Showing posts with label money. Show all posts
Showing posts with label money. Show all posts
February 20, 2019
8 Ways to Reduce Costs and Expenses to Stay Within Budget
MONEY MONEY MONEY!!! A lot of us worry about money - whether we have enough, are saving enough, are spending enough (or too much), etc. If you have noticed, there has been a huge spike in topics of Personal Finance across the internet. Topics from Budgeting to Investing to Saving to Debt Repayment, and more are getting big draws. I've shared some of my Money experiences with you myself, and someone who answered the 2019 Berry Dakara Blog Survey said they'd like to read more blog posts about money. Because I care about you guys and take your suggestions for blog posts, (like with the Things I Learned about Pregnancy), here are small ways that you can cut costs and reduce expenses to help you make and stay within your budget. Well, these are the ways I have reduced my costs personally.
December 22, 2018
BERRY VLOG: Money Mistakes and Lessons of 2018
If anyone had told me that I would be in more debt at the end of this year than last year, I would have rolled my eyes and dismissed them. After the amount of debt that was sprung on me last year, I promised myself that I would be more vigilant with my finances this year. Alas, I was more vigilant, BUT I still made some mistakes that put me thousands of dollars in more debt. Typically, I would be wailing and crying about how much money I owe (thank God for payment plans by the way), but I've finally come to the realization that I can learn from my mistakes and correct them going forward. In this video, sponsored by Clever Girl Finance, I shared what those mistakes were and the lessons I've learned regarding money in 2018.
Clever Girl Finance is currently running a sale. If you sign up for the annual membership program, you get a whopping 30% off! But hurry, because you must sign up before January 5th. Find out more about the Clever Girl Finance program here.
Please LIKE and SHARE the video, and also SUBSCRIBE to my Youtube channel!!!!!!!
Thank you. I love you almost as much as ripe plantain.
Clever Girl Finance is currently running a sale. If you sign up for the annual membership program, you get a whopping 30% off! But hurry, because you must sign up before January 5th. Find out more about the Clever Girl Finance program here.
Please LIKE and SHARE the video, and also SUBSCRIBE to my Youtube channel!!!!!!!
Thank you. I love you almost as much as ripe plantain.
November 6, 2018
Clever Girl Finance Review
I found out about Clever Girl Finance a couple of years ago - maybe three actually. I was pleasantly surprised to find a website/blog run by a Nigerian lady just like me, breaking down personal finance topics in ways that were easy, manageable and fun to read. I started sharing some of her posts in my Lovely Links, as I wanted to share the wealth (pun intended).
January 12, 2017
BERRY VLOG: 3 Things I'm Leaving in 2016
Hola!
In addition to being back to blogging, I'm back on Youtube too! In this chit-chat vlog, I shared 3 things I am leaving behind in 2016.
In addition to being back to blogging, I'm back on Youtube too! In this chit-chat vlog, I shared 3 things I am leaving behind in 2016.
February 1, 2016
My TRUTH about Money
One of the comments I get from people about my blog is that they think that I'm very real - that there are no airs when it comes to the way I talk about money. Before I go on, I have to put up this disclaimer - money, or the amount of money you have is RELATIVE. What I can look at and call expensive, is the same thing that someone else can look at and call cheap. Something I may view as reasonable, others can see and say it's extravagant. The point is this, we are all at different points in life and nobody has the exact same story as anyone else. Now that it's out of the way, let me tell you my truth about my money money money!
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May 20, 2015
My Notes from the REDEFINING FINANCE Event: Part 2
See Part 1 here.
After Arese spoke, the next part of the program was a panel discussion anchored by Wana Udobang, and featuring Uzo (Investment Banker turned Foodpreneur), Elaine (Investment Banker turned Makeup Professional) and Aurora Moneyi (Brand Manager working a 9-5). This mix of women was aimed to get perspectives of women who work for others, as well as those who transitioned from corporate work to owning their businesses. Because it was more of a discussion, I didn't really take notes, but there were key things that each woman mentioned, and that's what I'll share.
After Arese spoke, the next part of the program was a panel discussion anchored by Wana Udobang, and featuring Uzo (Investment Banker turned Foodpreneur), Elaine (Investment Banker turned Makeup Professional) and Aurora Moneyi (Brand Manager working a 9-5). This mix of women was aimed to get perspectives of women who work for others, as well as those who transitioned from corporate work to owning their businesses. Because it was more of a discussion, I didn't really take notes, but there were key things that each woman mentioned, and that's what I'll share.
April 29, 2015
My Notes from the REDEFINING FINANCE Event
Good Morning/Afternoon/Evening Distinguished Ladies and Gentlemen!
