Key highlights
- Solape Akinpelu, the CEO and co-founder of HerVest, emphasized that women need to earn more, expand their income sources, budget, and save to invest to establish future financial freedom.
- The first step to building a financial foundation is making money, expanding income sources, and achieving financial wellness and independence for women cannot be overemphasized.
- After expanding income sources, the next step is budgeting within one’s means and being mindful of lifestyle creep, which can lead to excess debt. Women need to learn to expand their income, budget, save, and plan their finances for a financially free future.
Solape Akinpelu, the CEO and co-founder of HerVest, has said that to establish future financial freedom, women must earn more money, expand, budget and save to invest.
She stated this on Saturday during a webinar themed Building a strong Financial Foundation: Essential Personal Finance Guide for Women.
The webinar was sponsored by Nairametrics in partnership with PlusTV in recognition of this year’s International Women’s Day and Global Money Week.
The first step to building financial freedom
Solape noted that the first step to building a financial foundation is about earning more money and expanding your income source.
When asked what it means to build a financial foundation, she said achieving financial wellness and financial independence for women cannot be overemphasised. She said:
- “We cannot overemphasise achieving financial wellness and financially independent for women in our society. Like I always say, no matter how much you pump in and adjust monetary policies, there is no way you can lift over 200 million out of poverty without the right financial literacy.
- “The first step to the financial foundation is about making that money, earning and expanding your income sources. You can have these great dreams however, if you do not expand your sources of income, you can’t move significantly from where you are.”
The importance of budgeting
She revealed that the next step after the expansion is budgeting in a way that you live within your means. She said:
- “Secondly, budgeting in a way that you do not live out of your means. I will like to speak about something that usually gets people off the tray between earning and budgeting and its lifestyle creep.
- “It happens to most of us, especially women. You are earning and living comfortably on a salary of hypothetically one thousand naira and you landed a gig that increased your monthly income to three thousand naira and the next thing you want to buy a brand new car, you want to move out of your neighbourhood, you want to upgrade your bags.
- “Before you know it, you tilt yourself from excess into debt. So lifestyle creep is one thing we need to be essentially mindful of.”
Advice for women on achieving financial freedom
She said women need to learn to expand their income, budget and save to invest.
- She urged women to plan as no one will plan their finance for them. She said: “Always bear in mind, the day seems so slow but years fly by, and nobody will plan your finances for you.”
- She said women need to be living examples for their children by teaching them the culture of savings.
