4 Bad Money Habits That Will Keep You Broke Forever

Bad money habits are kind of hard to break. We do them over and over without even realizing it.

We all want to be rich. I mean, who doesn’t? But it’s one thing to fantasize about the many things you can do with a big paycheck and it’s another thing to muster the discipline you need to make it a reality. If you have bad money habits, you’ll get into a lot of financial trouble.

For so long, I had no clear plan for my financial journey. All I knew was there was money and it had to be spent.

Are you having issues saving? Do you feel like it’s a load of work putting some money down for the future? Well, I’ve got a couple of tips that can help you.

Here are 4 bad money habits you need to quit this minute if you want to become more financially independent:

Procrastination

This is personal for me. I put off starting an investment plan for a later time. And I just kept pushing it farther. Not that I was super busy or anything, just plain laziness and a lack of self-discipline on my part.
It wasn’t until I told myself the hard truth: that I can either continue pushing it later or just do it now and get organized. I realized that time was running out and that I had no clear financial goals.

The Fix

No one is coming to do it for you so you better get on with it. If you keep procrastinating, you’ll end up broke with lots of debts.

Impulse Purchasing/Buying

We’ve all been here. That urge to buy something. We give ourselves all the reasons why we need to have it. Impulse buying is all in the name. You see a bag and immediately want to buy it. You don’t even stop to consider the cost or whether you actually need it. You buy it before you stop to think whether you need it or can afford it.

The Fix

You need to first recognize this is a problem and keep track. Before you find yourself reaching for that candy or new pair of shoes, ask yourself if you have the resources and if you really need it. Don’t be in a rush; be certain you need it before you do.

Not Budgeting

A lot of people live on more than they make. If you don’t have a monthly budget, your money will disappear and you won’t know where it went.
A budget allows you to see how much money you’re bringing in and where it’s all going. It enables you to make changes that help you save more money and avoid going into the red each month.

Pro-tip

It doesn’t have to be a big chore. It can start with only carrying a small amount of cash with you each day. You can also sign up with a money-saving app that automatically tracks your spending for you. Here’s an easy budget template for you.

Love of Convenience

Once a while, it’s okay to make a convenience purchase. These are purchases that are routine and take little thought when being bought. However, if you find yourself regularly making convenience purchases, it’ll cost you.

Pro-tip

You can start by cooking instead of buying fast food every day. Make a regular weekend event of preparing a dish that can be separated into freezer containers for future use.

You can also stop getting that expensive breakfast on your way to work every morning and rather get up 5 minutes earlier to prepare something. I know waking up early might be hard for me so, I cook when I come home. At least I know lunch for the next day is sorted out.

So, there you have it, 4 bad money habits that are keeping you from attaining financial independence. Which of them are you  guilty of?

SAFE SPACE WEBINAR WITH TOLULOPE FABOYEDE: HOW TO INVEST (SEP 18)

It’s time to get your finances in check!

So you’re one of the people who finds themselves drifting off thinking about how to build wealth with their monthly income? Don’t just sit there daydreaming, here’s a chance to actually do something about it!

Or maybe you think you need to have a ton of money to start investing, think again. This and other investment myths are some of the topics we’ll be covering in our webinar titled Safe Space – A No BS Guide on How to Invest..

On September 18, 2020 at 5PM WAT/ 6PM CAT/ 7PM EAT, Tolulope Faboyede of FSDH Asset Management will be taking you through everything you need to know to build wealth and invest. What’s more? You’ll be able to get started after the class!

Learn how to invest and build wealth with Tolulope Faboyede of FSDH Asset Management! Join us on September 18 at 5PM WAT/ 6PM CAT/ 7PM EAT Click this link to register: bit.ly/safespacefinance Click To Tweet

Here are some of the topics we’ll cover at the webinar:

  • How to design and execute an investment plan
  • What to look out for when building your investment portfolio
  • How to evaluate your financial situation
  • Compounding interest: What it is and how to evaluate it
  • Common myths about investing

Register below to access the webinar!

