Career & Money
Top 5 Money Management Tips According To Patsy Mugabi
We seem to be on a constant grind to stay “where the money reside” but is securing the bag all that there is to it? When you have the money, what happens then? Is it straight to bills and your wish list of new clothes and gadgets, or do you save it? Do we even know why we need to save money? Getting money is one thing, managing it is another altogether. This is why we speak with Financial Advisor and content creator Patsy Mugabi on her top tips for managing your coin. Pull out your notepads, it’s class time!
1.Invest in your ‘Money Maker’
She means your mind. “When you look around us, people are always solving problems, whether medical, financial or even beauty. Money is made from the problems you solve. Doctors solve medical problems, lawyers solve legal problems and entertainers solve boredom problems. So invest in your money maker. Listen to the podcast, watch the YouTube channel, read that book, better your skill.”
2. Separate yourself from your business
“For business owners, separate yourself from the business, even if you are a solo-preneur. The one thing I’ve learnt to do is factor in profit first. there is an amazing book called ‘Profit First‘ that helps with this, as well as a series on YouTube called ‘Business Garage’ by Worship Harvest that I tune into every Sunday.”
3. Strike your expenses
“If you keep spending money on things, you realise you will end up with a lot of things and not your money. You need to know where your money is going, right? I’d recommend the free app Spending Tracker for this.”
4. Play the long-term money game
“This basically means aside from putting money in the bank, is it gaining value? Look for more avenues for your money to grow, passively or actively, there’s so many options these days; SACCOs, trusts, money market funds to mention but a few.”
5. Understand your money mindset
“Understand your money personalities, your money triggers, your money stories. Stuff that surrounds your emotions around money because you realise that your thoughts become feelings, become actions and in tandem affect your overall money wellness.”
These are her top tips, but if you are still interested in learning more about accessible money management hacks from Patsy, we suggest following her on Instagram and all her IGTV videos, because something new is talked about every other day!
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