Nigeria – How To Manage Your Finances

Christine Ishanpepe, also known as the Money Mechanic, is a lawyer based in Jos, Nigeria. Apart from her legal profession, she actively engages in giving lectures on investment strategies and financial literacy. Her journey as a financial coach began when she encountered challenges with her own finances, driving her desire to educate others on financial literacy.

Ishanpepe emphasizes that money affects every aspect of our lives and can become addictive. She notes that women often struggle with managing money due to a lack of financial knowledge. To address this, she offers four tips for women entrepreneurs to better manage their finances:

Separate Business and Personal Finances: Ishanpepe highlights the importance of distinguishing between personal and business finances, as many entrepreneurs struggle with this differentiation.

Maintain Separate Bank Accounts: She advises having distinct bank accounts for personal and business finances to avoid confusion and maintain clarity.

Keep Detailed Records: Ishanpepe stresses the importance of maintaining thorough records of business transactions to track profits and losses effectively. She recommends using a record book for this purpose.

Invest in Financial Literacy: Ishanpepe advocates for acquiring knowledge in financial literacy to make informed financial decisions and effectively manage finances.

Regarding auditing, Ishanpepe acknowledges that hiring auditors can be costly for entrepreneurs starting their businesses. Instead, she suggests having auditors visit quarterly or every six months to audit and balance books. She emphasizes the importance of proper bookkeeping, as it facilitates easier auditing and positions the business well for loans or investment opportunities.

For female entrepreneurs, Ishanpepe underscores the importance of clearly recording income and expenditures. She notes that income isn’t solely derived from sales but can include personal investments or capital injections. She advises entrepreneurs to perform bookkeeping at least once a week, emphasizing the significance of tracking expenditures alongside income.

Lastly, Ishanpepe encourages women to leverage their skills, knowledge, and abilities to identify and seize opportunities for additional income streams. She emphasizes the importance of being proactive in leveraging one’s strengths and overcoming challenges to maximize earning potential.

Christine, recently wrote a book called my money body

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