6 Ways To Take Charge Of Your Finances As A Woman In Today’s World
As we progress on the mission to close the gender pay gap, being financially savvy is important for today’s women and with the right knowledge and mindset, you’re on your way to financial independence. These are some money management tips to know.
Have a Budget. This can’t be drummed out enough. A budget saves you from reckless spending and spur-of-the-moment purchases. Make a list of your weekly/monthly expenses. By having a budget, you’re able to keep track of your expenses such as transportation, groceries, rent, and other recurring expenses.
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Build an Emergency Fund. Or vex money, as some women call it. You have to build your emergency fund like you’re preparing for a zombie apocalypse – it may never happen but you do not want to be left stranded if it does. The goal is to save as much as you can, however, having your monthly salary of 3-6 months saved is a good place to start. In case of a loss of property or job, you’re financially covered till you get back on your feet.
Save. ( Anywhere and anyhow you can) Before you do anything with your income, remove a 30% portion to save. Until you have saved up a sizeable amount, you’ll have to say no to some little pleasures. To open a savings account, click here
Learn the art of negotiation. Until we have a fair world, there will be situations where you’ll be offered less than you deserve. Whether it is a business deal or a salary, negotiating your way through life rather than accepting what is offered is an empowering step toward financial independence. Know your worth and negotiate accordingly
Join a community. Learning from others to make informed decisions will expedite your financial growth. Communities like FCMB SheVentures help women make better decisions through mentorship and access to loans to scale their businesses
Invest. Investment isn’t complex as most people think. Let your money work for you when you invest with the FCMB GRO suite of products (USD &Naira) and earn up to 6% and 12% respectively on your investment. Not sure where to begin your investment journey? Click here
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