All protocols duly observed, or whatever the heck they say, I'll proceed with some of the notes I took during the Redefining Finance event, put on by Glory Edozien of The Inspire Series. This is a long post, so I've decided to make it 2 different posts (this one is still long sha).
Glory introduced the event ON TIME (2:00pm meant 1:59pm), asking why some of us were attending. I mentioned that I was looking for PRACTICAL tips towards investing. Someone else mentioned that she had just lost her job the Friday before and just needed inspiration as to what her next step should be. Another person said that she doesn't know how to save - all she knows is she has money one day, and before she knows it, all the money's gone. These and more would be discussed through the event.
ARESE UGWU
Arese is a Wealth Manager at a leading firm, and she came to talk to us about different aspects of personal finance. She said that a typical characteristic of Nigerian women is that they own ZERO ASSETS! We're working hard, earning an income, being amazing entrepreneurs, but hardly any of us is securing our financial future. Why? According to research she mentioned, a woman's assets are either tied to her father or her husband. Additionally, it's as a result of a woman's "Money Mentality."
MONEY MENTALITY
The typical single woman isn't saving her money for the future. She's spending her money on different things - travel, clothing, shoes, food, rent, etc. The typical married woman is spending her money on her children and on the household. While some of it is necessary, it's also imperative to "Save not just for a rainy day, but for a flood!" We hear stories of people who lost their jobs, lost their husbands (divorce or death), and feel pity for them, forgetting that you just never know what could happen to you. Arese said that you should have an Emergency Fund, which is equal to at least 6 to 9 months of your income. This is supposed to be a buffer for you, just in case something happens.
Another thing she mentioned was how people feel like they don't have money to save now, so they will save later. Like she says,
No matter how little you're making or have, however you treat that money is how you'll treat money when you have more.
The way to have and keep money is by Spending Less than you Earn. It should be a no-brainer, but people these days want to live a Champagne-Business Class-Louboutin lifestyle, when they're making nowhere near that amount. Why have expensive shoes, purses, weaves, when you're not sure if you can pay your rent?
A tip Arese gave was to have only one account that you have access to. For instance, you might have 3 or 4 different bank accounts, but you should have an ATM card for just one. That way, you have limited access to all your money and can spend from only one account. (This is actually also a good security tip)
FINANCIAL SUCCESS
Arese also asked what we define as Financial Success. Can you tell whether someone is financially successful just by looking at them? No. Just because they're carrying the latest designer bags, or driving expensive cars, and living in fancy houses, doesn't necessarily mean they're financially successful. What is your NET WORTH? Financial success is not how much you earn. It is your Assets minus your Liabilities (Debts).
LONG-TERM FINANCIAL GOALS
Another question posed was "What are your Long-Term Financial Goals?" Is it to own a house or houses that bring in rent? Is it to have enough money to live comfortably after retirement? Is it to be able to afford great education for your children? Is it to have a particular balance in your long-term investments? What are you doing NOW to realize those FUTURE goals?
A point that was made was that it's easy to look at some people (e.g. Kim Kardashian) and envy their lifestyle - people spending thousands of dollars (or hundreds of thousands of naira) on one thing or another. But it's also easy to forget that some of them have a HUGE Net Worth. Kim K is worth $65 million. Why won't she have the most expensive bags?! She can afford them million times over! A goal to aspire to is one where your "PASSIVE INCOME (e.g. dividends, rent collected on houses you own, interest paid, side hustle) DICTATES YOUR LIFESTYLE, and your ACTIVE INCOME (salary) is BEING INVESTED."
SPENDING PLAN/BUDGET
There are different variations on this aspect, but Arese subscribes to the following ratios for your active income. (Read this on her blog for more information)
70% - Living Expenses (Rent, Day-to-day living, food, shopping, household stuff, charity, TITHES, etc)
20% - Long-term financial goals (e.g. Fixed Deposit account, Stocks investment, Treasury bills, Land, Savings that you CANNOT touch for a long period of time, etc)
10% - Short-term financial goals (New Car, Travel, Additional Degree, Savings Account you have some access to, etc - Basically Liquid Savings)
INVESTING
Since you already know from the above point that you should be investing 20% of your income, one of the first things to do is look our for investment houses and dealers (Business Day posts the Top 10 brokers every week, so chances are they're a good place to start). For me though, one of the things I should have asked, but didn't was the minimum required to start typically. I once asked a friend of mine who runs an exchange outfit, and dude was talking about $25,000 or something ridiculous. It would be good to know how little a regular person can start off with.
Another thing to note is that what works for one person may not necessarily work for you. Warren Buffett, one of the world's richest men, invests only in companies whose products or services he would pay for.
