Understand your money personality, says Financial literacy firm

Judith Phiri, Sunday News Reporter

WOMEN have been urged to take ownership of their finances so that they ensure they have enough savings, financial investments, security and growth.

Launching a financial consultancy, The Financial Grind (TFG), the founder, Ms Sharon Lindelwa said it was important for people to understand their money personality.

“Money personalities affect the way we behave when making financial decisions and how we go about spending, saving and investing. It really helps to know our own money traits as most behaviour changes begin with having self-awareness. As the TFG we mainly deal with financial literacy and financial management, hence since February is the month of love, we then decided to celebrate love in our own type of way and this birthed the idea of having the love and money lunch whereby we are tackling different financial topics in our different love relationships,” said Ms Lindelwa.

She said understanding the money personality that one is in, assists people to be able to guard themselves against certain triggers that they may have which can hinder them from financial progress, stability and growth. Ms Lindelwa said it was important to teach people how to monetise from little things that they have, encourage them to stick within their budgets, spend wisely and account for every cent, while being conscious that whatever they spend on is worth it.

Entrepreneur and businesswoman, Dr Nothando Moyo said there were many dimensions to financial health.

“These include the amount of savings you have, how much you are putting away for retirement, and how much of your income you are spending on fixed or non-discretionary expenses. The stress of poor financial health can wind up affecting your physical and mental health,” said Dr Moyo.

Narrating how she started her first business at the age of 19, she said when a person sets their mind on something, they should go for it, have a huge leap of faith and stop pleasing other people at the expense of their dreams. Sharing the same sentiments, brand influencer, socialite and actress, Ms Lorraine Guyo said people should not allow social media pressure to allow them to make hasty decisions.

“As a person who is well-known people expect you to have high standards and to be well up there, but that’s not always the case, being famous does not mean you have money. Do not let social media pressure you because most of the things that you see can be fake, flashy cars, houses and designer clothes that you see can be rented, hence giving you unnecessary pressure,” said Ms Guyo.

Divine Pro founder, Providence Moyo said when in business, it is not advisable to rely on one product and when diversifying there was a greater chance of growth and more opportunities.

“God is the centre of everything, be prayerful and never be afraid of following your dream. Always be open to learning and I can testify that I do not stop learning and have attained different certifications, which is an advantage both personally and at a business level.”