International women’s day was a few days back. The whole world took part in celebrating the woman and all she stands for. Which is grand, since most people would forget or choose to ignore, the awesomeness that is a woman. But the woman should never forget.
One of the road less traveled by an average teenage girl, is the one that involves money.
The teenage girl is taught many things, like how to sit, how to act, how to cook, how to care for children and even how to manage her husband’s money but never how to make hers or keep it.
A woman should make her own money, however by choice rather than coercion or pressure. That’s why if you are part of the women who believe should make her own money, then read on because you should know how to keep it and keep it well.
- Have an emergency fund
An emergency fund depicts what it’s name stands for., Emergency. Experts advice, you keep 3-6 months living expense in an account that is accessible but not too accessible.
Why do you need an emergency fund?
Well, because life happens and just like life happens you need to fix it. But, rather than have to start looking for money to fix your car when it’s broken, having money aside can help put things in perspective.
How do you go about it?
Like I said, it’s a regular account but it should be a little bit inaccessible to you but accessible still.
The fbn mutual fund is a great emergency fund you can start. You get to earn little interest as you save for the rainy days
- Have a source of income, or maybe two.
Money should always be coming in to your covers, that’s a given. In bits or in chunks. But, it must be very much legal. You should seek to make money, grow a business, build a career, seek active investment. Whatever one you chose, make it steady and legal
- Don’t get scared of the numbers, learn how to budget.
One of the things that an average human doesn’t like doing, is to budget. Like why should I be told what to do with the little money that’s coming in. Well truth is, money will never be enough to go round and fulfil all our needs and wants., but what budgeting does is making sure that the money that’s never enough, goes round.
It’s like having a cake, and making sure everyone in the house receives a slice.
- Avoid or Reduce debt, to the barest minimum.
Yes. Sometimes it’s never wrong to take debt, but that’s where the emergency fund comes in, however if you for some astronomical reason, you decide to take debt, take with the lowest interest rate and as much as possible figure out a way to pay off the debt in the shortest time possible. Most rich businesses, made through by acquiring debt, but reasonable debt, so yes, even though you want to take debt make sure it’s very convenient for you.
- Save, Invest and Travel the world.
Yes, you should learn that as you go about trying to make money, you need to pay yourself first. Pay yourself in saving for an emergency fund, investing in stocks, equity or cryptocurrency and then travel often. Not once, not twice but as many times as your budget allows you.
You’d need to pamper yourself because you work so hard to make this money. So learn how to make sure this money stays and works for you.
Deborah Akataobi