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How helpful are personal loans & cash advance options?

It feels like a cold drink after a day in scorching hot sun, promising immediate relief and resolution of the situation that had you confounded. You have an emergency that requires finances. And just when you were about to go insane with worry, you discover the amazing option- personal loans & cash advance. Wow, the world is not a terrible place after all. In a matter of minutes, the paper work is done, your phone is beeping with the alert and you can finally smile at your mechanic, landlord, child’s school principal, doctor or whoever it is you need to pay to settle the emergency. Looks like a great story with a happy ending, right? Let’s find out.

How do personal loans & cash advance work?
It depends largely on the organization issuing the loan. If it is a bank, it will be required that you have an active account with them. Preferably, your salary account. That way they can ascertain your credit worthiness and process payment from source. If it is a microfinance bank, credit house or other such financial institutions, you will need to supply proof of employment and a few other documents. Although the loans often do not require collateral, interest rates will apply.

Pros of personal loans & cash advance
Speed & ease of access– these loan options are everywhere, and they are easy to access. Barring any complications with your documents, they can be processed within a few hours.

No collateral– you would most likely not be required to sign off your car, house or any assets as collateral. The loans are awarded based on employment status and ability to pay back.

Easy payment plan – the loan is often spread over a period, could be as long as 12 months, reducing the effect on your wallet.

Cons of personal loans & cash advance
Exorbitant Interest rate– The interest is often extremely high, sometimes well over 40%. This means you pay much more than you borrowed and would be tied down for a longer time. This interest sometimes accrues, meaning the longer you take to pay, the more you have to pay.

Incapacitated finances: Since you would be paying the loan over time, it means your purchasing power will reduce during that period as you would have to do without a substantial chunk of your income. Unfortunately, your needs will not understand that you are repaying a loan. The bills will come in as usual. This would imply that you might end up needing cash advance/payday loan every other month.

Limits your planning abilities; since your income is losing a substantial chunk, you would have no choice but to settle immediate needs with whatever is left. Consequently, you will be unable to save for major projects or invest for the rainy day. This could easily lead to financial stagnancy.

Puts you at greater risk – Things sometimes take turns we do not expect, having a loan around your neck could make such unexpected occurrences even more complex. God forbid a downsizing at the office affects you or your spouse falls ill and is unable to work for a while. Apart from the worry of managing slim resources to get by, you would also have to worry about the loan you are servicing. Health emergencies or accidents could also occur which could lead to more loans, bad financial decisions, and a vicious cycle of financial woes.

What’s the best option?
Loans are beneficial when the capital raised is invested for greater returns than the interest on the loan. If you truly desire financial freedom, your answer lies in proper financial planning and budgeting. These will ensure that you are not only able to live comfortably through the month but also have something stored for emergencies and other projects.

Four Quick steps to financial freedom
1. Have a budget- a budget is not negotiable, it helps you balance your needs vis a vis your income and plan your spending accordingly. We discussed budgeting in greater details here.
2. Live below your means- Don’t spend as much as you can afford or more than you can afford. As much as you can, spend a little less than you can afford to. That way, you can live comfortably without running into financial trouble.
3. Get a financial plan- What stage are you in the financial lifecycle? Do you have dependents? What is your financial growth plan. What financial choices suit your current stage? What investment opportunities should you be interested in? A sound financial plan will put all these in perspective. Talk to an advisor here.
4. Save/Invest consistently; saving is good as it ensures you have a nest you can fall back on during emergencies. Investing is however the real deal as the money doesn’t just sit cozy in an account, it gets to work and brings you more money. That way you get more in your reserve. Explore investment opportunities that require as little as 5,000 Naira here.

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Oya, let’s run!

I am in the fight of my life. No, jokes apart, this is me literally defining my future and it is funny how a run could seal my fate.

I saw Mercy for the first time on my way to work while she did her morning run. It was still a bit dark, but what I saw in her caught my breath and had me running after her in my suit and backpack.

When I finally got close enough to signal to her, she took away her earpiece and I realized she didn’t even hear me calling.

Plenty phone calls, dates and day-dreams later, I can confidently tell you that she is the one for me. My family have heard so much about her that now, I think I may put a ring on it.

But Mercy, my darling headstrong and strongly opinionated Mercy is putting me on high jump. She is very conscious about her health and even the future- hence any man that would be ‘hers’ must be at par with her on both levels.