Webinar details:

Date: Friday, September 18, 2020

Time: 5PM WAT/ 6PM CAT/ 7PM EAT

Location: Click here to register for the webinar on Zoom

About Tolulope

Tolulope Faboyede is a Business Development and Wealth Management expert at FSDH Asset Management Limited. She holds a Bachelor of Science in Economics from the University of Lagos and has completed a CFA Institute Investment Foundations Program. Tolu has over 12 years experience in the Nigerian Financial markets and has attended various professional courses and training in Portfolio and Wealth Management. She has worked with several individuals and companies to grow their wealth.Tolu is passionate about providing financial literacy to both individuals and corporate organisations.



The free labour trap: Stop being a “yasss queen”

Practising social distancing and working from home as a mother of a one-year old has meant I have to be intentional with taking the time to rest and making time to be present with my family.

It has also allowed me to revisit some of the things which I’ve been meaning to do. You know, those things we hang on the ‘I will get to you when I have time’ shelf? Yup, things which we have been putting off for months now.

With the increase in online activity filled with Microsoft Teams or Zoom meetings, it came as no surprise when every other day I would have a friend or an acquaintance texting me for feedback on their website or requesting tips for self-care regimens. It was always this or the other odd thing, which they have started taking on with all the free time we seem to have at our disposal.

There is a super thin line between helping someone out because you’re homies and selling yourself short- Zimkhitha Mathunjwa Click To Tweet

I don’t mind getting on a call so that you can pick my mind on an idea you would like to try out or give input on a concept you’re testing. I equally have no qualms about connecting or plugging you to a great resource base to make things happen for you.

Where it gets a tad tricky is when I am asked to work on something and use my resources and expertise, without compensation. There is a super thin line between helping someone out because you’re homies and selling yourself short because of your ride or die ties.

The issue with being a free labour ‘YAAAAAAS’ queen

I am sure you’ve had acquaintances and colleagues asking you to proof-read their work and offer feedback on proposals or creative projects. Or friends who have asked you to work on their business plans or hustled you into a last-minute brainstorm sesh on their projects and because this is the sisterhood of the ‘each one help one’ mantra, we show up and shake it up.

At what cost though, do we continue to tap dance to this thankless tune of free labour? If you’ve been here, you know that once you’re done, some don’t even have the inclination to acknowledge the time, expertise and resources that went into helping them. That is a post for another day entirely.

This, however, is about how I have decided that my free labour has reached its quota. I am not available to perform these ad-hoc tasks unless I am getting paid for it. Sis, fatigue ain’t cute and I am not open to overextending myself any longer.

Make ‘No’ your ultimate BFF

We need to normalise handing out our rate card when asked to offer our expert advice or do work for friends and family. There is nothing wrong with this, we’re all trying to get our coins, Queens. Let’s not abuse each other’s generosity for self-gain, plus, it’s disrespectful.

Not only will taking a stand on how you spend your time and allocate your resources ensure that you do not overextend yourself, but it will bring you peace of mind.

A big part of self-care that we often overlook is knowing how to say no. No, is extremely liberating and it also makes sure that people do not take advantage of you.

.

I am not saying be selfish and not leverage off of each other’s knowledge and skills. These are the tenets on which sisterhood and community are built. We look out for each other and put one another on. What I am advocating for, is being self-FULL. Stop treating yourself like an afterthought, be intentional about prioritising yourself. Give yourself the respect which is due to you.

Stop treating yourself like an afterthought, be intentional about prioritising yourself – Zimkhitha Mathunjwa Click To Tweet

3 things to avoid going forward:

  1. Saying yes to a strategy and brainstorming session which will require research from you and will be resource-intense without compensation.
  2. Do not consult on a project or provide feedback for work that will be remunerated but you receive nothing.
  3. Say no to friends and family requests to do free work that you ordinarily get paid to do.

Many won’t be happy with the decision I have taken to cut free labour. The beauty of this is that it isn’t about what people say, it is 100% about me. I will be happier for it; my relationships will be healthier as a result and my coins will stay popping. Surely, this is a good look! Remember that the work you do is important, and you are equally important.


