What They Don’t Teach Girls About Money

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Growing up I don’t remember anyone telling me about money, absolutely zero. This in a country where huge numbers of educated people with university degrees and certificates are jobless, it makes you wonder. I was and still am expected to follow the very same path these individuals followed; go to primary, pass- go to high school, pass- go to university pass- get a job- get money. In between how do I get money? Better still how do I handle the money once I get it? Everywhere I look I see people struggling, working too hard for too little money. I do not want to end up like that, chasing the paper that evaporates in our hands once we get it. It is especially worse for women despite our advances, this is still a mainly patriarchal society and we are expected to eventually marry and let the man handle the finances because that’s what men do. Well I think they do it because from day one they get the lessons that everybody forgets to teach the girls. We live and we learn and it may never be too late to learn these lessons. Here are a few tips:

1. Save!!!! And not just measly amounts that are left over after you’ve indulged in shopping! Save first. Set up a savings account and have money from your salary automatically put there. Don’t touch it unless you are in dire circumstances. These do not include last minute trips or buying something you really want. Forget it exists until you lose your job or something of the sort. As your salary increases proportionally increase the percentage you are savings. It should be at least 8 months of your salary at all times.

2. Set up a spending account. Write a wish list of all the things you want to buy at the beginning of the year for big items and monthly for small items. Revise the list and cull items that can wait then research either online or through friends to find good deals. Determine a fixed amount to use each month for these items. If possible you can get a second job or use ¼ to an ⅛ of money from your freelance job to both save for the big items monthly and to spend on the smaller items. We all love to shop just do it wisely.

3. Make your money work for you. INVEST! INVEST! INVEST! Because we’ve been made to believe that anything financial is too difficult for us most of us leave it to the investment people until we get to that age when we realize it’s up to us to get knowledgeable and then we start relying on everybody and their mother’s advice. Research always gets you ahead.

4. Live below your means. Impressing people with your latest collection of shoes, expensive apartment, dresses and bags is a quick fire way to end up broke. Shop wisely by buying a star item that is surrounded by chic and cheaper items. The admiration ends fast the money you save will last longer. You don’t have to have everything at once. Live cheaply and comfortably in your first working years.

5. Find ways to increase your sources of income. Freelance and add consulting services if you’re an accountant.  Moonlight your services.

6. Save for your wedding. Most of us have elaborate plans for our weddings from when we used to be little girls. Start a high interest fixed account and save each month for your wedding whether or not you have met Mr. Right. The wedding will be so more fabulous and less stressful with the money you’ve saved.

7. Buy a house eventually. Start small though rent it out and save the money to buy a bigger place. Move into the smaller place so you don’t pay rent and rent out the bigger one for more cash. Alternatively build if you can.

8. Buy a fuel efficient car, know the stats. Understand what functions will make your car more fuel efficient. Understand what cars are best suited to your needs.

9. Increase your skills. Whether it is photography, web design, teaching languages, it helps you increase your marketability and enables you to moonlight at other jobs bringing in extra funds.

10. Donate your time, money, knowledge helping others. It is simply good for the soul helping others improve their lives.