Personal Finance

Banker advises women on savings, investment

by NAN

March 25, 2017 | 6:37 pm
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Tochi Olife, a Banker, on Saturday advised women and mothers to adopt strategies such as savings and investments, to help cushion the effect of the economic recession.

She gave this advice at a seminar organised by the Mothers’ Union/Women’s Guild, Basilica of Grace Church, Apo,(Anglican Communion), as part of activities to celebrate Mothering Sunday in Abuja.

The Mothering Sunday is celebrated annually three Sundays before Easter in the Anglican Communion, to honour and celebrate mothers.

Olife who spoke on the topic “Living Above Recession as a Working Women : The Role of Financial and Entrepreneurial development,’’ said financial planning is an on-going process to help one make sensible decisions about money that can help you achieve your goals in the future.

“From the Bible, we see there were various survival strategies during famine and our strategy could be that of saving and investment.

“Effective financial planning should be part of our stewardship as Christian women because God expects us some day to give account of our stewardship. ’’

Olife said that financial pressures was as a result of not effectively utilising incomes as career or business women.

She said that the pressure was as a result of lack of contentment and trying to “keep up with the Joneses.”

“We must not be in competition with anyone because you want to outdo another woman; you begin to eat into you budget and become extravagant.

“We must keep to the plan especially for our monthly and weekly expenses; we must stay within the budget.

`God requires us to plan our finances and live a life of contentment; we must remember that everything we have is from God; we came to this world with nothing and will leave with nothing.’’

Olife said another way of surviving during the recession was to be effective and productive in our places of work to avoid being laid off.

She added that women should try to have a monthly budget for family up-keep and special projects, urging them to stick to their budget at all times.

‘’Save more and pay yourself a salary form your salary; cut out on luxurious lifestyles, vacations, impulse buying such as `Aso Ebi’ and work diligently so that your work is sustained.

Olife said further that women should create multiple streams of income when they have enough time, adding, “you could start you own business driven by your passion and use your money to generate more money.”

She advised women to look for investment channels that would give real value for their money such as bonds and treasury bills.

Olife, however, noted that another way to invest was to invest in self through self-development.

“We need to push ourselves by acquiring more educational qualifications especially as career women while those in business can take up management courses.’’

She noted that despite the recession, many people were still making money as she urged women and mothers to be disciplined and make the right choices in order to survive during the challenging times. (NAN)
OKE/EAL

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by NAN

March 25, 2017 | 6:37 pm
12893  |   93   |   0  |   Start Conversation

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