Each month, Joy will be giving her nuggets of wisdom on payday about finance and effectively managing your money.


Everyone wants to be rich. Everyone wants to be financially free. Whatever financial freedom looks like to you, we can all agree that financial discipline and good financial habits can assist in achieving such a goal. Here are 6.


1. Invest money and time into “life” skills. 

Being able to make a great tasting dish out of £5 worth of ingredients is a life skill that will serve you well. So learn to cook, learn to paint, learn how to change your car oil, learn how to put up a shelf, learn to repair your electronics. Take classes if needs be. Your skill sets are just as important as your saving accounts if they can save you thousands of pounds every year.


2. Save 

You may be at university working a part-time job or already established in a corporate career. No matter what your income level is, paying yourself first is just as important as paying your rent. This may be saving for retirement, saving for special occasions, saving for an emergency fund or perhaps, saving for all those funds. As we get older, unexpected events occur. The best way we can prepare our money for unpredictable times is to save. We save for future goals, we save to build wealth and we save for financial security.


3. Budget

Yes, it’s boring. yes, it may be uncool. However, a budget tells you where you want your money to go, rather than you wondering where it went. Cutting back on little expenses may not help you buy your first home, but they sure can fund your next holiday. If you haven’t reviewed your spending in the last few months, the time to do so is now.


4. Know where your money is going 

A key part of financial discipline is attention to detail. Know what your credit score is, know how many debts you have, be able to look at a bank statement and recognise every transaction. Knowing where your money is now will help you build towards where you want your money to be.


5. Create a splurge fund

We all deserve nice things when we have worked hard to afford them. However, charging £3,000 to a credit card just because you wanted that designer handbag and dealing with a 20% interest rate isn’t ideal. A splurge fund is a solution that allows you to put money aside for that extra luxurious and well deserved occasional spend. And the sweet bonus is your hard-earned cash doesn’t go to pay off any interest accumulated.


6. Your financial journey is your own

Finally, your path to financial freedom is vastly different from any other person’s. Social media can be very effective at painting a picture that many young people have “made” it with everyone financing a new luxury car or going on their 5th holiday of the year. Never forget that we portray the best parts of our life and financial discipline will help you to become rich, not simply look at it. You may not be where you want to be with regards to your financial portfolio but the actions you take now can determine what your financial future looks like.


The aim of the game is to let your money work for you and give you the things in life you enjoy.


This post was written by Joy Oyebokun. Joy is a Pharmacist and a member of the team at Refined Currency, an online platform built to educate women about money. In her spare time, she enjoys gorging on plantain, pancakes and chicken wings and researching the fastest legal route to early retirement.

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