5 things to consider before you start investing:
Something to remember about investing - this is not money that you have easy access to. One of the ladies who attended says she literally pays herself a salary FROM her income. Her agreement with the firm that manages the money was that she cannot touch it for 5 years!!! Think about what putting away 10% of your salary every month for 5 years will garner - and don't forget it will have accrued interest too!!!
HOW TO MAKE MONEY IF YOU DON'T HAVE A JOB
For those women who aren't employed, Arese says to find money in your PURPOSE. The way to make money from Purpose is combination of things.
All protocols duly observed, or whatever the heck they say, I'll proceed with some of the notes I took during the Redefining Finance event, put on by Glory Edozien of The Inspire Series. This is a long post, so I've decided to make it 2 different posts (this one is still long sha).
Glory introduced the event ON TIME (2:00pm meant 1:59pm), asking why some of us were attending. I mentioned that I was looking for PRACTICAL tips towards investing. Someone else mentioned that she had just lost her job the Friday before and just needed inspiration as to what her next step should be. Another person said that she doesn't know how to save - all she knows is she has money one day, and before she knows it, all the money's gone. These and more would be discussed through the event.
ARESE UGWU
Arese is a Wealth Manager at a leading firm, and she came to talk to us about different aspects of personal finance. She said that a typical characteristic of Nigerian women is that they own ZERO ASSETS! We're working hard, earning an income, being amazing entrepreneurs, but hardly any of us is securing our financial future. Why? According to research she mentioned, a woman's assets are either tied to her father or her husband. Additionally, it's as a result of a woman's "Money Mentality."
MONEY MENTALITY
The typical single woman isn't saving her money for the future. She's spending her money on different things - travel, clothing, shoes, food, rent, etc. The typical married woman is spending her money on her children and on the household. While some of it is necessary, it's also imperative to "Save not just for a rainy day, but for a flood!" We hear stories of people who lost their jobs, lost their husbands (divorce or death), and feel pity for them, forgetting that you just never know what could happen to you. Arese said that you should have an Emergency Fund, which is equal to at least 6 to 9 months of your income. This is supposed to be a buffer for you, just in case something happens.
Another thing she mentioned was how people feel like they don't have money to save now, so they will save later. Like she says,
 |
| Source |
The way to have and keep money is by Spending Less than you Earn. It should be a no-brainer, but people these days want to live a Champagne-Business Class-Louboutin lifestyle, when they're making nowhere near that amount. Why have expensive shoes, purses, weaves, when you're not sure if you can pay your rent?
A tip Arese gave was to have only one account that you have access to. For instance, you might have 3 or 4 different bank accounts, but you should have an ATM card for just one. That way, you have limited access to all your money and can spend from only one account. (This is actually also a good security tip)
FINANCIAL SUCCESS
Arese also asked what we define as Financial Success. Can you tell whether someone is financially successful just by looking at them? No. Just because they're carrying the latest designer bags, or driving expensive cars, and living in fancy houses, doesn't necessarily mean they're financially successful. What is your NET WORTH? Financial success is not how much you earn. It is your Assets minus your Liabilities (Debts).
LONG-TERM FINANCIAL GOALS
Another question posed was "What are your Long-Term Financial Goals?" Is it to own a house or houses that bring in rent? Is it to have enough money to live comfortably after retirement? Is it to be able to afford great education for your children? Is it to have a particular balance in your long-term investments? What are you doing NOW to realize those FUTURE goals?
A point that was made was that it's easy to look at some people (e.g. Kim Kardashian) and envy their lifestyle - people spending thousands of dollars (or hundreds of thousands of naira) on one thing or another. But it's also easy to forget that some of them have a HUGE Net Worth. Kim K is worth $65 million. Why won't she have the most expensive bags?! She can afford them million times over! A goal to aspire to is one where your "PASSIVE INCOME (e.g. dividends, rent collected on houses you own, interest paid, side hustle) DICTATES YOUR LIFESTYLE, and your ACTIVE INCOME (salary) is BEING INVESTED."
SPENDING PLAN/BUDGET
There are different variations on this aspect, but Arese subscribes to the following ratios for your active income. (Read this on her blog for more information)
70% - Living Expenses (Rent, Day-to-day living, food, shopping, household stuff, charity, TITHES, etc)
20% - Long-term financial goals (e.g. Fixed Deposit account, Stocks investment, Treasury bills, Land, Savings that you CANNOT touch for a long period of time, etc)
10% - Short-term financial goals (New Car, Travel, Additional Degree, Savings Account you have some access to, etc - Basically Liquid Savings)
 |
| Source |
INVESTING
Since you already know from the above point that you should be investing 20% of your income, one of the first things to do is look our for investment houses and dealers (Business Day posts the Top 10 brokers every week, so chances are they're a good place to start). For me though, one of the things I should have asked, but didn't was the minimum required to start typically. I once asked a friend of mine who runs an exchange outfit, and dude was talking about $25,000 or something ridiculous. It would be good to know how little a regular person can start off with.
