Leseli financial literacy institute wishes best of luck to all women in the planet before end of august 2023

How about giving ourselves and the loved ones a gift of life in celebration of women month in 2023?

Learning at least one financial literacy topic as a starting point towards achieving our financial independence is the best gift ever.

Let’s first start by understanding the meaning of financial independence.

Financial independence is having sufficient wealth to live for a long time without working hard to finance or get basic needs (necessities). Many financially independent people are in possession of assets generating income that is greater than their expenses. They are able to control their time in their own terms and are passionate and excited about what they do and how they are spending their time.

Understanding of financial independence differs to depending on the life stage and overall view about money. Although most of Basotho are excited and show interest in the subject matter with a believe that they can reach financial independence, some have given up hope claiming that their situation is so bad that its unlikely to improve.

There is hope in everything despite our different beliefs, becoming more knowledgeable about money management, practicing and putting what was learned into action is the first step.

Generating more income than the value of expenses and taking simple steps to save money with consistency are tools to become self-sufficient and free from anyone else’s control over your money.

Expenses can be reduced by taking a good look at where your money goes each month. Sort them into categories:

1) Fixed expenses, like rent and loan repayments;

2) Variable expenses, like groceries and personal care items; and

3) Periodic expenses, like auto registration and annual subscriptions.

Reduction of expenses is easy on variable expenses, for example cut down on eating out, or cancel a gym membership but reducing fixed expenses is more impactful.

Move to a less expensive home/apartment, or try negotiating with your landlord for lower rent.

If property is already owned refinancing it to adjust the repayment amount is the best approach. Invest in a car with low fuel consumption or use public transport as much as possible.

BE THE WOW MOM FOR REAL, SAVE MONEY FOR FUTURE, SPEND REASONABLY ON YOURSELF AND FAMILY AND REMAIN FOREVER IN CONTROL OF YOUR CASHFLOW.