First, she made me start upping my contributions to my Retirement Savings Account – says even if we don’t end up together, I’ll at least remember her when I’m enjoying my retirement (who wants to end up without her? *scoffs*). Now, she wants me to get on the healthy train.

Me? I don’t even have time for all these fitfam wahala or eating healthy ish – I have one life o jare and I plan to enjoy it. But the problem is, I can’t enjoy it without Mercy.

Mercy has suggested that I start small on the fitness matter. She registered both of us for the Run For The Future run/walk slated for April 14 and has now told me to start doing what she calls ‘practice runs’ just to prepare.

I know she means well for me but this one is double wahala – I’m stuck between the devil and the deep blue sea here. On one hand, I’m scared of losing her if I bolt from this run, on the other hand, I’m afraid I will not complete the race on that day and disgrace myself in front of Mercy.

Having weighed my options, I’d rather do a half-run than lose Mercy. But this half-run thing is not even a palatable option – so I guess I better hit the road for the practice run. I might just build enough endurance before the run day to avoid the shame of stopping half way.

Oya o, let’s run!

 

Wakanda person hasn’t registered to Run For The Future yet?

Register Now!

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In the news: Nigeria to issue N150bn green bonds in 2018

PUNCH Petrol demand hits 50 million litres daily, NNPC incurs N24bn monthly as subsidy The Nigerian National Petroleum Corporation on Sunday announced that it was spending N774m daily (about N23.99bn monthly) as subsidy on the 50 million litres of Premium Motor Spirit consumed across the country. Nigeria’s economy recorded N22.1tn trade in 2017 —NBS The National Bureau of Statistics on Saturday released Nigeria’s trade statistics for the 2017 fiscal period with the country recording an increase of N5.5tn in trade from N17.3tn in 2016 to N23.1tn. Oando minority shareholders accuse SEC of cover-up Minority shareholders of Oando Plc under the aegis of the Proactive Shareholders Association of Nigeria have submitted a fresh petition to the House of Representatives Committee on Capital Market and other Institutions, accusing the Securities and Exchange Commission of shielding Oando Plc from probe. Amend SEC law to ensure proper IST funding The Chairman, Investments and Securities Tribunal, Mr. Siaka Idoko-Akoh, has appealed to the National Assembly to amend the Securities and Exchange Commission Act to guarantee proper funding of the tribunal. Thailand to establish rice mills in Nigeria – Minister The Federal Government on Sunday announced that Thailand had commenced moves to establish rice mills in Nigeria. THISDAY Nestle to Pay N22.7bn Final Dividend as Profit Jumps by 325% to N34bn The Board of Directors of Nestle Nigeria Plc has recommended a final dividend of N21.798 billon or N27.50 per share for the year ended December 31, 2017. This will bring the total dividend to N33.687 billion or N42.50   per share for the year. Investors Invest N39bn in Equities on Positive Sentiments Renewed investors’ confidence in equities boosted the value of trading by 79.7 per cent to N39.087 billion last week up from N21.740 billion the previous week. VAIDS: Adeosun Asks Taxpayers to Demand Written Notices from Tax Officials The  Minister of Finance, Mrs. Kemi Adeosun, has advised taxpayers to demand for written notices when they receive phone calls from tax officials. The admonition was in response to the activities of some fake tax officials purporting to be officials of the Voluntary Assets and Income Declaration Scheme (VAIDS). GUARDIAN 15 new airlines seek operating permits as business booms About 15 new private and commercial airlines have applied for operating permits as the demand for air travel steadily rises in the country. Oando announces delay in release of full year 2017 result Oando Plc has announced that the 2017 full year result will be delayed due to request by the Financial Reporting Council of Nigeria (FRCN), to undertake a more detailed review of the company’s results. VANGUARD Nigeria to issue N150bn green bonds in 2018 Following increased calls for climate funding, Mr Ahmad Salihijo, a technical assistant to the Minister of Environment, said the ministry planned to issue N150 billion green bonds to the public. Foreign investors inject $10.6bn in I&E in 2 months Foreign investors have injected $10.6 billion into the economy  through the Investors and Exporters (I&E) window since the beginning of the year, even as they intensified demand for Nigerian Corporate Eurobonds listed on the London Stock Exchange (LSE). NAICOM directs weak insurers to seek mergers, acquisition National Insurance Commission, NAICOM, has called on weak insurance companies to seek opportunities for mergers or acquisition. BLOOMBERG Nigeria’s Sticky Inflation Threatens to Frustrate Rate-Cut Hopes Governor Godwin Emefiele said last month the Central Bank of Nigeria may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits. But with fuel costs surging and government spending swelling before next year’s election, he may struggle to reach that threshold at a time when the pace of price growth is still just over 15 percent.

