Happy new week loves! I hope you all had a lovely weekend like I did (minus the hangover). I started my 14-day detox yesterday, so feel free to call me out if I post a glass of wine or a cocktail on my timeline during the next 2 weeks. Instead I will replace those with copious amounts of green tea, smoothies, fruits and water. I am also trying to reduce my sugar consumption and, being the full-on sweet tooth that I am, I will certainly need all the self-control I can get to make this happen. Also, did anyone say Blogmas? I am not in a position to publish a post everyday but I will definitely be sharing 2 or 3 per week. 😉
As of 3 months ago, I had a bitter-sweet relationship with money. I had formed a habit of budgeting for every last penny of my income, leaving none of it to my savings. Well, unless I needed to buy a gadget or save for a holiday.
But then when I was updating my vision board, I realised that in order to achieve the goals I have set, I have to start managing my finances better and avoid unnecessary spending. And since the world always has a way of giving you what you need, I stumbled upon The Smart Money Woman by Arese Ugwu, which is by far one of the most relatable financial books I have ever read (not that I have read that many btw).
The main character, Zuri, found herself buried in debt because of her spending habits, despite having a great job. She had a luxury car and lived in one of the best parts of Lagos, Nigeria. She had become complacent at work and almost lost her job when people were getting sacked due to inflation. All these circumstances forced here to level up when it came to her finances. The book goes to show how she got out of debt and began investing after that. At the end of every chapter, Arese provides a Smart Money Lesson/Tip. In case you would like to read the soft copy of the book, drop me an email and I will share it as soon as I can.
The book truly challenged me to be more intentional when it comes to my money. To save more and spend less. To track my expenditure and cut off all the unnecessary expenses, one at a time. To have different saving accounts/investments for my different personal and financial goals.
Here are 5 lessons I learnt from the book:
- Wealth is about how much you keep not how much you spend.
- Track your expenses. Where is most of your money going? Is it necessary?
- Categorize your expenses into needs & wants and set spending limits for each.
- Articulate what you want from life in detail. What are your long-term & short term goals? What 10 things do you need to do to achieve them?
- Learn how to convert your network into opportunities.
I hope you enjoyed this post and learnt a thing or 2 from it. Wishing you a lovely week loves! 🙂