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Friday letters are usually dedicated to taking questions from our community. Do you have a question for us? Please feel free to
- send an e-mail to info@themoneyafrica.com; or
- send a DM to any of our social media channels, or
- simply fill out this form. Don’t worry, your responses are kept anonymous.
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Question
Hi, MoneyAfrica. Thank you for what you’re doing to enable financial literacy in Africa and for your newsletters.
I am a legal practitioner, and I receive an average monthly income of N250,000. This includes my salary, my personal practice and monthly gifts from my dad.
I’m not an unwise spender, but I always manage to blow through more than half of that amount monthly.
Since the beginning of the year till now, I only have savings of N100,000. I try to manually track my spending, but it seems what I’m doing is not enough. I opened a domiciliary account in July, but the way the dollar is skyrocketing is not encouraging me to save in dollars as I fear the volatility and possible loss later. I’m also not confident about saving in naira.
How can I track my spending and also save from this money? I’m also interested in investing to provide for my old age. Please help!
Answer
I’d like to start by saying kudos to you for being mindful of your finances and seeking ways to improve. Let’s tackle this step-by-step.
It’s important to note that your domiciliary account lets you store, send, and receive foreign currency like a global piggy bank. Think of it as a gateway for international transactions: receive foreign income, pay for overseas expenses, and travel with foreign currency at your fingertips. It shields your savings from local currency fluctuations, making it ideal for frequent travellers, international business owners, or anyone expecting future needs in foreign currency.
Tracking your spending manually can be a bit overwhelming, especially when life gets busy. Have you considered using budgeting apps? They can automatically categorise your expenses and give you a clearer picture of where your money is going. There are many out there, like Find Reach. Just do your research and find out which one suits your lifestyle best.
Now, about your savings strategy, it’s understandable that the currency market can be nerve-wracking. If you’re hesitant about both dollars and naira, have you thought about diversifying your savings? You could split your savings between different currencies. Since you live in Nigeria, it makes more sense to have a larger percentage of your short-term savings in naira since that’s the currency used in fulfilling financial obligations. It is however, advisable to save another percentage of your income in a currency that is stronger in value than your local currency, like the dollar. This is important because it safeguards your money from the risk of inflation, among many other benefits.
As for investing for your old age, that’s a smart move! Have you considered looking into long-term investments like retirement accounts or mutual funds? They often provide more stable growth over time, helping you build a solid financial foundation for the future. It is advisable to book a session with a professional financial advisor who will give you a personalised plan to suit your particular situation. MoneyAfrica is your plug for that, and this is the best time to join us as we’re currently running Christmas sales. If you’re interested in booking a session, send an email to sales@themoneyafrica.com. You can also check out our website.
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Question
I’ve seen your Christmas promo but what do I stand to gain by joining your community?
Answer
We are excited that you’re interested and would like to know what’s in store for you when you do decide to join our community. I’d like to start by explaining what MoneyAfrica does. MoneyAfrica is on a mission to rid Africa of poverty, one mindset at a time, through financial literacy.
By joining our community, you’d have access to an exclusive group of people with the same objective of building wealth. You’d also have access to over 5 hours of recorded webinars on personal finance and investment strategies. You’d also have the dedicated support of the MoneyAfrica team. There would be weekly live webinars on various topics on personal finance and investment options and strategies. After learning from the various webinars, you’d also be given bonus trackers—a budgeting tracker and an investment tracker—to put what you’ve learnt into practice.
If this sounds like something you’re interested in, this is the best time to join us because, like you said, we’re running our Christmas sales:
- Pay 15k instead of 20k for our yearly subscription.
- If you pay in full, you can gift a loved one our plan.
- When you refer your friends, you get amazing prices from us.
- And if you subscribe to the premium plan, you stand a chance to have a joint session with your spouse.
Send a mail to sales@themoneyafrica.com to lock your offer. Did you find this newsletter useful?
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We often get questions regarding how to plan your finances to align with your relocation plans, especially for students seeking to further their studies. As always, we have heard you, and we have put together an e-book to help you navigate this. Follow this link, to get your FREE copy of the e-book: The Japa Encyclopedia.
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Don’t forget to:
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