tweet

What exactly does this mean for us when juggling work, studies, and the world? It is a universal assumption and truth that women are the backbone of every family. We are inherently prepared for a purpose. Prepared on purpose.

What does this entail and do we have any choice in what we allow to take up space in our lives? How can we better channel our energies into affirming our loved ones, building empires and pursuing our innermost desires and dreams?

I am a Womxn. What is your superpower?

Firstly, a solid support system is necessary. You need a tribe of humans who will be there to listen, extend a helping hand and generally hold you down when you need some down time and rebooting.

It is imperative that we know where to go or when to refuel so that we can do the things we are equipped to do. Contrary to popular belief; this is not at all selfish, this is a reminder to oneself that you are a soft thing and that you should breathe. Inasmuch as life is often a juggling act, one needs to attend to the body, mind, and soul.

With a consistent circle of support, it is easy for one to focus and achieve the objectives you have set out for yourself. A great way to stay on the ball is to write up a set of goals and hold yourself accountable to them.

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A human being actually…

How does one strike the work-life-balance? Is this even an attainable feat?

This would undoubtedly be a pertinent question for working mothers as one would want to be there for the kids’ milestones whilst breaking new ground on the work front. There have been ongoing studies regarding how one can achieve all this and then some.

Ultimately, you should live a life that doesn’t require that you need a vacation from your day to day existence. Sometimes all it requires is doing the things that really get you going, like reading a book, going cycling, having tea with your mother or just having a night out with the girls and/or date night with your partner. Down time is really necessary.

You should live a life that doesn’t require that you need a vacation from your day to day existence Click To Tweet

Sometimes the lemonade may taste like medicine

It is not the end of the world, some experiences are lessons that need to be learned along the way. At the end of it all we need to make decisions about the kind of partners, colleagues and parents we want to be and stop self-sabotaging ourselves.

Facebook COO and author of Lean In: Women, Work and the Will to Lead, Sheryl Sandberg shares, “If more women lean in, we can change the power structure of our world and expand opportunities.” She further states, “Shared experience forms the basis of empathy and, in turn, can spark the institutional changes we need. More female leadership will lead to fairer treatment for all women.”

Whenever in doubt, or when we question if we can lean in; we ought to remind ourselves that we are the magic and the medicine; and most importantly, we were born for such a time as this.

lemonade

We can be selfless whilst putting ourselves first, it is possible Click To Tweet

The world was never ready for your juggling prowess

We can be selfless whilst putting ourselves first, it is possible. We can be there for our humans – juggling our itinerary, to-do lists and still have an endless reservoir of love and sustenance for ourselves.We have the power to be whomever we want to be and with the assistance of a steady routine, consistency and positive affirmation, anything is within our reach.

Thus, one cannot stress enough the importance of engaging with activities which reaffirm your calling or destiny. It’s also important amidst the juggling to remember that self-care also means giving yourself permission to go through the ups and downs of life and get within your feels.

Inasmuch as it takes more than nights away or hours lost in a book; but you can certainly be assured that any dose of self-care can and will go a long way for the spirit, body, and mind. Go out there and SLAy!

Financial affairs in freelancing

Like any business, freelancing has its peak seasons and its low seasons. Know them Click To Tweet

So, you delved into freelancing. You jumped head first (or first dipped your toes, whichever works for you) into being your own boss and now nothing can stop you from working in your pyjamas. First of all, big hearty congratulations.

Not many make it past opening a freelancing account somewhere, let alone enlist clients. And now that we have gotten the pleasantries out of the way, let us get into the nitty gritty. The big girl stuff. Mogul business.

It is essential that you realise that like any business out there, freelancing has its peak seasons and its really, and I mean, really low seasons. This being said, it is essential that finances line up throughout these seasons. Let’s get to it.

Know your market

This is the basis of any business, and it applies even in online businesses. Knowing when the seasons’ peak and when they fall is essential in managing your money.

In academic writing, for instance, seasons pick at around March-April, August-September and in December, which is the end-of-semester months. If one is freelancing designs for say, at a corporate company, it is essential that you understand their fiscal year and how they pay or contract employees then.

Know your worth

Some people may have you believe that since you are freelancing your services, they have to pay less that is required.

Knowing the pricing on your product and service is crucial in you making profits, in the long run. So, do not undervalue or overvalue yourself.

Know your worth as a freelancer, do not undervalue or overvalue yourself Click To Tweet

Factor in your expenditure

Granted, there is not much revenue that you put in when freelancing unless you are renting office space. Your internet plan, however, will straight out flatten your morale if you are not careful.

Choose an internet plan that is affordable for you, and that you know you can easily manage even when literally no clients are coming through because it will happen.

Ride the wave

High seasons in freelancing are really high, and what goes up will hit rock bottom with the same momentum. When that tide comes in, ride it like your life depends on it.

Work through the day and night, stock up on coffee or energy drinks, never see outdoors, whatever it takes, stock up on that money (just remember to factor in self-care, of course).

