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How financially literate ARE you?

Updated: Jun 7, 2021

Last year, I was the proudest little wife in the history of ever when my amazing husband won a scholarship to do his Masters in the United Kingdom this year.

We rode that high together through the dinners and congratulatory messages from everyone, including a lovely reception held at the British High Commission here. It was such an amazing time!


A month before he was due to leave, we started sorting ourselves out for the impending year we'd be apart.


Now, I'm a geek. But I'm not that financially literate. Aside from a few basic Business classes in high school and the number crunching for Navigation during flight training at university, I'm not exactly cut out for balancing a balance sheet. I mean, I understand the concept, but I'd never actually ACTIVELY practiced using a budget when I started working.


Also, Lel (my ABSOLUTE fave thrift shop here in town) and my own version of retail therapy here in Honiara didn't exactly have me starring as 'Best Budgeter of the Year'.


So you can imagine how we started off when we decided to 'Sort our finances' before Ernest left for London.


Getting our collective bank accounts in order (*please insert sarcastic laughter here*) before E left, was one of the most adultiest adulting I've ever done, since I turned 21.

Banking

We first had to get our standings orders in order (because, haha - they so weren't in any order at all, when we had two steady incomes). We just pulled figures outta our a-double snakes 'coz one got paid this week and the other, the next, so who cared right? Wrong.


So now we had to figure out how to last us long enough to move off two incomes to one, while he transitioned onto his scholarship.


*New* Expense - RENT

Between that - and moving house (hello newest expense, 'rent') - and keeping ahead of bills... I realised how extremely thin our knowledge of being financially literate was.


Just a word to the wise for aspiring Chevener's that aren't born with money coming outta their ears - you gotta drop between SBD 5-7k to secure your accommodation in the UK, BEFORE your scholarship money reimburses you on your cash card, that activates three days before you travel. I'm juss sayin'... If you can drop that and survive until your next fortnight unscathed, power to you, baby!


If not, another quick heads up.

Save.

Budget.

Live within your means.

Before making life altering decisions together.


My rule of thumb is to live off 60% of my salary, and put 40% away - 20% in an emergency fund we BOTH gotta sign off on; 10% to tithe; and 10% for my own rainy day.


So if, for example, I earn $1,500 a fortnight, that's:
- $900 to live off, and
- $600 to savings ($300 to the joint account; $150 to tithe; and $150 to me).

See how I actually went through this thought process here.


What are your Budgeting tips?


(all credits to the IG account that shared it - that I will find)


If COVID-19 and being apart from Ernest has taught me anything about budgeting (at least), it's that we can only keep being better.


Disclaimer: I am a freelance writer and the information and content provided on this page are my opinion alone. All content (unless quoted/sourced) is subject to copyright and may not be reproduced in any form without my express written consent.



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5 Comments


Nessah
Nessah
Jun 12, 2020

Thank you! Relocation to a whole other part of the world is soo hard. You're doing so amazing though. 😊

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Ray Win
Ray Win
Jun 11, 2020

Sooo in love with this post..transitioning job and relocate to UK had got me drained financially. By realizing how financially illiterate I was, I took a stand (not very faithful tho) on training my self on finances. A bit procrastinating lately....your piece is an encouragement :)

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Nessah
Nessah
May 28, 2020

Thanks B's! I'll definitely share more. ❤️

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I love that you contribute to tithe! I so need to get mg act together and do that! And just manage my budget overall!🥴❤

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Love this post ❤ Hit me hard too! And got me realising and thinking about my own financial woes and the dreading feeling one gets when you try to tackle your finances and actually convert to being more of a saver and less of a spender. One could almost think of living and being frugal. Because like you, I cannot get enough of Lel as well 😁 and I end up buying nick nacks that were never part of the budget and then when you start racking through all your receipts and checking your budget list....yoi find they never ever BALANCE. So this post helped alot! Please share any links, articles that you think would help us all with the…

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