Want access to more resources and articles to get you ahead in your career? Visit SheLeadsAfrica.org!

Here’s how to switch up your money management style!

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Much of our anxiety stems from the fact that we just don’t know what's going on with our money Click To Tweet

Have you ever interrogated your feelings about money? How would you define your relationship with money management; comfortable, in control, dysfunctional? Even with solid financial advice, some people still feel a level of anxiety around personal financial management.

Sadly the topic of money is still viewed by some as ‘the last taboo’, and as a result, many of the attitudes we have towards it go unexplored. As budding #MotherlandMoguls, building a healthy mindset around money management should be a priority. Here are a few tips to help you to make peace with your bank balance, manage your personal finances and develop a healthy money mindset.

Determine your ‘money personality’

A useful place to start is to try and understand how you instinctively relate to it. Similar to taking a regular personality test, this will help you to understand some of your predispositions toward money management. You can find a whole bunch of free ‘money personality’ tests here.

Keep good records, make good plans

Recognizing your financial patterns and setting financial goals is the key to building a healthy relationship with your money. Much of our anxiety stems from the fact that we truly just don’t know what is going on with our money.

Sound daunting? Don’t worry, we are here to simplify the struggle. Finance guru and friend of SLA Samke Ndlovu Ngwenya put together this worksheet to help you think through your goals, and keep track of your personal financial management.

While you are doing this, take a look back at money management mistakes, or successes you have made and look out for patterns and lessons.

Figure out your conditioning

We all have a certain level of conditioning when it comes to money which has been proven to affect how we relate to it. For example, if you sincerely believe you deserve to make money, and that you are able to do so, this conditioning is considered positive.

It can also be negative and limiting, for example, thinking about money with fear or scarcity. This conditioning is the filter through which you interact with your money.

Money coach Lynette Khalfani-Cox says, “You have to ask: what falsehoods and ideas am I believing that are actually sabotaging my efforts, or keeping me from fulfilling my potential?” Work to change these ideas. You could even try out money affirmations if that’s your thing.

To help you out with all the serious introspection you are about to do, I caught up with two savvy businesswomen. They gave me some insight into how a successful entrepreneur relates to their money.


money management

Money means the ability to uplift - Carol Bouwer Click To Tweet

Carol Bouwer is the Founder and CEO of Carol Bouwer (CB) Productions. This pioneering businesswoman is a committed champion of women. Her company PB Productions is behind The Mbokodo Awards which celebrate the work of South African women, as well as The African Odyssey experience.

What does money mean to you?

For anyone with an entrepreneurial spirit and a desire to be part of shaping our community for the future- money gives you the ability to uplift. Materially and psychologically- money gives you the opportunity to create employment and empower others.

It gives you the ability to inspire others to see what results could be possible if they apply the same level of discipline. Money is not the goal but it helps you achieve the goal.

Is there a specific event/lesson that has shaped how you relate to your money?

Losing it young. Some of the mistakes I made with money management as a youngster have been the greatest gifts in my financial life. The lessons are etched in my mind so they can never be repeated. My big thing with this as in everything in life- don’t lose sleep and lose the lesson- lose the former and gain the latter at all times!

What do you wish you knew about money management when you received your first salary/ paycheque?

Budgeting! I had a whole list of needs and wants but lacked the wisdom to differentiate between the two. To this day I remain grateful for being raised by an “interfering mom”… many of the mistakes I could have made did not happen thanks to her wise interventions.

What habit have you formed, or what trait do you possess, that you believe helps you with your finances?

Sobriety and respect. This applies to finances and many other aspects of life. It is easy to be impulsive but the most important trait one requires is respecting the work that goes into building one’s wealth.

Being mindful of the energy you put into making every cent is what makes you more discerning about the choices you make when parting with it. Mindless spending is sometimes unavoidable in our youth but in this day, if I am not mindful of what I am spending my money on then I don’t deserve a cent of it.

If I'm not mindful of what I'm spending my money on, I don't deserve a cent of it- Carol Bouwer Click To Tweet

Where do you go to get sound financial advice?

