Money, money everywhere and not a bit to spare! Money is indeed everywhere. As soon as you wake up, you use soap to wash your face (some of you use facial wash), toothpaste to brush your teeth and water to clean yourself. All these things cost money! Its therefore reasonable to say that from the moment you wake up, you are making big and small decisions that have a positive or negative impact on your pocket. Daily we decide how to get to work, what to eat and what to drink. Some decisions are small and easier to make, and others are more difficult to make with more of an effect on our lives.

Sadly, we are not taught how to manage money in school, so we learn from our parents, family members or friends. The fact that we are self-taught means we stumble along making some great money decisions and some massively bad money decisions. We realise that we need help, but we have no idea where to turn, or how to ask. Our biggest fear is being vulnerable round money issues- or being visibly incompetent with money while everyone ese seems to be doing so well.

Is there hope for us?

Oh, yes there is! Great money management comes with a plan, and we recommend the three A’s of money. The three A’a are Awareness, Acceptance and Action.

Awareness: You realise that you need help managing your money, and you start to seek help. You identify the best sources of help for where you are financially. Find a way to identify the gaps in your financial knowledge. Start by an analysis of your current financial state. Then consider that help could be in the form of articles, books, videos or even a finance coach. You should start to have a basic understanding of your income versus your expenditure.

Acceptance: Start to get a handle on your finances, based on your needs. Do you have a savings account for a rainy day and an emergency fund? If you have children, have you saved for their education? If you have medical condition, consider getting medical aid for ongoing treatment. Understand what your current and future finance needs are, and plan to meet those needs. Find out what your credit score is and what that means for your financial future.

Action: Have a practical plan for the future of your finances. If you’re an entrepreneur, invest in a retirement plan to fund your retirement. Invest some money in a rainy day fund. Set financial goals for yourself, for example, a plan to invest in a property or two. Plan for a business venture if that is your dream.

Becoming financially savvy takes time, planning and effort, don’t expect overnight miracles. Start small, and as your confidence grows you can grow your financial portfolio. If you make mistakes along the way, be gentle on yourself. As the wise men say, “Rome wasn’t built in a day.” Make wise decisions, don’t be pressured by the environment or by a salesperson. If you have plan of action, it keeps you focused and gives you a sense of direction.

You can do this! All the best!

Agnes Chikukwa Hove, Brief Profile

Agnes finds fulfilment in empowering the next generation of leaders and being a Financial Wellness Coach. She coaches individuals, couples and organisations on effective personal financial management, and has effectively done so for the past 8 years. Agnes is a seasoned strategist who is currently the Chief Executive Officer of Sequor Consulting a Pan-African SME Development, Consulting and Advisory organization. She is also a Director of Kijani Blue Agribusiness and Treasurer at African Women in Agriculture (AWiA) a women’s empowerment organization. She possesses a Master of Science (MSc) Degree in Strategic Management, a Business Management (BBA) Degree and a Diploma in Nursing.

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