Stock up on some emergency cash

Yeah, things happen. Your regular client finishes school, your contract ends, life goes on. Set aside some money for an emergency just in case your bank account is depleted.

This actually goes for all businesses. It is standard.

Follow the 50/30/20 rule on cash

Personal financing is basically what will take you through freelancing. Know what you are spending your money on, track your receipts, cut down on the ‘for show’ products, and follow the 50/30/20 rule.

50% of your income is used on basic expenditure (like rent, food), 30% settle your debts and maybe a few luxury products, and invest with the 20% that remains. Or, follow this SLA guide prepared to cushion you from spending everything.

Network, network, network

Even in the low seasons, remind your clients that you are available, and ask them to refer you to other clients. Networking and good service are crucial in this business. If you are working in your pyjamas and at the convenience of your home all day, something has to give.

Even in the low seasons, remind your clients that you are available Click To Tweet

That said, like in any business, consistency and good product/service will bring you the money. Personal financing will ensure that the money sticks with you. Happy freelancing #MotherlandMoguls!!

5 Types Of Accounts Every Woman Should Have Before 35

5 Types of Money Accounts Every Woman Should Have Before 35

Mo money, mo problems right?

Mo Money Mo Problems

Maybe for Diddy, but definitely not for us. Definitely not in this economy and with the bills we need to pay and with the power moves we’re trying to make.

More money equals more financial security for ourselves, our businesses and our families but how do we go about achieving that in the long run? The first thing you have to realize is that you can’t wait until you’re older to get started. In fact there are things you can do before you turn 35 which will go a long way in ensuring your financial independence for the rest of your life.

We spoke to financial advisors from United Capital about what young women need to do to be better prepared for their future and they shared with us 5 important money accounts that every young woman should have before she turns 35 years old. Now 35 isn’t a hard and fast deadline but we can all probably agree that we better start to have our stuff together by the time we turn 35.

Topics this guide will cover:

– What are the 5 accounts you need to have before you turn 35

– Why each of these financial accounts matters for your future

– How you can get free financial advice to help you reach your money goals


So how do you download this free guide? Easy – just fill out the form below to join our community and get access to this guide and AWESOME weekly content.  











If you already know you’re ready to speak with a financial advisor who can help you set up long term savings and investments options, then you should connect directly with the United Capital team by emailing them at privatetrust@unitedcapitalplcgroup.com.

The one basic lesson to teach your kids about financial responsibility

shehive accra financial responsiblity she leads africa

Don’t you just wish you had been taught about financial responsibility when you were much younger? In our rapidly changing world, it has never become more imperative to teach our children the need for handling money well.

In fact, it’s such an important skill that it will guide their decisions well into adulthood. If you’re able to do a good job with the lessons now, your children will look back and be grateful to you as a parent. And in getting this done, there’s no better time to start than now —your child is never too young to begin.

It’s important for kids to get savvy about spending wisely, saving and the value of giving to others.

Delayed gratification —an important lesson

When I mention that there’s one basic lesson to teach your kids about financial responsibility, I mean that at the heart of every financial decision you’re getting your child ready to handle in their future is one basic fundamental lesson, which is ‘delayed gratification’.

Delayed gratification is learnt from deciding to do a chore now and watching TV later. It is about eating up two candy bars now or keeping one till tomorrow.

You see, for the most part, the concept of saving money and spending wisely is more about learning to wait for something versus getting it now. Financial discipline is first of all the ability to spend less than you earn (which requires proper budgeting and sticking to it) and secondly, being able to put that excess in the budget away over a period of time (savings).

How do you help your child to be financially disciplined with the concept of delayed gratification?

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Start early

Children form their habits based on what we expose them to. They are influenced by their environment and learn from the things they see on a regular basis. If you let your children understand that it may not always be the best thing to get something now, they grow with that lesson and it becomes easier as time goes on.

For instance, I hear a lot of parents say they don’t like to go to the supermarket with their kids because they are afraid of the demands to buy something that’s not on the budget.

If you train your kids that we do not always get what we want when we want them, they learn to respect those boundaries you’ve put in place.

Teach by example

Children learn by example. They’ll do whatever they see you do. There’s a need to model this concept for the children in everyday living. Use regular situations of life to let your children understand the need to wait for things. They can either decide to get something now or get it later.

Showing them the benefits of waiting can aid them in their decision to wait for something they love. Let them see that waiting is better. The way you conduct yourself on decisions that have to do with spending and savings will impact on your kids.

Don’t shy away from discussing money matters with them.

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Encourage savings

Let your kids learn to save every part of any amount that comes through their hands, no matter how small. Teaching your kids to save is an integral part of helping them to understand the concept of delayed gratification. They can save towards the future or simply towards a desired gift or toy.

Teaching your kids to understand delayed gratification is a gradual process and they will learn as long as you remain consistent in your teaching.

Self-control is a gradual process for your kids and they will get there. Just be firm and compassionate about it. They’ll thank you later.