I could tell you to get a financial adviser or acquire financial planning services but I am not one to say that. My answer is, go internal. You inherently know what to do. You had the wisdom to acquire it, trust in your wisdom to grow it.

Read and study the markets. Even when you go to your broker, ensure you are not solely an audience but participate. This is even more important for times when there are losses. It allows you to feel you made empowered and informed choices rather than blaming those to whom you hand your money over.


money management

Be honest with yourself and those who need your financial support - Nicolette Mashile Click To Tweet

Nicolette Mashile is a social entrepreneur, property investor and broadcast media personality. She is passionate about people advancement and development. You may recognize her from her popular Financial Literacy Vlog and talks. She is also a communicator by profession.

Is there a specific event/lesson that has shaped how you relate to your money?

Yes. When I was buying my first property, I didn’t know that an Offer To Purchase was legally binding. As a result, I signed for a property well out of my means. I had to fight the bank to retract a home loan of over 30 years which had been approved.

The loan had been generated through a Bond Originator, who misrepresented my expenses and understated them. I ended up paying over thousands in lawyer fees. I eventually settled the issue at the cost of the money I had saved as a deposit. That day I learnt that it is very expensive to be financially illiterate.

What habit have you formed, or what trait do you possess, that you believe helps you with your finances?

Honesty, discipline and I have let go of FOMO. I used to what everything, what to go everywhere because I convinced myself that I could afford it. But I was refusing to be honest with myself whereby finances were concerned.

What is a small action/habit/idea that people can take up, which you believe could totally change our relationship with money?

Paying themselves first. Negotiating their salaries and knowing how much they actually need so that they can save 30% of their salaries. Most people negotiate just a little bit more than what they are currently getting forgetting the value of money changes over each year.

Do you have any advice on how to avoid over-committing yourself financially to family and friends?

Be honest with yourself and those who need your financial support, then budget for them at all times. Stick with what you allocate to them and don’t budge.

Save for emergencies because its Murphy’s law, once you save an amount that is accessible there will always be a situation that rises to the occasion that needs that money

Hey Sis, Where Does All Your Money Go?

Have you ever wondered where all your money goes before payday? You are not alone in the struggle. Tracking your expenses is an important first step in financial literacy.

Zikoko, a culture and entertainment digital magazine based in Lagos, Nigeria, asked a sample of women how they spent the bulk of their income in the past month of the interview.

Here are some of the ways women responded. Can you relate?


I spend a lot on Uber rides

I don’t have a car and I hate moving around with public transport, so all my coins go to Ubers. Thankfully I can afford it.

It’s hard to calculate how much of what I earn goes to Ubers because I have a 9-5 and a pretty great side gig. But I’d say 20% of the income I get from my 9-5.

I’m aware that it’s a little ridiculous to spend so much money on just transport. But my life’s motto is comfort first. Plus Ubers saves a lot of my time, and I hear time is money.

Weaves. Weaves. Weaves.

I have a government job so my salary is a joke. But I have an online business that does quite well.

The average cost of my wigs or weaves is about 150k (~$400). My 9 -5 pays about 80k (~$210) a month. So I guess I spend like two-months salary on hair.

I’m not ashamed of it. It’s not like I buy weaves all the time. I can still afford to put food on my table and pay my rent thanks to my business.

My rent is expensive

The first year I moved out to live on my own, I had a flatmate. She left the country the year after, and I got stuck paying the full rent. I paid it in hopes of getting another flatmate, but I’ve had no luck yet.

I’d say the bulk of my money goes to rent. I earn 300k ($810) a month and my rent is 1.2 million (~$3,260) a year. This means 100k (~$270) of my monthly income goes to saving for my rent.

I really like my apartment and have no plans to move out. So for now, I have to keep paying the rent.

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Internet is so expensive

I don’t have a job so my ‘income’ comes from an allowance from my parents which usually adds up to about 50k (~$135) monthly. I spend about 15k (~$40) on data every month. So data costs make up most of my expenses.

Food, I don’t like to cook

I don’t like to cook, so feeding can get a little expensive for me.

