One of my favorite topics to discuss with my friends is money. Listen, there is nothing like a woman having her own money. It doesn’t matter if your family is wealthy, husband, mother, etc. are wealthy, a woman should always have her own money! We all know this, but I said I should reiterate for those at the back. If I try to list out reasons why we should have our money, then we’ll not leave here today.
Last year was difficult for me financially so this year, I am trying out a couple of new methods!
Invest wisely
I started investing in mutual funds in 2018. It’s a low-risk investment and so, I get low profits which I honestly didn’t mind because if I have left that money in the account, SMS and maintenance fees will finish it. Anyway, in 2020 someone convinced me to take a step higher. I invested in some mid-risk investment bond; long story short: I lost half my money. It was a lesson. It won’t stop me from investing but next time I will read the fine lines and not trust friends blindly. My point here is while we all want to invest, please choose your investment platform wisely before it ends in “Had I known”
Savings
They say nobody grows rich from saving but nobody also grew rich by not saving. Make a realistic savings and expenses budget from your income. Once you get that income, drop the savings portion into an account. I recently started using piggyvest (they give a little interest on it.) If you don’t trust that platform, you can go traditional and open a bank account but don’t collect ATM or connect it to internet banking. We must all learn how to save. In addition to this, save for the rainy day. Yes, save money for a health crisis, family troubles etc. As you take out savings, take out some for “rainy days”
Give out loans
In as much as we want to assist people, we must set a limit for it. Like I said make a realistic budget- save and then pay your bills and expense, and it is from whatever you have left you can give out a loan! This is a golden rule for me now. Unless it is a life-or-death situation or a friend who you trust. Still, do not loan out money you cannot forget. As I write this, a very close friend owes me 450k. She lost her job and is struggling; will I go and press her neck to give me my money? Be very practical with giving out loans.
Cut down purchases
Do you really need all those things you want? There’s a difference between need and want o – See fine top, fine shoe, new facial serum, something for my hair and what about seafood fried rice? Honestly, I am not saying we shouldn’t enjoy our life, no but please this should be done with discipline and moderation. You don’t have to buy everything you think you need because the money is in your account. Like, be honest do you really NEED it? Can you survive without that new shoe?
Dear ladies, this year, let’s take a more firm and smart approach to money!