
This post is a transcript of a TweetChat we had with Yinka Ogunnubi on personal finance. It was part of #5DaysOfPersonalFinance series. The Twitter thread is here. In the process, we gave out 50 copies of the book to better help our community of users in understanding money management. It is an investment we believe is worth making.
The interaction starts here:
Do you have personal finance questions you need practical answers to? Join CowryWise Personal Finance TweetChat with Yinka Ogunnubi and stand a chance to be gifted with an autographed copy of his book “Honey, Is It In The Budget?”
Here are our top 13 personal finance nuggets from “Honey, Is It In The Budget?” by Yinka Ogunnubi.
Nugget 1: “Poor money management skills continue to be the key driver of people’s (employee) financial stress”.
Nugget 2: “Don’t blame anyone for your financial situation, take responsibility and move on. You’re the sole owner of your future, don’t allow anyone — not even peer or social pressure — to make you bankrupt. Your future begins now”.
Nugget 3: “Many people fail because they only focus on making more money and not managing current income”.
Nugget 4: “You need to cultivate the habit of saving for the future, then you learn to make more use of bigger income in the future”
Nugget 5: “You will only qualify to access a higher level of income when you have skillfully managed and multiplied what is currently at your disposal”.
Nugget 6: “Being financially savvy doesn’t mean you have the best recipe for your personal finance. Always be ready to ask for help!”.
Nugget 7: “You cannot compare corporate finances to personal finances. Find appropriate tools to manage it”.
Nugget 8: “The task of managing personal finances may be rigorous but is necessary”.
Nugget 9: “Your finances are very important to you, take charge!”
Nugget 10: “Savings is the backbone of achieving financial goals or attaining financial freedom”.

Nugget 11: “Your decision to start putting something aside is directly linked to your ability to turn your situation around”.
Nugget 12: “You are never too young or old to save, if you are alive…, then you are old enough to save”.
Nugget 13: “The key to savings is making up your mind to start now and by doing that you open the door for possibilities you never knew existed”.
Nugget 14: There are several advantages to saving, “it helps you become a more focused person because you know you are getting something done”.
Questions and Answers Session
Question 1 – When is the best time to start saving and how much of my income is appropriate to save?
Yinka Ogunnubi: The best time to start saving was yesterday. The next best time? Today. Like everything else in life, it starts with a decision and you can work your way back from there. I started saving when I was 8 and I have taught my kids to save from 8 years as well. How much of your income should you save? That depends on you. Savings should never be for the sake of savings. It should always be targeted at a project. Be it a house, car, vacation etc. The amount and the duration help determine the amount you save.
Question 2 – I don’t earn a monthly salary, how should I approach saving?
@yinkanubi: If you don’t earn a monthly income, then you are either a business owner or in seasonal employment. If you are a business owner, first pay yourself a salary and save from that salary. Also, ensure your business retains income. This strengthens your B.S.
Question 3 – When is it ok to finance a purchase through debt?
@yinkanubi: When you are making an asset or investment-linked expenses. It is stupid to borrow to consume. If you must borrow, borrow to purchase something that can appreciate in value.
Question 4 – How should I treat my 13th-month salary? ?
@yinkanubi: Your 13th-month income is a bonus. It is an Outlier. You have to think of it as extra income that can be put away for other important things like investment in an income-yielding asset.
Question 5 – Should my partner (BF or GF) know about my take-home pay? ?
@yinkanubi: Is this a trick question? ? The answer is YES! And you MUST know BEFORE you say I DO! It is not about judging them, it is about transparency and FULL DISCLOSURE which is a must in marriage.
Question 6– How do I approach paying down debts if my income is low?
@yinkanubi: First, before you take debt, you MUST have a payment plan based on expected cash flow. If there is an inflow problem, then you shd discuss with your creditor to pay something regularly however small. Realise that for most creditors, they would rather receive something regularly however small than receive nothing or have you default. Trust me, the last place your creditors want you to be is in the default column.
Question 7 – When considering schooling cost for my children, what are the most important finance options to look out for?
@yinkanubi: Kids are beautiful to have but they’re expensive. So the first place to start is to determine the number of children you can adequately cater for.
Current realities tell us that if you’ve one child, you’ll need to pay school fees for at least 16 years. To give them a good education at today’s cost, you’ll need to save at least N150,000 for the next 16 years. Multiply that by the number of kids you want.
Once you have an idea of the cost, you can identify various finance options.
1. You can start a savings plan
2. Buy a landed asset to be disposed of in several years after it must have appreciated
3. Explore some insurance options
4. You can try @Cowrywise ?
Question 8 – I’ve only worked for 2 years and I’m still less than 30, when is the best time to think of buying cars, investing in property, stock market and other assets?
