Monday, 24 February 2014

Matters Of The Purse.



Financial Tuesday! Yes, it is becoming my favorite part of the week. And I know it is financial Tuesday because Capital in the morning say so: p. See, that is why I like their morning shows. It is for grownups and by grownups… yes Renee Ngamau has fans (I loved her Centonomy talk during the open day)They discuss sensible matters that will actually help you in your business, career and what not and you also gain some knowledge. Not why Winnie Mandela was not mentioned in Nelson Mandela’s Will or why your man is treating you like rubbish. If he treats you bad then pack up, when was it a point of discussion?  And get relationship advice from better places anyway.


So, back to matters of the purse. As you can see I am saying purse and not walletsJ Ladies, I am about to share with you some little things I know about money and I hope they can be applicable.   

credit: www.williampaid.com


Here we go. I will start by stating a few pointers that I know and are pretty helpful in getting your sane back:

  •     Women tend to be plunged into poverty in the event of the death of their partner. Not a pretty line to read yeah? But it does speak something to you. You will need to have financial education too, and when you are married then you should take part in the budgeting of the family expenditures. Understand your finances now to help prevent money crises later. 

  • Women tend to spend more than they earn. Yeah, guilty enough? I am (first stage is always acceptanceJ, I am past the denial stage) and that is actually one of the reasons why you are always complaining you are broke. Spend less than you earn, invest more.
 
  •   Women worry for a good reason, they outlive menJ Well, this caught my eye too but I do not really know what to add to it since we cannot predict death, but it still stands, we outlive the men



I am in my early twenties right now. I really wish I had not grown up; look at what I have to deal with now, when I was ten, money was never an issue. But my daddy sired a smart girl so I am grabbing the bull by the horns.

 

Your twenties are actually the place where you have to clean up the messes of your life, not create more. It is in your twenties that you will have time with yourself and understand yourself and so, build yourself. Someone I admire said, heal in your twenties so you do not carry your childhood baggage into your thirties when you are married and have children of your own. You get my point right? So ladies, starting now is a pretty good idea. 

credit: www.sheknows.com




Moving along (you will get used to my tendencies of deviating from the topic) I will state more pointers or rather tips for you in your twenties.
  • 1.      Set goals. Some people find it hard to spend their money well when they do not have goals, impulse buying people? Set short term, long term goals.

    2.      Budget. This is related to the point above. You see, budgeting looks like some tedious exercise, why do I need to do it, my cash is in order. Have you ever had money, say 10,000 shillings and after spending it you wonder where it all went to. All you have to show for it are mitumba high heels you bought at 1000 and two coffee mugs that were 250 each, where is your 8500? Yes, a budget will tell you where.

    3.      Have a list. This is also related to point 2. If you are not smiling about the budget then this will help you. You will eventually love the budget. Have a small book where you write your daily expenditures, even that 10bob you bought whatever you bought at the roadside(Mutura fans in the house?) and after a week or two you will begin to see where your cash is actually going. It helps uncover some hidden cash flow problems that might free up even more money to put towards your other financial goals. 

    4.      Spend less than you earn. If you still get monthly pocket money from your parents. Consider that what you earn for the time being. Spending more puts you into debt. And that, ladies, is not your best friend. At Centonomy Open day (I will define Centonomy at the end of this so do not worry) it was mentioned that debt can be good, what matters is what are you doing with it. Borrowing 2000 to go out for a drink, bad debt. 2000 to buy paraphernalia (it means equipment, I love complicated new words with simple meanings:-) ) for your business, good debt. So know your debts.

    5.      Don’t let the fear of failure, of losing or even fear of the unknown stop you from having investments. Operating from fear is a very bad thing. Not only in finance but every other area.

    6.      And of course, learn from your wrong judgments with money. Everyone has those, some just more than others(I learnt from all still:) )

    7.      And lastly, because we all have hopes of having beautiful families some day, DO NOT take on your partner’s debt when you get married. Wait until both of you are out of debt before tying the knot. Thank me later.



    That is as much as I can compile today. It should set you off to a good start. You will learn more along the way. 


    As I mentioned, Centonomy is a Financial Literacy Institution that teaches individuals about management of their Personal Finances. It does not have an age group requirement to join them, you just join! But there are payments; you can visit their site at www.centonomy.com


    They held a free Open day sometime back at The Louis Leakey Auditorium and a lot was said but I will share one that was quite nice:


    There are flossets and assets. Flossets equate being broke and assets equate being wealthy. Flossets are things that do not bring in any returns, they are solely meant for show off. Assets are the things that will buy you milk and bread when you are not working.


    So, ladies as you analyze that man, look out if he only has flossets, because the world is not running out of things to buy, but he might run out of money someday. Recognize the smart man:-)

    But stay smarter yourself.

    CREDIT: www.smartwomensolutions.com


    Have a lovely week.


    Gerty

     

     



     



     
     
     
     


 

 





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