Tag: savings

Good Money Management Tips to Protect your Future

by Zimkhitha Mathunjwa

The pandemic has admittedly done a number on some of us and our money. It came unexpected and nobody knows how long until a vaccine is found. Though some of the countries are slowly moving towards opening their economies, our pockets have undoubtedly felt the pinch.

If you’re an avid spender on things you ‘absolutely must have’ or enjoy going rampant on sales or specials, well, then grab a cuppa and notebook. We’re about to get real about some of our nasty (or savvy) money habits and look at some hacks to help us navigate towards a money relationship that is as healthy as our laid edges.

What does smart budgeting look like?

It is up to you to decide how you’re going to split your funds, take time out to make a tally of the activities you have planned with your girlfriends, the commitments you have agreed on with bae and the spoils you’ve got up your sleeve for the tiny humans- or just some funds for the everyday needs. Let’s not forget that we’re intentional queens. So this includes that stash you’ve set aside for intentional self-care Saturday or Sunday.

If we’re to piece this puzzle together, we need to unbox it first. Let’s see what this looks like:

Budget planning

From a horizon perspective, have a 3-month or 6-month projection in terms of what it is that you would like to do. Think about how much accessibility you’d like in terms of the cash component of your budget.

Tracking your monthly spend

Take stock of the accounts you have, transactional, savings or any investment accounts you have in your arsenal (retirement annuity or shares). Pay yourself, honey! Set aside some money for your savings/investments, your future self will thank you. Shed some of that debt weight, sis. If you can inject a little extra towards your credit agreements, go for it, this will help ease the strain of the interest rate and you can pay the debt off faster.

Then look at how much you spend on average per month, and if you can make changes and reduce the spend list. If you can do this? Kudos to you! This means you’ll have more cash flow available.

Checking (and improving) on your credit status

A considerable part of being savvy is knowing exactly where you stand financially. How you can gear yourself up for the power shift, is to know what you have and what offers are available to you. This is not only so that you improve your credit score for creditors, it is so that you can make an informed decision about your money moves.

Here are 2 sites in South Africa that offer a free credit status for you, check them out:

If you’re outside South Africa, you can find similar sites in your country.

Is there value in having a Money Coach or a Financial Advisor?

Whether you’re mulling over the idea of purchasing property, getting a car or investing, you should always be thinking about how you can get more bang for your buck.

Do not be afraid to ask questions- there can never be a silly question when it comes to how to manage your funds better. Click To Tweet

You can keep yourself on track and accountable by having someone to help you make the right decisions based on your current reality. Having someone in the know helps to eliminate the pain points of navigating the terrain. Your coach or advisor will assist with your financial ABC’s.

Before you look for an advisor, you need to know what you want out of the relationship. Have an idea of what your state of monetary affairs looks like. Doing this groundwork means you will be able to get the most out of your initial session.

Start documenting what it is you’re looking for. Do not be afraid to ask questions- there can never be a silly question when it comes to how to manage your funds better.

Being smart about your expenditure is especially important in the current context and it shouldn’t take a pandemic for us to get this right. Either way, we’re thankful for the grace of learning through lived experience. The benefit of having a coach or advisor is that the pressure is removed from you and you get to have a professional as your sounding board. They’ll offer guidance and help unlock your financial prowess or potential.

Stay pushing to arm yourself with the knowledge you need to plan for your future. Continue to share your money experiences with your girlfriends. Eventually, we can shift the conversation from being inactive participants in our financial lives to owning the narrative.

We can shift the conversation from being inactive participants in our financial lives to owning the narrative. Click To Tweet

Disclaimer: This article is for information purposes only and geared towards motivating a more hands-on approach to your money habits. This is derived from my experience personally and as someone who works in the Financial sector. For a tailored financial or a specific needs analysis, you should contact a financial advisor or money coach.

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

by She Leads Africa

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.



Webinar with FBNQUEST ASSET MANAGEMENT: The balancing act – managing debt and building long term wealth (Oct 11)

by She Leads Africa

“Staying out of debt is staying out of danger”. We don’t remember who said this, but its true!

Not all of us make six figures today, and even when we try hard to maintain financial discipline, this economy sometimes makes it hard to stay out of debt or even pay what we currently owe.

