5 Money tips from African Finance Experts

Who doesn't want more of it? Who doesn't want to manage it better? We take a look at the some of the top tips from our African sisters rocking the Finance scene! #finance #money #africanfinancialexperts

1. Get out of Debt

"If you are already in debt, please remember it is temporary. Its not a death sentence. You can change things around. Make it simple. Print out your bank statement, get 4 different highlighters and highlight your income, your contractual debt, your frivolous/lifestyle spending and then lastly your savings, if you are saving at all.

Then you need to decide what you really need to spend. Do you need that gym membership that you are paying high premiums for, but go maybe once or twice a month? Is it worth it? No! Because you can jog, you can get on the street and run. You can exercise at home. Audit your lifestyle and be honest with yourself. Don't focus on how much you earn, instead focus on what you are spending your money on. Because what you might find is that your additional income is right there in your statement by making a few changes. Then start working on paying off the short term debt quickly" Nicolette Mashile. Founder of Financial Literacy with Nicolette Mashile.

Lesson: Keep it simple, be realistic and honest with yourself. Get to know your financial status so that you can figure out your starting point, remember Rome wasn't built in a day.

2. Budget

"Get a template, prepare a personal balance sheet and income statement which is basically a breakdown of your inflows and outflows of money. Then, prepare the same balance sheet and income statement based on how you want it to look like in the future and give it a time frame. This will highlight your financial goals and help you adjust your behaviour in line with them.

Now whether you choose to do a monthly review or a quarterly review, make sure you check your actuals versus your budgeted. I wouldn't recommend leaving it for more than 3 months, so that you get to see where you are and how close you are to your goal. Then adjust your behaviour accordingly. Samke Mhlongo, Founder of TNC Wealth Partners.

Lesson: Keep track of your money coming in and going out regularly and act accordingly. The process of reviewing your financials regularly will keep your eye on the prize and keep you motivated to achieve your goal.

3. Start Now!

"Lots of people in their 20's don’t save or invest because they are waiting to get a better job or start a business to earn more money but the truth is most millennial's spend 30-50 percent of their paycheck on entertainment while they claim they are too poor or too young to save and invest. The reality is, by the time you get to your 30's you will realise you wasted a golden opportunity… time!" - Arese Ugwu. Founder of Smart Money Woman.

Lesson: Make sure you start early so that you can take advantage of time and compound interest. Most people look back and always say " I wish I had started saving earlier", you don't want to be part of that crowd.

4. Start a Side Hustle

"Sometimes the answer is not always obvious, so look around you and see if there is something you do really well that people always compliment you on and that you know you could charge for. Or perhaps you have a hobby that you could monetize. Don't be afraid to test things out.

If you want to build a successful side hustle or full time business, you are doing to have to put in the work and it will be hard - I won't try to down play the effort. You will get tired and discouraged, you will get frustrated and stressed out. " - Bola Onada Sokunbi. Founder of Clever Girl Finance.

Lesson: As Warren Buffet said, "Don't be dependent on a single income."