Here are 5 things the smart money woman series has taught on making bank!
Note: This post was adapted from our original post: 5 finance tips you can learn on The smart money woman series
Consequent on the release of Arese Ugwuâs book titled âThe Smart Money Womanâ which tells the story of an African girl- Zuriâs story to financial freedom, the critical success of the book necessitated the release of a series fashioned after the plot of the book.
Below are the tips on making bank effectively delivered to you by the smart money woman series
1 Tracking your expenses.
If you wanna make bank, you gotta track your expenses! In the movie, Zuri (character played by Osas Ighodaro) starts a money cleanse and decides to track all her expenses. This was how she found out that she was spending so much on Aso-Ebi, outings and shopping.
This teaches us to write down everything we spent money on in the last month. Therefore, we should separate our finding into wants and needs. We should then limits our wants and prioritize our needs.
Learn to spend with intention by allocating your resources to reflect the lifestyle you want and are able to afford.
2 Spending Triggers
You can’t make bank if you fail to realize what triggers you to not only spend money, but spend it excessively.
In the smart money woman series, Tsola finally asks Zuri on a date, her friends insist she must shop for a dress. They also book a hair and make-up session, causing Zuri to go against her money cleanse rules.
Based on this, we are implored to think back on every time we have ever spent or engaged in behaviors that are against the money goals we have set.
Make a list of things that trigger you to overspend and make a list of ways to avoid these triggers.
3 Building an Emergency Fund
In the smart money woman series, Tami (Character played by Ini-dima Okojie) faces a business crises that causes her to lose her money.
A Smart woman does not wait for financial surprises; she systematically saves towards her emergency fund because she knows that this is the foundation of her financial journey.
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An Emergency Fund is not there to make you money, but to act as a financial cushion that protects your long term investments from short term unexpected expenses
4 Investing Money
How do you expect to make bank without investing money?
In the smart money woman series, Tsola advises Zuri to start investing money and he introduces her to a friend- Omosede, who guides Zuri on her investment journey.
This asks us the question:
âDo we really want to start investing?â.
Well then,
1) We should establish our investment goals
2) We should develop an investment strategy
3) Consequently, we should determine our risk profile
The Cardinal rule for making investments is that you should not invest in things you donât understand.
5 Relationship and Money
Sometimes, it is hard to make bank when there we are involved in certain relationships that are just so financially impeding!
Adesuwa is a working mom and also the bread-winner of her home. She shares a joint account with her husband- Soji- who doesnât have a job, has debts and really bad spending habits.
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This teaches us that when couples are coming together, a discussion about the expectations of each personâs responsibility is critical!
We all come from different backgrounds and carry our own money biases and we often assume a synergy with our significant other that may not succeed when it comes to making financial decisions.
See? there is a whole lot to learn from this series and you certainly cannot miss out on it if you haven’t seen it!
Watch the trailer below:
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