I’ve never sat down to do the math but between groceries, eating out and buying food every day I must be spending about 40 to 50% of my income on food.

My struggle skin won’t let me live

I have very problematic skin. I decided to start paying more attention to it about 2 years ago because a girl must SLAY.

The only problem is good skincare products are expensive. Don’t let those people telling you that black soap is all you need, lead you astray. They just have good genes.

I don’t buy skincare products every single month thankfully. On months where I run out of everything at once, I can spend almost 50k (~$130) on products. My monthly salary is 220k (~$590).

Makeup is expensive

I’ve always loved makeup and buying it wasn’t always so costly. But with the way the economy is set up, everything I love is now so expensive.

I just started a business as a make-up artist so I think most of what I make goes into buying new products. I spend like 80% of what I make on that.

I have way too many friends

In the past year, I’ve spent a ton of money on Aso Ebi. I’m at an age where all of my friends are getting married all at once and I’ve come to the realization that I might have too many friends.

I’m currently in between jobs so I can’t say how much I spend exactly. But based on my last salary, I’d say last month I must have spent 40% of my old income on just Aso Ebi. That’s ridiculous!


Zikoko amplifies African youth culture by curating and creating smart and joyful content for young Africans and the world. Learn more about Zikoko here.

Manage Your Money Effectively with these tips from Ifeoma Okoli

Managing money effectively is crucial for every professional woman. The ability to manage finances is what gives you leeway to have the lifestyle you want.

Not every woman would tell you that they are comfortable with managing their money.

The ability to manage your finances is what gives you independence and financial freedom. Click To Tweet

Ifeoma Okoli is an Audit Analyst with a degree in Economics and Statistics. She has a Diploma with the Association of Charted Accountants.

Ifeoma is also known to be a driven and enthusiastic Financial Analyst. In this article, she provides her tips on how women can effectively manage their money.

The finance world is typically a male-dominated industry. What led you on to the path?

I think the notion of the finance industry is typically a male-dominated industry was all in retrospect. Nowadays, especially in Nigeria, more women have begun to demand a seat at the table in this industry.

On what led me to this path, I think one of my first inspiration career-wise was my dad. He too worked in this industry and I loved number crunching.

However, one of the things that helped me was that my father insisted I do a lot of unpaid internships during my secondary school holidays. That gave me an early start to understanding the nitty-gritty of the industry.

How would you describe your day-to-day responsibilities as an Audit Analyst for your company?

I look at my role as more of control and compliance (Risk Mitigation), working constructively with finance and other departments to improve internal control across the organization.

How would you advise more women to become more financially literate?

First of all, to be financially literate does not mean you have to study finance in school.

In fact, studies have shown that most people whose job is to manage other peoples finance are actually very bad at managing their own personal finances.

With that being said, some of my advice to women is below:

  1. You don’t need a glucose guardian to be rich. Get a job and work towards increasing your net worth.
  2. There is dignity in labour and financial independence is one of the best gifts you as a woman can give yourself.
  3. This may sound very cliche but create a budget tracker. This would help you to know how much you should spend, how much you have spent in a month, variances and mechanical ways to save up from bargains.
  4. Whenever you are free, listen to financial podcasts. It will help improve your financial knowledge, plus if you have a side hustle, the podcast will teach you how to scale your business faster while learning from the mistakes of other entrepreneurs.

To check out some of my favorite podcasts, click this link .

How can the modern young working women budget and save effectively to cater to all her needs?

Most career women who are salary earners oftentimes earn way less than their male counterparts at the same level. Yet most times are the ones doing more of the smart work.

So as a young lady, be diligent and find out if you are long overdue for a salary increase. Arm yourself with facts and go forward to renegotiate your salary.