If you want to walk in financial freedom, it’s important for you to have a plan on how to manage your finance effectively and tackle your debts.

Most importantly, you need to make sure you’re not uncomfortable around your friends if they have RIRI’s song as their ringtone everytime y’all are hanging out.

In our previous financial planning webinar’s, we taught you How to make your first investment and how to Save and slay. Now, it’s time to go in deeper as we teach you how to improve your finances by managing your debts and building long-term wealth for yourself.

She Leads Africa, in partnership with FBNQuest Asset Management is inviting you to a 45-minute webinar with skilled wealth advisor and financial planner – Emmanuella Ekhaguere, on Thursday, October 11th, 2018 at 3 PM WAT.

Emmanuella will be giving some tips on how to balance your finances, how to manage your debts better and how to build long-term wealth for yourself.

Join SLA & @FBNQuest for a webinar on October 11th at 3 pm to learn how to manage your debts, build long-term wealth for yourself and how to balance both! Click To Tweet

Some of the topics we’ll cover:

  • Understanding financial fitness and measures
  • Managing your cash flow, budget and time value of money
  • Top 10 ways to live a debt free life.

Webinar details:

Date: Thursday, October 11th, 2018

Time: 3PM Lagos // 4PM Joburg // 5PM Nairobi

Location: We’ll send you the link to join the session once you sign up!

Watch the webinar here:

About Emmanuella

Emmanuella Ekhaguere is Investment Advisor with at FBNQuest Merchant Bank, a subsidiary of FBN Holdings Plc.  She has over 15 years of Agricultural banking and financial planning experience from various Financial Service Institutions.

Emmanuella started her career at Kakawa Discount house Limited as a Client Relationship Officer.  She later moved to Oceanic Bank (now Ecobank Nigeria).

In deepening her passion and experience in Wealth and Investment Banking, Emmanuella joined Metro Capital Advisory Group in 2008. She has an MBA from Aston Business School Birmingham, United Kingdom, and is a certified financial Planner (CFP), from Florida State University (FSU)

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.

 

Webinar with FBNQUEST ASSET MANAGEMENT: How to Save and Slay (Aug 3)

by She Leads Africa

How exactly do you indulge in sipping champagne on a beer budget? You gon’ learn today!

First, we’ve taught you How to make your first investment, now its time to learn how to save and SLAY simultaneously.

Saving money may sound like one of the hardest things to do when it comes to your finances especially if your income isn’t breaking the bank. But hey, you only need as much as you have right now to save!

If you’re wondering how to save money without your slay mode depreciating, then this webinar is for you.

SLA in partnership with  FBNQuest Asset Management is inviting you to a 45-minute webinar with skilled wealth advisor and financial planner – Emmanuella Ekhaguere, on Friday, August 3rd, 2018.

Emmanuella will be giving some tips on how you can to start planning and investing for your future with your current income.

Join SLA & @FBNQuest for a webinar on August 3rd to learn how to save and slay. Click To Tweet

Some of the topics we’ll cover:

  • Understanding the psychology of money
  • Living your best life through personal finance management
  • Saving hacks for motherland moguls – daily, monthly and long-term
  • Getting S.M.A.R.T about goal settings and how to achieve them

Watch Video here:

About Emmanuella

Emmanuella Ekhaguere is Investment Advisor with at FBNQuest Merchant Bank, a subsidiary of FBN Holdings Plc.  She has over 15 years of Agricultural banking and financial planning experience from various Financial Service Institutions.

Emmanuella started her career at Kakawa Discount house Limited as a Client Relationship Officer.  She later moved to Oceanic Bank (now Ecobank Nigeria).

In deepening her passion and experience in Wealth and Investment Banking, Emmanuella joined Metro Capital Advisory Group in 2008. She has an MBA from Aston Business School Birmingham, United Kingdom, and is a certified financial Planner (CFP), from Florida State University (FSU)

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.

7 steps to Managing Your Finances while on campus

by Teju Adeyinka

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.

How to make your first investment with FBNQuest Asset Management

by She Leads Africa

Don’t just make money…Grow your money 😉

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.

