#HERCoin: Me and my bae, bands 💰
In uni, academia became my first bae but after I left, that obviously had to shift to something else, and that something else inevitably became none other than madibas and di dolla.
Now if you’re one of those girls who’s had a nice balance of healthy relationships in life, kudos to you sis. Unfortunately some of us ain’t been blessed like that, so when I referred to money as ‘bae’ it probably brought up some negative connotations. In this article I want to not only break down what my version of having a healthy relationship with money means, but I’d like to also share with you the personal 3-step thought process I go through before I pull a few buffalos out my purse. I hope this article gives you a basic template on how to save money in your 20s, and also encourages you to be more intentional with your relationship with money.
Before you misunderstand where “money” falls in the hierarchy of my life, I’ll share that I actually see no personal value in money itself. I see value in the things that money can afford me. This is further broken down to, my desired experiences and my goals. Those are the two things that inspire me to get my coins. I believe that when you stop thinking “If only I had R100 000 I’d be happy” and shift to “If only I could afford to pay for that travel experience to Thailand” you put yourself in a better position to prioritise yourself and improve your relationship with money overall. I don’t think being driven to just “make money” is enough, but being driven by experiences and goals that money can provide, just might be.
Thats key number one. Key number 2, is that being financially aware in your 20s requires intention, thought and planning.
INTENTION to understand why you’re about to spend time specifically THINKING about what goals and experiences make your money important to you, and then making sure you’re PLANNING how you’re going to make sure your coins are going to be there to support those goals when you need them.
Lets be real sis, kunzima to adult, and with this pandemic coming out of nowhere, I’ve personally been mindful about navigating how I’m spending my money while not knowing how this virus will affect me in the long run.
The most important trait to have is discipline. I would probably be living paycheck to paycheck without discipline. It’s obviously different for everyone, but I haven’t suffered from FOMO in a while. Being able to independently manage my financial bag without the influence of who’s asking me to link up with them or whichever fashion brand is now on sale, is a trait I’m always thanking baba god for. My guap (money) does not reflect Sindi’s guap.
Finally this brings me to key number 3, the practical section. Once you have discipline, this part should be easier. This, is my personal thought process that I go through before I whip out ANY coins:
1. I make a list of all the items I want and make sure to include their total price.
I like to buy multiple things all at one time, with the understanding that I’m buying things that I’m not going to need again for at least a month or two and things that I’m sure I want. This includes indulgent items and sometimes I even buy ahead. This is important because it gives you a clear idea on how much money you can expect to lose whenever you’re ready to bid those coins goodbye. Also, you don’t want to buy things one by one everyday because, fees.
2. Check my bank account
This is the most important step, checking in with my bank. She’s strict and loves the finer things in life.
Now you should note that I think this step is easier if you have more than one bank account (current account and a savings account). This makes budgeting easier, as you put aside the money you know you NEED for bills and groceries (which also need their own budget) in your savings, while resting assured that money in your current account is yours to be wise with. It’s the figure in my current account that accepts or declines my desires or splurges for that month. Hellooo discipline.
3. Do NOT spend it all!
If your bank account agrees with you, great! However, DON’T make it rain girl. Be mindful, you don’t want to have to wait a month to splurge on yourself again. I try not to spend close to half of what’s in my current. For e.g. if I have R10 000 in my account, I’m not splurging more than R4000 in that month, MAX R5500 if I'm being cheeky.
Obviously this guideline isn’t going to work for everybody, but it’s just to give you an idea of how much intention, thought and planning goes into making extra monthly purchases for me because sis...
This has worked for me thus far and mi money don’t look too bad! 😅
I hope you and your money continue to flourish girl!
If you enjoyed this article comment and let #itsEsoteric know so I can know if you’d make use of an article on how to build a budget 😉
Esoteric babe GUGU xx