To be able to cater to all your needs means you have to increase your income and to increase income means you have to increase the money coming from your revenue-generating unit(s)

  • Like I said before, use a budget tracker it would save you a lot of headaches.
  • Have at least three bank accounts. One should be your expense account, one your revenue accounts and the last should be your savings account.
  • Do not spend directly from your revenue account. Separating your account would also help you track your inflow and outflows.
  • Try as much as possible to save up 40% of your monthly income especially if you are still single and have fewer responsibilities. Saving for rainy days cannot be overemphasized.
  • 20% of your six months income should be able to take you on a holiday trip. If not, it simply means the trip is a way too much above your budget and you are balling above your budget. Find a cheaper option. Trust me, you can have an amazing holiday on a budget.
  • Apps like Piggy vest are there to help you cater to your personal savings and investment.
  • Finally, one which most of us ignore. Always negotiate for your pension and health insurance in all your places of employment. Your pension may seem minuscule right now but it compounds and would eventually help to reduce the financial burden when you are old and frail.

Are there useful tools or apps that can support women in dealing with their finances?

Yes, there are. Apps like Expensify, Fudget even Google sheet can help you with planning and managing your finance

What is one thing that you want more women to be aware of when it comes to managing money?

Know that no matter how little you earn, you still can set aside a portion of your income as savings and the key to saving up is contentment. Click To Tweet

If you are contented, you would not go broke trying to prove to broke people that you are not broke. 


How are you improving your spending habits this month? Click here to join the SLA #SecureTheBag challenge.

Young women should benefit from the growing impact investment market: Ujunwa Ojemeni

Ujunwa Ojemeni is a financing, business development and clean energy expert with experience in the areas of opportunity maturation, project financing and impact investing.

She has been in the energy sector for over five years now. She was in project development for a while before transiting to impact investment.

While in energy project development, she coordinated several gases and power development opportunities valued at approximately $300 Million.

In energy impact investing, her work has involved working with partners to catalyze funding to the clean energy sector such as the $100Million Off-Grid Energy Access Fund (OGEF) along with the African Development Bank and others, as well as driving investments in and managing investments in various clean energy companies.

She is currently working with project developers by structuring and arranging appropriate financing for their businesses, working with partners to deploy innovative energy solutions and providing long term strategic support to key energy enterprises.


Tell us about some of your projects

Earlier this year, I was selected as one of the 60 young African Clean Energy Leaders for the Open Power Africa 2019 program by Enel Foundation in collaboration with top African and Italian academic institutions.

I was one of the 16 finalists of the program who proceeded to complete the final module of the fellowship based on the quality of our capstone projects. I also emerged as a finalist in the IFC Sustainability Exchange Ideas Contest for Youth Innovations 2019.

To promote the participation of more women in the energy sector, I recently launched “The African Women in Energy Development Initiative – AWEDI Network”.

It is the pioneer African organization focused on women across the entire energy value chain to offer mentorship, career sponsorship (acceleration), capacity building, and leadership training for women at all stages of their energy careers and for female students at the secondary and tertiary levels.

I have always been passionate about helping SMEs to be successful and founded the “SME Transformation Project” through which I provide business advisory and funding to women-owned
SMEs in low-income communities.

I help them navigate through basic business challenges such as marketing and distributing channels, product line expansion, and most importantly, funding, which they have difficulties accessing from traditional financiers.

In addition, I am a mentor at the Cherie Blaire Foundation where I provide support to women entrepreneurs to help them grow as they build their businesses in different parts of the world.

Before all of these, I worked in the management consulting unit of KPMG where I focused on startup advisory and process improvement for such enterprises.

Share your experience with female inclusion in the energy sector?

In 2014, when I started my professional involvement in the energy sector, there were only 2 women on the team, and I was unclear how to navigate or how to find suitable mentors within or even outside the organization.

Although the numbers are gradually improving as more attention is being
given to the subject – more women are coming into the sector.

However, if you look at the management of most companies, it is mostly dominated by men. In fact, although female representation is improving globally, it remains considerately low.

In fortune 500 companies, only 6.6% of CEOs are female and 25.5% of board seats are held by women. This was one of my motivations to launch the African Women in Energy Development Initiative (AWEDI Network).

Being a woman in any sector let alone a male-dominated sector is generally tough and there is still significant room for improvement to make it more conducive for women to thrive.