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Downtown studio by Freggy

Unlike most people, I don’t have a deep story about how I have loved photography or dreamed of owning a studio from my mother’s womb. I didn’t know anything about cameras till my early 20s. I do not have an uncanny sense for nature or unusual moments. I am a regular guy who just wants to make money. Naturally, my initial approach was to go to school. I got a degree in Biochemistry just because that was the available course. I wasted a couple of months looking for a job but when I could no longer take my mother’s incessant ‘the idle hand is the devil’s workshop’ rants, I started following our neighbor uncle Greg on his photography assignments.

He seemed to be doing OK for himself, his children were in good schools and he drove a good car, even got one for his wife. From helping with carrying his bulky bags to cleaning his equipment, I graduated gradually till I began to take shots. Soon, he could send me to represent him at events and I would deliver a good job. My real love for photography began on the day one of the clients I went to shoot gave me a check to deliver to Uncle Greg. It ran into hundreds of thousands, for a job that took barely three hours, where I was even served a sumptuous meal and an opportunity to groove a little. That’s the kind of life I want, where I am making a lot of money from having a nice time.

It was not long before I started taking up jobs for myself. I soon realized that shooting pre-wedding pictures is my favourite thing. Apart from the fact that brides are usually eager to pay for anything that will make their big day look good, the drama and adventure give me a special thrill. Couples are increasingly becoming more daring, they want shoots under the sea, or on top of a tree, some even want to replicate Wakanda. Love just makes you do crazy things.  It is becoming increasingly difficult to find natural locations for all the ideas a 21^st century bride had. What I need is a studio where I can use dramatic backgrounds to simulate reality or recreate ambience via editing.

Getting a studio is capital intensive. Apart from the cost of the shop/office, there is the cost of decorating, equipment and maybe even a staff to man the place when I am unavailable. That’s why I downloaded PayDay Investor, an investment app that not only helps you put money aside consistently but actually invests the money on your behalf. Super cool right? I created my goal on the app- My studio and instructed it to invest 50k for me every week. It’s been five months now and the value of my investment is amazing. I am already searching for the perfect location for my studio. At this rate, in about four months’ time, Downtown studio by Freggy should be ready to roll.

Watch out for me guys, very soon the baddest prewedding photos that will break the net will have my signature-@FreggyShotIt

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Man’s got to be hot!

You’ve seen Baba Seyi almost every day since you moved to your new street. Each time you see him, you silently ask yourself where his children are. At over 70-years-old, Baba Seyi is living in penury.

How could a man so well-spoken and so educated live in a one-room apartment with barely enough food for a three-square meal you wonder. When John, your oversabi neighbor who is always looking for opportunities to share gossip told you Baba Seyi worked 15 years in a bank, your mouth stayed open in shock for 20 minutes.

You pity this old man but inside, you reject his fate.

You want to be like Mr. Femi Wole – that equally older dude who lives near your younger sister’s fiancé in Lekki. The old guy had retired but is balling like kilode. He even just returned from a one-month holiday in the Bahamas and is planning a welcome party. That guy is living the life.

You so badly want to live the life when you get to his age. “Haba, ‘man’s got to be hot’ even in old age na”.

But when you think of the human hair you often have to buy for bae, the car loan you need to pay back, the new suits you buy from that Instagram vendor with every new stock arrival, your constant upgrade of mobile phone to the latest edition, your weekend splurge with the boys and the subscription to the most expensive DSTV bouquet  (that you really don’t need) monthly, that little mocking voice within screams “Man’s not hot” .

When you hear that sentence, you cringe. Whether someone says it to another in passing, or you see it written somewhere or even hear it in a song – it just serves as a reminder that you have no plans for your tomorrow.

You know you need a plan, so you decide to ask Mr. Femi, the happening retiree the way to go. He tells you he not only had a Retirement Savings Account (RSA) when he was young, he also cut down on too much frivolities just, so he could make Additional Voluntary Contributions (AVC) to his retirement account. You thank him, nod your head and smile.

Finally, you have the secret to a balling life. You open and enter your gate with a swagger, laughing out loud not minding that Mallam Aliyu, your gateman was staring at you like you need a trip to ‘Yaba left’.

You turn to him, give him a wave and say under your breath “Man’s hot today but man’s tomorrow will definitely be hot”. Then just to make sure that annoying little voice heard you, you say it one more time – this time louder.

