To Save Or Spend

Deciding how to save or spend is something that should be top of mind. Global money week which commenced on March 9th is an international money awareness celebration which engages children worldwide in learning how money works including saving, creating livelihood, gaining employment and entrepreneurship.  This year’s theme is “Save today, Safe Tomorrow.”

spend or saveTo be able to pass on the saving culture to children, the parents, the mums need to have the necessary skills to teach. Building a sustainable means of livelihood is hinged on setting something aside from your earnings consistently which takes a lot of discipline especially in this part of the world where your income extends beyond your immediate family. A lot of us women would agree that many a times when we look back at our financial positions today, we ponder on what we could have done differently, why we did not start early, what we were thinking of when certain purchases were made, why a month before paying school fees we become irritable, why we can’t just walk away from that stressful job etc.

Some husbands appear ‘settled’ and are able to take full financial responsibility for the entire household whilst their wives take care of the home front without any need to chip in. The reality however is that life is uncertain and unpredictable and as such women in such positions should not allow themselves get carried away with the present without putting something aside for the rainy day. We as women need to take total responsibility for our financial actions and or inactions.

We should seek knowledge about savings and the options available, maintain a budget for our homes, encourage our children to start saving early (have a piggy bank, kids savings account, buy shares etc.), start an education plan that would not allow you access to child’s funds except for his/her education, explore options available in insurance etc. We need to be open and willing to learn about these financial options and not leave it all for our husbands alone.

If you are wondering, How can I start? How much can I start with? How can I get my children on board? What savings instruments are available? What do I need to look out for in an investment option? etc., then be rest assured that at LagosMums, we are not only interested in making you the best Mum and mentor to your children but also someone who is an all-round home builder. Therefore we will be addressing these questions and provide you with the information you need to make wise financial decisions and to save today for a safe tomorrow.

spend or save 2Below are some quick tips to get you started

A. Take stock of your incomings and outgoings in the month of March

B. If you are a salary earner and hoping to collect your next pay check by month end, take time now to plan ahead. After considering A above, what portion of your pay can you set aside monthly for savings/ investment.

C. If you are a business owner and as such might not earn a regular income, can you consider paying yourself a minimum of 10% (Source: The Richest Man in Babylon) from the monies made daily, weekly, monthly or annually. The funds should not be spent but saved.

D. Rather than wait for the school fees pressure to kick in, why not consider a savings vehicle that allows you and your husband set something aside consistently over a period and offers an attractive rate of return.

Stay tuned for the following parts where we explore various financial and investment opportunities. To be continued…

Written by Tope Omojokun, Asset Manager
For more information on opening an investment account with our partner Investment Company send an email to [email protected] 
 
photo source: depositphotos, academicallyeditorial.blogspot 
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