Another thing to note is that what works for one person may not necessarily work for you. Warren Buffett, one of the world's richest men, invests only in companies whose products or services he would pay for.
5 things to consider before you start investing:
- Why are you investing? Is it because you think your money will balloon in 3 months? Nah bruh! This should be money that you will close your eyes to for the long run. Arese said 3 years minimum. The people who make the most money from investing are those who are in it for the long haul.
- You need money to invest. Obviously. So instead of spending money on that bag or shoes, keep it aside for now for investing purposes.
- Set your benchmarks. For instance, buy land... build house... buy more land... reach a particular milestone with your investment account, etc.
- Talk to a professional. Like mentioned above, Business Day lists the Top 10 brokers in Nigeria every week. Also look for companies that are registered with the Nigerian Stock Exchange as those companies are regulated and audited. (Erm, I've been looking for the NSE website, and I can't find a link. Does anyone have it?)
- Do your own research. Know which companies your stock portfolio carries - what's going on in those industries, or particular companies? Are they profitable? What's the risk involved, and the rate of return?
Something to remember about investing - this is not money that you have easy access to. One of the ladies who attended says she literally pays herself a salary FROM her income. Her agreement with the firm that manages the money was that she cannot touch it for 5 years!!! Think about what putting away 10% of your salary every month for 5 years will garner - and don't forget it will have accrued interest too!!!
HOW TO MAKE MONEY IF YOU DON'T HAVE A JOB
For those women who aren't employed, Arese says to find money in your PURPOSE. The way to make money from Purpose is combination of things.
- PASSION - What are you passionate about? What can keep you up for hours and hours on end? What will you gladly lose sleep for? Cakes sacrifices sleep for his business because he is deeply passionate about baking and cake decorating.
- SKILL - You need to have the skills to excel in what you're passionate about. If it means investing a large sum of money to improve your skills, do it! Elaine of ShoMya paid over $2500 for a makeup artistry class. See where she is now.
- WORK ETHIC - You have to put in the work. Intern at places if you have to. Shadow someone in your field of choice. Read! Study! PRACTICE! Do everything you need to do to succeed.
- WHAT PEOPLE WILL PAY FOR - Whatever your passion is, it won't make any money if there aren't people willing to pay for it. I enjoy watching TV, but as of right now, I haven't found anybody that will pay me to watch it, so there's no way I can make any money from it. This reminds me of a friend whose uncle gave him a piece of advice: "Identify a need around you, focus on solving/supplying that need, people will pay."
Alrighty, I'm finally done. That was a lot to take in, wasn't it? I'll put up the next post another day, maybe Friday.
For more financial wisdom from Arese, visit her website here, and you can watch some of her videos here.
Last year, she had a series on Nigerian Women and Money. Read The Stay At Home Mum, The Single Girl, and The Working Mother.
April 27, 2015
Berry Inspired Weekend
Hiyaaaaaaaaaaaaaaaaaaaa!
How was your weekend?! I hope it was foine and dandy. Mine wasn't half-bad. Not as much activity as I'm used to, but I liked the easygoing pace. I had 2 conflicting things to do on Sunday - a makeup class (similar to the one being run by Chloe's Makeover) and a women's meetup to talk about personal finance. I couldn't decide which to go for, but ultimately went for the finance event = Money over Makeup! I'm still going to do the makeup thing at a later date though.
But before that, on Saturday, I lazed about at home. Cakes went on his deliveries and I gave my hair a little TLC, and decided to cook. The way I approach cooking usually is by deciding on a key ingredient I want to use, and then building the dish around it. I knew I wanted coconut milk, and decided to make a Sole and Vegetable Coconut Curry over a bed of Whole Wheat Spaghetti and Plantain - hehe, check me out, I'm fancy!
How was your weekend?! I hope it was foine and dandy. Mine wasn't half-bad. Not as much activity as I'm used to, but I liked the easygoing pace. I had 2 conflicting things to do on Sunday - a makeup class (similar to the one being run by Chloe's Makeover) and a women's meetup to talk about personal finance. I couldn't decide which to go for, but ultimately went for the finance event = Money over Makeup! I'm still going to do the makeup thing at a later date though.
