Event Recap: The Art of Budgeting

Event Recap: The Art of Budgeting

April 01, 2023

Hi ,Happy New Month!In case you missed the event or could not take notes, here is a recap of our recent session on “The Art of Budgeting.”The guest speaker, Ms. Eunice Oluchukwu, AKA YourPersonalFinanceGirl, gave us an informative and engaging session. We are grateful for her time and insight into how budgeting can help us manage our finances effectively.One crucial takeaway from her presentation was that…Budgeting is different for different classes of people, so everyone needs to tailor their budget to their individual needs and financial situation.She spoke about the uniqueness of the Nigerian economy and how hard it is to follow a budget when it’s almost as if inflation destroys our currency’s purchasing power bi-weekly.Her solution to this compounding problem is to have a buffer–-Sort of like an extension of your expense account that prepares you for unexpected price rises.Ms. Oluchukwu also gave us a breakdown of how to create a budget. It includes:

  1. Determining your total income.

  2. Defining your goal (Financial stability etc.)

  3. Identifying your expenses–where’s your money going (Including seasonal expenses)

  4. Dissecting your expenses into different categories

  5. Adding a buffer for those expenses

  6. Carving out savings and investment targets

  7. Dedicating separate bank accounts for different purposes

  8. Writing all the above down (On a spreadsheet, jotter, or app)...and finally 

  9. Tracking your journey

YourPersonalFinanceGirl highlighted the importance of staying motivated–as all that preparation will be futile if you cannot follow through with the plan.To help, she recommended getting an accountability partner who can help you stay on track and use budgeting apps such as Moniefy, Wallet, Money Lover, and Paisa, which can give you notification reminders.And that was it. We hope this recap was insightful. If you haven’t joined our WhatsApp community yet, click the button below to stay updated on our upcoming events and weekly discussions.

With Love💚Bisi from Keble