@yinkanubi: You are at the perfect age to start investing. I’m in my 40’s & I wish I knew this in my mid 20’s. Most young people when they earn some money think first of buying a car. That’s okay if only that expense is a means of earning more money. For stocks spend time learning more about it. Try learning using Meritrade.
Question 9 – In case I suddenly lose my job or my partner/sponsor is suddenly no longer able to provide, how can I improve my situation and still live without running into debt?
@yinkanubi: There is no miracle solution. You need to create value & find a way of exchanging it for cash.
Question 10 – What are the important things to consider when writing and balancing my budgets?
@yinkanubi:
Writing your Budget:
- Draw up a list of income/expense items and put them into categories
- Prepare a budget for at least 6 months
- Consider macroeconomic factors (e.g. inflation etc)
- Decide on a cut-off date for the budget
- Don’t tinker with it after the cut-off date
- Budget for contingencies
Balancing your Budget:
- Track and Analyse (means you need to keep records of expenses/income)
- Make finance decisions
Question 11 (@MattMaxx_U) – How can you cultivate the habit of saving even when you know your monthly expenses overwhelm your income?
@yinkanubi: If your monthly expenses overwhelm income, it means you might be living above your means. It means you are borrowing from next month’s pay to make ends meet. First things first, re-appraise and identify what you can cut. Make the decision. Don’t hesitate.
Question (@a_dayomoshood) – #5DaysofPersonalFinance how easy is it for one to save for the future when before one gets funded, there’s a list of important things to do with the funds?
@yinkanubi: There will always be a list of important things to do with funds. Ever heard of the Parkinson’s Law says — that expenses always rise to meet income? Savings (with an investment mindset) can actually put you in a better position to do those important things #5DaysofPersonalFinance
Question (@i_aamademola) – What can one invest a 100k in now, it doesn’t have to be short-term?
@yinkanubi: There are a lot of things you can invest 100k in. But it depends on your risk and investment appetite. If it is low, I will recommend you stay with low-risk investments like Cowrywise that can guarantee you impressive returns.
But if your risk appetite is high, you can try your hands on risky investments like the stock market or investing at the founding level with a start-up. The higher the risk, the higher the return of income or loss.
So we wished today’s session would not end! Words are not enough to appreciate Yinka Ogunnubi for allowing us to draw from his wealth of wisdom. Gracias! We believe much has been learnt today!
#5DaysofPersonalFinance with Yinka Ogunnubi
interested
The whole thing is becoming stringent and just our failed banks are. Pls why not create a one time and easy security measures.
I have signedup but can get the otp code sent to my phone for authentication
A while back, a burglar cleared out our laptops, phones and bags while we were asleep. I lost access to my Google account forever because the phone with the authenticator app was gone and the laptop with access was gone as well. I lost all my contacts and have not found some of them back to this day. This is why the idea of an authenticator app scares me.
oh wow.
So sorry to hear that, Folajomi.
However, this is simply to ensure that your account on Cowrywise is backed with top-notch security.
We like to say that it’s like a ‘bodyguard’ so you have nothing to worry about here.
I’m trying to transfer funds from my Cowrywise to my bank account but it feels and I get message that says temporary flag has been placed on my account. What should I do to fix it, please?
I don’t understand, I can’t access my account anymore and they are busy telling me that my account has been flagged…
Unflag my account lemme take my money please nah?
I want to withdraw from my stash and I was asked to put in my 6-Digits code but when I put in the code from the Authenticator app it keeps saying Token error
Pls unflag my account
Pls help me unfreeze my account.my account was freezed for no reason
Pls help me unfreeze my account.my account was freezed for no reason
I cannot access my stash money and I just started it’s getting frustrating
Please I can not remember my security questions, how do I go about it
Please I cant remember the answers to my security questions, kindly assist.
Ive not added my BVN but I’ve logged out of my account
When I try logging in again it says account not verified
Please how do I go about it
Kindly help out urgently
Kindly Unflag my account
Anytime I put the authentication code, it says invalid
I can’t remember my secret questions pls I need help.
Please I cant remember the answers to my security questions, kindly assist.
I can’t remember my 2factor answers Nd I need access to my fund ….the money is on stash already pls provide way forward for me… nd I need ur office address too
gorettim36@gmail.com
Forgot pin help
Hello,
I cannot remember signing up for 2factor authenticator; I already answered the security questions. Please help, because I can’t remember the authenticator app or even the code. And I need my martured money urgently.