Key steps to Maximizing Your next Cash Bonus

by Ololade Adesanya

Everyone can relate to that feeling of excitement when receiving a bonus and all of a sudden, you feel that your financial problems have come to an end. 

However, after a month or two, not many can account for how the money was spent, it seems to disappear with every other money that comes into the bank account (i.e. regular earnings). 

It’s that time of the year again when most companies will soon start announcing their financial results and employees can expect to receive communication on bonuses.  

Most bonus payments these days are performance related so if you receive one, it comes with a feeling of success and fulfillment that your hard work is finally being recognized.

Regardless of how much you are expecting to receive, it is important to carefully plan how you’ll spend it so that you can receive the most value out of it.  Proper planning will ensure that you are able to account for every penny that comes in and motivate you to work even harder towards the next bonus.

So how can you really maximize your bonus?

First and foremost, you need to reward yourself for all the hard work.  You have worked hard all year, dedicated your time and talent towards your company, and fully earned the bonus so you deserve to celebrate and treat yourself.  

Splurge on that expensive item that you’ve always wanted to buy or indulge in your guilty pleasure without feeling guilty for once.

However, keep this to 10% – 15% of your bonus earning and try not to go over the threshold in order to fully maximize the amount.

If you are a parent or working mother, you might feel the need to also spoil your family.  Why not?  They have supported you all year and been patient with you on those days when you’ve had to work late nights or work away from home so they also deserve to be rewarded.

Spend about 5% to 10% on the family and kids and buy everyone lovely gifts to appreciate them for their support towards your achievement.  

Consider allocating the remaining 80% of your bonus in the following order:

1. Pay off any debts that you owe

The cost of servicing debts is going to be higher than any income you are likely to receive on savings or investments.  

Except if your debts are non-interest bearing with no repayment commitments, it is more effective to pay off your all your debts before you think of saving or investing your bonus earnings. 

Treat your bonus differently from your regular earnings Click To Tweet

2. Put money into long-term savings or investments

Any money left after you have cleared your debts should go into your long-term savings or investments.

  • On average you should be putting 10% to 20% of your normal earnings into long-term (or retirement) savings or investments options on a monthly basis, so if you can, try to spend at least 10% to 20% of your bonus earnings in the same manner.  The money can go towards your pensions, ISAs, other long-term investments products or even your personal business venture.  
  • This money is important for securing your future in the days when you don’t have the energy to work as hard as you are working now.  Just as the saying goes to ‘make hay while the sun is shining’.  If you have not already started saving and investing towards your future, then maybe you can start with your bonus this year.
  • It’s never too late to start and $1 invested today can go a long way in the future with compound interest. 

3. Top up your short-term savings or emergency fund

If you still have money left after saving for the future, then you can use it to top up your short-term savings.  This is the money you put aside for the short term emergency spend that you don’t plan for (i.e. unforeseen events) or the rainy day.  

Naturally, you should already be putting aside at least 10% of your regular earnings towards this account to cater for the unexpected spending commitment.  The recommended practice is to have about three months of income in your emergency account as a minimum.

 Anything left can go into your miscellaneous account towards your next holiday or luxury spend savings (to fulfill your ‘wants’).

To conclude, the bonus is a special earning that you’ve worked for and it’s important to treat it differently from your regular earnings. 

A fully maximized bonus is more memorable and being able to account for every amount makes it feel even more rewarding.  A financial planner can assist you with savings and investments options that suit your goals, life commitments and risk profile (capital at risk).  Good luck with the announcements.

Hope you smile to the bank by getting a bonus payment that rewards all your hard work over the last year. 

Got a story you’d like to share with us? Share their story with us here.

Take charge of your finances with this budget template

by Ruth Mbugua

Budgeting is not difficult, but sticking to the budget is where discipline comes in Click To Tweet

Most young women in their 20s and early 30s dream about quitting their jobs and starting their dream businesses. But if you ask them how they manage their salary, you will be met with “uuumms” and “eeers”. How will you manage your business income, expenses and plans of you can’t manage your salary?

Welcome to feminancial management! As women, we need to stop being controlled by our finances and take charge of it!

Let’s get started with 5 easy tips to begin taking charge of our money.

