I admire boss ladies! These are women who have their own money, are successful in their careers and businesses and can pay their bills! Truthfully because I am a ‘woman’s woman’. I don’t mind a man picking up the tab. However, I am learning that financial independence commands respect in some quarters. Neyo aptly described it in his song ‘Miss independent’.
I am still on the journey to fit the boss lady description, and here are some steps I am taking:
Set up the Spreadsheet
A spread sheet like Microsoft Excel is a tool to keep tabs on your finances. What I have done for a couple of years is to create a spread sheet I tagged salary plan. This is where I document my income and expenses. Even if you are not financially savvy, all you would simply need to do is write how much is coming in and what you are spending it on.
Group your Expenses
What I do is identify recurrent expenses like PHCN bill, waste bill, water bill and security bill. These fall under housekeeping expenses and always take top priority. Next, I identify regular expenses like food and toiletries. I decide how much it will cost me on a monthly basis based on my current house occupancy size. Then, I set aside my spiritual giving; Tithe, offering and charity.
I identify how much I am putting towards savings a.k.a pay yourself for your future. Then, I identify personal care and grooming expenses before I finally decide what I need to set aside for a capital expense like rent. I also set a certain amount aside for miscellaneous or ‘vex money’ as we say in pidgin. This allows me the flexibility to do something I didn’t necessarily plan for.
Group Saving Plan or Standing order
This is a means by which you save a part of your income with a group of other people. This is typically what is known as ‘thrift’. I have done thrifts for several years and it has helped me save for capital expenses. If you are not into the group thing, you can give your bank a standing order to automatically move some money to an account that is set aside for special projects.
A nice spreadsheet doesn’t mean anything if we don’t do our best to abide by it. So discipline from impulse buying is necessary and the ability to turn your eye away from buying something that looks nice momentarily but won’t make sense to your bank balance.
Invest in Your Dreams
The best way to ensure that you are a real boss lady is to invest in a dream that would allow you make more money in future. It could be to get another degree or certification, start a side hustle (business) or learn a new skill that would yield greater financial returns in future.
What are you doing on your way to becoming a boss lady?
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