Simply #MoneyDiaries with Aisha Pandor

Simply #MoneyDiaries with Aisha Pandor

Simply #MoneyDiaries with Aisha Pandor

1. Do you have a monthly budget? If yes, when did you start budgeting and why?

Yes. Every month, I put aside a set amount into savings, budget for monthly expenses and try and make sure there’s a little extra left over for any unexpected expenses that come up.

My budgeting habits started as a student. Back then, I was living off bursaries which arrived in lump sums. Having to make them last the whole year taught me a lot of valuable lessons about budgeting.

2. Do you have a specific method and strategy for saving e.g. using an app, and/or particular savings instruments (e.g. index funds or a broker or a website)?

Alen (my husband) and I have an Excel spreadsheet for our monthly budget. We also have a joint savings account, with online banking giving us oversight of both that account and all our other finances.

3. Does your saving strategy include a fixed amount or percentage of your earnings?

We do try to put the same amount away every month, but there are times when we have to be a little more flexible.

4. If you have a partner (e.g. husband), do you have tips for how to discuss and negotiate money that you’ve learned work well?

When it comes to money and relationships, complete honesty and openness is vital. It’s all too easy to argue about money, but you can avoid a lot of those arguments if you’re always on the same page.

As much as possible, we also try to think ahead and plan for things like holidays and big family events.

Being entrepreneurs, we also know that some months will be better than others. During the good months, we try and put away a little extra for the more challenging ones.

5. Do you have any life hacks for saving and investing that you’d like to share with other women?

The first and most important thing I’d suggest is putting away a set amount at the beginning of every month. If you wait to see how much you’ve got left at the end of the month, there’s a pretty good chance there won’t be anything.

Contrary to the opinion of some financial experts, I also think buying a house is a great savings mechanism. It forces you to put away money every month into an appreciating asset. Not only is it easier than finding the discipline to put away the money you’re saving by renting, it’s also something you can use for financing if you want to start a business.

Finally, if you are in debt, I’d suggest trying to pay off that debt and saving at the same time. That monthly credit card payment can feel like a massive grudge if it’s all you’re focused on. Working towards a savings goal (even if you put those savings straight into your credit card once you’ve reached your goal) can be much more rewarding.

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