As I always say, we are equal but different. Women are saddled with the responsibility of childbearing and a lot of times childbearing and home keeping.

Issues such as not employing pregnant women or newly married women are really sad and worrying. Organizations are typically worried about the gaps caused by maternity leave but the evidence is clear that a diverse workforce is good for the bottom line.

Furthermore, returning to work after maternity leave is not always smooth especially when you have been sidelined and not promoted along with your peers who may not even have performed as well as you.

In some other organizations, there is no provision for things such as nursing rooms for nursing mothers.

Another issue is the ‘flexible working myth’. Some organizations do not make any provisions for this, while others allow it in principle but in reality, it is difficult to utilize it as you might be considered unserious and penalized for it.

As a society and as corporate bodies we must institute
policies and implement the same to enable both men and women to perform optimally – paternity leave is still not taken seriously by many.

What were your major challenges in the industry and how can African women manage it?

One challenge is being undermined maybe because one is young. It is an interesting combination to be young as well as an African female committed to achieving big goals.

Nevertheless, I believe that being an expert in your craft is most important and clearly demonstrating this expertise by being visible. At meetings, there is always something you can contribute – most times we know more than we realize.

So I always encourage women to be bold and speak out more. In addition, we have to network sensibly; unfortunately, we usually do not have the luxury of time to attend all networking events due to other responsibilities but we should pick the most relevant events to attend.

We should also network horizontally and vertically i.e. with our peers and with those in higher cadres.

Another tricky challenge is finding the balance between being confident and people thinking you are self-promoting.

I have learned to ignore any naysayers and self-promote because if you don’t talk about what you have done and what you are doing and keep waiting for someone else to notice you, you will be waiting a long time.

So tell your managers what you have accomplished; share with your network your key accomplishments. We live in a social media age, so accept and embrace it.

Finally, it is easy for people to get threatened by your brilliance and even try to bring you down. But you must rise above that and focus on how you intend to bless the world.

Make your bosses look good but don’t dim your light because others are mediocre. Shine, shine, shine!

How can young businesswomen position themselves in order to benefit impact investment?

Simply put, impact investments are investments that are made with the intention to cause positive, measurable, economic, social and environmental impact alongside a financial return.

The major criteria generally agreed for an investment to qualify as impact investing is that it is intentional i.e. it has a positive impact on social or environmental impact, it is profit-oriented i.e. a clear expected return and although metrics are still being debated, that the impact is measurable.

There is a growing impact investment market globally and particularly focused on developing countries to provide capital to address the world’s most pressing challenges in sectors such as sustainable agriculture, renewable energy, healthcare, education and many more.

Young women can definitely benefit from this growing market either as impact investors themselves or by adequately positioning their enterprises to benefit from those funds.

The key is ensuring that the enterprise meets the criteria mentioned above, as investors are clearly keen on supporting such innovative enterprises.

A quick way to assess how impactful an enterprise is could be assessing its impact of the Sustainable Development Goals (SDGs) and considering broader metrics such as how many jobs are created through the enterprise.

Therefore when wondering if your enterprise would be attractive to impact investors, ensure it has economic, social and/or environmental impact accompanied by a financial return. So, impact investments are regarded by some as “doing well by doing good”.

Are there any career opportunities in energy and financial inclusion for women you can share with us?

There are numerous career opportunities in this sector depending on one’s interests, skills, readiness to take on these opportunities amongst others.

On the AWEDI Network platform, we share numerous opportunities daily and weekly. The real decision is for women to decide that they are qualified to take on these roles, apply for them, get the skills required and soar.

The statistics are that women mostly only apply for opportunities when they meet 100% of the hiring criteria while their male peers apply when they meet 60%. So I always encourage women to look beyond their shortcomings and believe in themselves.

In the energy sector whatever your interests are, it could be in legal, governance, finance, investments, technical, etc. there are opportunities for everyone.

Finally, personal development is crucial – I am a proponent for acquiring crucial skills for my next level it could be leadership skills or a new segment of the sector I believe is the future.