But before that, on Saturday, I lazed about at home. Cakes went on his deliveries and I gave my hair a little TLC, and decided to cook. The way I approach cooking usually is by deciding on a key ingredient I want to use, and then building the dish around it. I knew I wanted coconut milk, and decided to make a Sole and Vegetable Coconut Curry over a bed of Whole Wheat Spaghetti and Plantain - hehe, check me out, I'm fancy!
December 13, 2014
How to NOT Spend all your Money this Christmas
Hey everyone,
Christmas is almost here, and if you have eyes and/or ears, you've noticed all the retailers, businesses, and promoters around trying to lure and seduce you into buying one or twenty things. SALES SALES SALES, they call out. DISCOUNTS, they cry out. YOU DON'T WANT TO MISS THIS ONCE-IN-A-LIFETIME-EVENT, they scream. If you're anything like me, you're very highly tempted and have drummed up a long list of things you want to scoop up. But guess what happens if you buy everything you want [without having a busload of money to back it up] - you get broke! So I thought I should come to your rescue and help you save some money this holiday season.
Christmas is almost here, and if you have eyes and/or ears, you've noticed all the retailers, businesses, and promoters around trying to lure and seduce you into buying one or twenty things. SALES SALES SALES, they call out. DISCOUNTS, they cry out. YOU DON'T WANT TO MISS THIS ONCE-IN-A-LIFETIME-EVENT, they scream. If you're anything like me, you're very highly tempted and have drummed up a long list of things you want to scoop up. But guess what happens if you buy everything you want [without having a busload of money to back it up] - you get broke! So I thought I should come to your rescue and help you save some money this holiday season.
November 2, 2013
REBLOG: Naija Husband's Chop My Money
Hey friends,
I've told you about Naija Husband and Naija Wife? They have a GREAT blog with hilarious stories of marriage and courtship. They recently wrote about FINANCES (in 3 parts) and it's an awesome read. The advice is good for singles and marrieds alike...
1. http://www.naijahusband.com/2013/10/21/chop-my-money/
2. http://www.naijahusband.com/2013/10/28/chop-my-money-cost-of-love/
3. http://www.naijahusband.com/2013/11/01/chop-my-money-for-richer-for-poorer/
Here's an excerpt from the very first post...
LOL...
Follow @BerryChocoLatte
I've told you about Naija Husband and Naija Wife? They have a GREAT blog with hilarious stories of marriage and courtship. They recently wrote about FINANCES (in 3 parts) and it's an awesome read. The advice is good for singles and marrieds alike...
1. http://www.naijahusband.com/2013/10/21/chop-my-money/
2. http://www.naijahusband.com/2013/10/28/chop-my-money-cost-of-love/
3. http://www.naijahusband.com/2013/11/01/chop-my-money-for-richer-for-poorer/
Here's an excerpt from the very first post...
“…NaijaHusband, I have to know all your bank account details in case anything ever happens to you
and your in-laws try to push me out of our home but fail to succeed because I had the correct
information about your finances and was able to reach the bank first and put a stop to their
misdeeds and they won’t be able to kick any of our children out of the home and force them to
become housegirls in the city where they will be molested by old men nor make me shave my
head and live in a hut and have to turn to my local “fellow widows” NGO for help where they’ll
give me a micro credit loan to sell bread and oranges on the street but then someone
will steal my oranges and I’ll be forced to sell my body anyway….”
LOL...
Follow @BerryChocoLatte
January 12, 2013
RANT of the day!!!!!!!!!!!!!!!
OMG! I want to screeeeeeeeeeeeeeeeeeeeeeeam! I am SO ANNOYED! Somebody give me a pillow to scream into a la Lilo and Stitch!
The source of my annoyance? Bad customer service - unintended, nevertheless, BAD customer service!!!
So I went to get my car fixed today, cos a tire had been making a yucky sound for a while. My friend (K) referred me to his mechanic, and we went to drop it off in the morning. After the consultation, the price I was told was N12,000. Hmm, ok, fair enough. I go off with K, having a fairly jolly day. And then we're called back to the auto shop 7 hours later... after which, my mood shifted DRAMATICALLY! *I'm going to have to ask for forgiveness once I calm down*
The source of my annoyance? Bad customer service - unintended, nevertheless, BAD customer service!!!
So I went to get my car fixed today, cos a tire had been making a yucky sound for a while. My friend (K) referred me to his mechanic, and we went to drop it off in the morning. After the consultation, the price I was told was N12,000. Hmm, ok, fair enough. I go off with K, having a fairly jolly day. And then we're called back to the auto shop 7 hours later... after which, my mood shifted DRAMATICALLY! *I'm going to have to ask for forgiveness once I calm down*
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