So, five months in and I’m excited to say that I’m feeling really good about this savings challenge. The last two months were riddled with bad vibes, but they were not enough to deter me. I’m still saving, despite the bad luck. Maybe even more so because of it. And, I’ve been doing lots of research on how to make the money I’m saving work for me.
There’s something powerful about taking control of something that previously had power over you. Before, it feels as though I had an almost Love/Hate relationship with money. Money has always been good to have, and it’s been important for bills and responsibilities and such. But even after paying these off, I don’t think I have ever in my life felt financially secure, no matter how much money I had in my account. (Kind of like that feeling of never being completely happy with how you look, regardless of how much exercise you do or healthy food you eat.) And one of the ways this has adversely affected me is that I usually feel a sense of guilt whenever I spend money on myself for a treat. But that’s the thing. I feel as though spending money on things that are not bills or essentials, are somewhat, unnecessary treats.
But now, with all the options in the market, I feel confident about my financial future. I’m not quite there yet, (Okay I’m kinda far from where I want to be), but I’m confident that I’m on the right path. I also feel as though I can finally fully enjoy those instances when I treat myself, without feeling bad about it.
These are some of the ways I’m going to spend the money I’ve saved and anticipate on saving in the future.
Now, let me clarify. I don’t mean to spend it all on myself. This is what I mean. I am an entertainer, and I feel it’s about time I stop waiting for gigs or shows to find me. I can create them myself. Two years ago, I staged my first solo stage show, “Life in the Single Lane” and it was wildly successful. I ended up doing it six times over the course of six months and it sold out every single time. That experience showed me that I am great at creating entertaining content, and all I need to do is believe in myself enough, and invest in my creative capabilities to do even bigger and better shows. This means registering a company, investing in the basics when it comes to equipment and hiring a couple of people to help me create this empire that I envision. Right now, I’m doing everything by myself and this can be detrimental.
One of my ideas is to invest money into this asset. Whether it's land to be developed for resale or, land for farming or even buying an apartment, if the options are right and fit my budget, I’m going in.
There are a lot of financial advisors who can help to demystify the world of the finance. I believe this is one of the ways I can diversify my financial capabilities.
I’m turning 30 in about a month and a half and I have never thrown myself a birthday party or really done something special for myself on my birthday. So, I am going to throw a party. Yep. I said it. This will be my one splurge and I can’t wait to do it.
This is a great way to help protect my loved ones from any financial worries they could face if I passed on. High medical bills and funeral costs can be financially debilitating for families when a loved one is diagnosed with a terminal illness or passes on. Life Insurance is one way to alleviate this crippling cost and even an opportunity to leave my family with something substantial after I’m gone. At the moment, I have no dependents, but my close family consists of my parents and two younger brothers. Hopefully, I have many more years to live but if not, I would want to make sure my family have a soft landing.
Have you been participating in the #AfricaSaves challenge? How do you plan on spending your savings?