Before I joined the clean energy sector, I was in the gas and power sector. This had no form of renewable energy solutions. Over the years even before I switched, I started reading extensively on the future of energy, attending seminars and training to prepare myself for my next steps.

To improve my finance skills I did various financial modeling and investment courses some more structured while others at my pace – @UjunwaOjemeni Click To Tweet

To improve my finance skills I did various financial modeling and investment courses some more structured while others at my pace.

So, I suggest women identify where they want to go and acquire the skills needed for their next level and put themselves out there when the opportunity arises or better still seek out suitable opportunities and read widely.

One thing I learned a few years ago was about ‘pain letters’ from Liz Ryan – she is the founder of Human Workplace and is very vocal on LinkedIn. She proposes that the job seekers identify the pain they are solving for their hiring manager, and write directly to them explaining how they will solve the key challenges.

That is definitely the next level of being proactive and has yielded fruits for many.

What is next for you?

I am currently working on a broader program to better support green enterprises – super excited about this project and the impact these businesses will have in achieving the SDGs.

I will definitely share more details with your network soon.


How are you improving your spending habits this month? Click here to join the SLA #SecureTheBag challenge.

Can Your Business Survive Without You? Here’s How To Be Sure

If we were sitting down for coffee and I ask what you believe to be the most important factor for success in business, what would you say?

If you’re like most people, you might respond that it’s something along the lines of perseverance, determination or talent.

What if I told you that while these things are valuable, they do not determine success? There is a more telling factor.

The true key to a successful business lies in the strength of its infrastructure – @andrena_sawyer Click To Tweet

But, what exactly is infrastructure? The simple answer is that it’s your design and blueprint.

It is made of the basic facilities and structures of the business and includes everything from software and services, to operational procedures. It is the work you do on the business that allows you to work in your business.

Imagine taking a one-week vacation. What happens to your operations? Would your team know what to do in your absence?

Would your customers panic? If the answer to the last two questions is yes, then you’re currently lacking a sustainable infrastructure.

I get it: most of us do not like creating systems. They can be boring, tedious, and may appear unnecessary.

If you’re a clothing designer, you went into business to bring your designs and creativity to life.

However, if you’re a life coach, you want to help others improve their quality of life, not to work on systems.

Again, I get it but imagine not being able to do the thing you love because most of your time is spent putting out fires, experiencing burnout, or making up procedures on a whim.

Creating good business systems allows you to automate your processes, increase productivity and improve effectiveness – @andrena_sawyer Click To Tweet

For example, think about the transportation and tax systems in our country.

While we may not like it, we have to pay parking meters, tolls, and vehicle taxes to commute within our communities. The expectation is that the money is used to build and maintain our streets and neighborhoods.

Similarly in your business, developing an intricate infrastructure creates sustainability through interdependent processes.

There is a common adage that is not wise to put your cart before your horse. That has never been more relevant than in this context.

Your cart is your thriving business—in a state that allows you to do what you love to do. Your horse is your infrastructure. The more robust it is, the more likely your business can go the distance.

I have had the pleasure of consulting with hundreds of entrepreneurs. The concern I hear most often is that people feel like they are reactively going through the motions, rather than positioning themselves for proactive oversight.

My advice is always the same: build your business from within. The time and resources spent on this approach will determine the health and success of everything else.


How are you improving your spending habits this month? Click here to join the SLA #SecureTheBag challenge.

Join the SLA #SecureTheBag Challenge

Hey Girl,

End your Hot girl summer by securing the bag and getting your finances in order. Our 30 Day #securethebag calendar helps you: save, invest, and live your best life! 

So without too much talk, enjoy your calendar as promised! 

And, if you’re new to our community, starting tomorrow you’ll get more information on what She Leads Africa is and how you can boost your personal and professional development as a part of our community! Otherwise, it’s business as usual. 😏

Can’t wait to see how financially stable you become this season, so ensure to share your progress/ journey to getting the bag with us, every day on our social media @SheLeadsAfrica.

See you on Instagram!
Lola Naija 


Share this with your friends and family, let’s get the bag this September.

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.