1. Budget

How many sisters budget their finances? Let’s talk about Achieng. Achieng is 26 years old. She works in a bank and her career is just starting to take off. Achieng lives from hand to mouth waiting for her paycheck at the end of each month. She spends on hair (with the natural hair trending, products are not cheap hehe!), clothes, social hangouts and such like expenses.

Come one week before pay day, she is already broke, with just enough cash to last her till exactly payday.

Does Achieng budget her salary? No.

Does she track her expenditure? No.

Has she allocated some money for investments or savings? No.

Her reason will be she just earns enough for her upkeep. Once she’s promoted or gets a better paying job, she will start saving. Chances are she will not. Actually, no, she won’t save.

What am I saying here in short?

  1. Budget your income.
  2. Distinguish between your “wants” and “needs”. You want that designer bag, you don’t need it!
  3. Budget “Savings” as your first expense in your budget.

2. Discipline

Once you budget your finances, you need the discipline to stick to the budget.

Meet our other sister, Fatma. Fatma is a 24 year old entrepreneur. She does online jobs and her income is intermittent. Once she gets paid, what does she do? Remember that nice dress she saw in that shop? She buys it and spends and spends and spends till she is broke and waits for the next gig to come along.

The truth is, budgeting is not difficult, but sticking to the budget is where the rubber meets the road. That’s where discipline comes in.

  1. Track and monitor your expenses on a daily or weekly basis to help you stick to the budget.
  2. Separate your finances as per your budget e.g. if it’s bills, pay them immediately your salary comes in, if it’s savings, put up a standing order to a separate Savings account
  3. Remind yourself of the target, create a board even with pictures of your goal to keep you focused.

3. Goals

Have I told you about Maame? Maame is a 30 year old stay-at-home mum. She recently had her second baby and can’t wait to shed the baby weight. What’s her goal? To shed off 20 Kilograms. What is she doing about it? Nothing!

What gyms or exercising videos has she researched on to start her off? None. Doesn’t that look like most of us making New Year resolutions? It’s definitely me. We make plans in our head about our financial goals but we don’t put in the work needed to reach those goals. After a few months, we’ve forgotten all about it or have a myriad of excuses on why we couldn’t attain our goals.

What can we do about that?

  1. Write down your goals.
  2. Break it down into sub-goals with time frames.
  3. Lastly be realistic about your goals otherwise you will get discouraged along the way and quit.

Keeping up with the Kardashians is great but keep up with news and current trends too Click To Tweet

Knowledge

Meet Bola, a 32 year old doctor. She is a high-flying woman with the world at her feet earning a six figure salary and living the life. What investments has she made since she started working 8 years ago? You guessed right! None!

Why? She doesn’t know where to start in investments. Is it real estate or stocks? She has no clue which direction to take. Most young women know a lot about their field in careers but no zilch about investments. But here is a chance to start somewhere

  1. Find a field of investments that interests you, and research on it. Make Google your friend.
  2. Mentors –talk to someone older, not even necessarily in your field who can guide you and perhaps you can learn from their success and failures.
  3. Keep up to date with current trends. Keeping up with the Kardashians is great but keeping up with news and current trends and innovations will help you a huge deal.

Time

Say hello to Esihle. Esihle is a pretty 23 year old in her first job after university. Esihle now has the “financial independence” she has been waiting for and no longer has to ask her parents for money. So where does she spend her free time?

Social media, just stalking her friend’s timelines seeing what they have been up to, posting photos on Instagram with hundreds of filters and catching up with her friends over drinks after a hectic week of work or just catching up with the latest series or movies.

According to research, the average millennial spends 9 hours a day on social platforms. How many years did she spend in the university learning about let’s say Journalism? About four years. How many hours does she spend learning about something financial related? Well, not enough.

If she took four years to study in University and can afford to spend 9 hours on social platforms, how much more informed can she be if she spent one hour learning about investment opportunities like stocks for example each day?

The point is we become empowered when we are more knowledgeable. We become knowledgeable when read and learn. We can only read and learn when we create time to do it! *Drops mic!

What are you waiting for? Get empowered! Start by using this FREE budget template. Take charge and remind your finances that you own them and they don’t own you!

5 Types Of Accounts Every Woman Should Have Before 35

by She Leads Africa
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.