Fashion and Style

About a year ago, I had written a post about personal financial management , and thought that it'd be a good idea to do a follow up - let you know how well these tips have actually worked for me, and reflect on them a little bit. We'd discussed some common money mistakes that we make: Not prioritising savings Having a very vague idea of where your money goes Forgetting non-monthly expenses in monthly budgets Spending more than we need to Living paycheque to paycheque Getting into unnecessary debt And we also discussed some tips to help us avoid these mistakes: 1) Prioritise savings: I think this is one of the tips that has worked best for me, and one that I've been able to follow religiously. How did I do it? I set a savings target that is a percentage of my income, and whenever any money comes in, the first thing I do is transfer the target into savings , and treat that as an expense. The savings target will obviously depend on you - some people do 5%, some 10%, some can...

What exactly is personal financial management? A quick definition: "The efficient and effective management of money to accomplish objectives." Definitely a skill I wish I had picked up 6 years ago! A few months ago, I attended a training on the topic hosted by the Young Women Social Entrepreneurs (Nairobi) network (of which I'm now a board member). The trainer was my eldest sister, and I really wish I'd thought to ask her about this before! Since attending the training, I've become much better at saving, which is especially helpful now that I'm working as an independent consultant. Who knew it could be as easy as this? What do I want you to take away from this post? Learning how to manage your finances is an achievable goal- not in the distant future, but soon. Financial independence is not something you need to worry about. What are some of the mistakes we make when it comes to managing our money? Not prioritising savings Having a very vague idea of where you...