MONEY TIPS FOR ZIMBABWEAN YOUTHS DURING THIS GLOBAL MONEY WEEK CELEBRATION

"Plan your money, plant your future"?

This year’s Global Money Week theme focuses on sustainability and raising awareness of the implications of individual financial behavior on one’s financial future, the environment, and society. The theme also encourages young people to be forward-looking and to have a broad view of the environment and society in their financial decisions.

We are going to share some tips on how you can start or continue planning for your money better;

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Tip 1: Forget FOMO

Do you ever worry about what everyone else is doing and that you might be missing out?

The Fear of Missing Out (FOMO) can lead to bad financial decisions. It may cause you to buy things you don’t need, with money that you don’t have to please people that you don’t like.

The only way to deal with FOMO is to ensure that you are comfortable in your own space and remove and avoid pressures that make you spend unnecessarily.

?Tip 2: Always do research

Making impromptu and impulsive buys and decisions is one of the reasons many youths fail to build wealth. The key to success is to learn early in your youth to come up with goals and research and to see if they align to your short, medium- and long-term vision. If your goal is to buy a car in the next two years, it is important to start researching which cars are suitable for the Zimbabwean market, what is the engine capacity, you can afford the maintenance, etc.

Tip 3: Look in the Rear-View Mirror

As a youth, you might be so focused on what’s ahead and forget that some of the best lessons come from checking the past. For example, you might want to review the previous month’s expenses and income and see what worked and what didn’t for you. Once you do so, you can take the lessons from there and apply them to your future decisions or adjust your monthly budget and targets.

Tip 4: Emergencies are for everyone

If we were to ask you and ten other youths what sort of things they classify as emergencies, there would be different responses. Running out of data can be an emergency, not having food, being ill, taking care of parents, contributing to family emergencies, etc.

As you grow, the amount of money you need for emergencies may increase due to increasing responsibilities. Set aside some funds to deal with the unforeseen and unexpected. This will also help prevent you from selling valuables like your phone and laptops to cater for emergencies.

Tip 5: Be the Boss of your life

There are several pressures like drug abuse, depression, bullying, social media, and sexual activity that are affecting the Zimbabwean youth. To be the boss of your life means saying NO and taking a stance to act out against the pressures of today. Things like drugs have an impact on your finances and future. It’s important to find ways to manage the pressures and connect with people who positively impact your life in your youth.

As one of the biggest financial services providers in Zimbabwe, we have several programs that can help you as a youth to plan your financial future better. Using the On The Money program, we have trained and reached out to more than a million Zimbabweans on financial literacy. To find out more, visit our website or follow us on our social media pages.

Tip! To highlight GMW2023 theme on social media, please use?#OnTheMoney #PlanYourMoney #PlantYourFuture ?#GMW2023

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