The next day, you reach out to your Pensions Fund Administrators with only one goal- to start making consistent additional contributions to your Retirement Savings Account.

Ah, tomorrow is sure looking good!

 

Let’s make your tomorrow look good. Get in touch with us via 0700 CALL ARM or email [email protected]

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In the news: NSE’s indices soar by N370 billion

PUNCH Manufacturing index hit 56.3 points in February – CBN The Central Bank of Nigeria’s manufacturing Purchasing Managers’ Index hit 56.3 index points in February, the CBN’s PMI survey report showed on Wednesday. MTN eyes $5.2bn NSE listing in July MTN Group plans to list its Nigerian unit worth $5.23bn by July in a debut Initial Public Offer on the Nigeria Stock Exchange and will raise fresh funds to reduce debt, according to pre-IPO presentation seen by Reuters. Again, CBN warns against investment in Bitcoin, others The Central Bank of Nigeria on Wednesday cautioned Nigerians to be wary of investments in cryptocurrencies, stating that virtual currencies were not legal tender in the country. SEC’s free e-dividend registration ends The free e-Dividend registration exercise for shareholders of publicly-quoted companies in Nigeria has finally ended. $2bn needed to revive Lagos-Kano rail line – Osinbajo Vice-President Yemi Osinbajo on Wednesday said Nigeria would need $2bn (N610bn) to revive the Lagos-Kano rail line as part of efforts to boost local and international trade along the northern and southern zones. Nigerians are getting poorer, says IMF Nigeria’s people are getting poorer despite the country’s slow recovery from recession and economic reforms are urgently needed, the International Monetary Fund has said. THE NATION Nigeria gas reserves up by 4.067tcf, says NNRC Nigeria‘s natural gas re-serves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Chapter (NNRC) has said. Shrinking oil demand: SPE calls for investment in renewables As global demand for fossil fuels begins to dwindle, Nigeria needs to increase its investments in renewable energy, the Society of Petroleum Engineers (SPE), Nigeria Council, has advised. Africa Prudential, United Capital declare N2.9b dividend Shareholders of Africa Prudential (APR) Plc and United Capital Plc will receive N2.9 billion as total dividend payout for the immediate past business year. THISDAY Seplat Recovers from Loss, Posts N81bn Profit After Tax Seplat Petroleum Development Company Plc thursday announced its audited results for the year ended December 31, 2017, showing a recovery from the loss posted in 2016. CBN Urges Risk Managers to Support Economic Growth The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has advised risk managers in the country to ensure that their activities in their respective institutions support government’s efforts towards achieving sustainable growth. Over 100 Foreign, Local Firms Bid for Ibom Deep Seaport Following the increased interest by the federal government, more than 100 local and foreign companies have reportedly indicated interest in the development of the Ibom Deep Seaport in Ibaka, Mbo Local Government Area of Akwa Ibom State. THE GUARDIAN CBN disburses smaller naira notes to traders to end scarcity To check rising inflation, the Central Bank of Nigeria (CBN), Tuesday began the disbursement of smaller naira notes to traders in order to improve the circulation of N5, N10, N20, and N50 in the market. NSE’s indices soar by N370 billion Ahead of the full year result of listed companies, investors increasing demand for fundamentally sound dividend paying stocks, coupled with high expectations of improved dividend yield, yesterday, buoyed transactions on the trading floor of the Nigeria Stock Exchange (NSE), as market capitalisation soared significantly by N370 billion.

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A ‘Black Panther’ moment for Nigeria

Gross Domestic Product: Q4 2017  We apologise if you are yet to see the movie. We hate spoilers too but the recent trends in Nigeria’s economic growth remind us of Black Panther. Keep reading and you’ll get the link. The pace of economic growth picked up with data from the National Bureau of Statistics (NBS) reporting Nigeria’s GDP for Q4 2017 at 1.9% YoY, 80bps above our expectation of 1.1%. For us, while a growth in the quarter was widely expected, the drivers of growth –  which varied from consensus expectation of an oil-led growth – points to some positive on economic diversification and improvement in the productive sectors. For context – in contrast to prior quarters wherein the oil sector led growth (a case of oil production recovery) – accelerated growth in Agriculture (4.2% YoY, Q3 17: 3.1%), recovery in Trade (2.1% YoY, Q3 17: -1.7%) and slower contraction in Services (-0.8% YoY, Q3 17: -3.1%) largely drove the overall economic growth in Q4 17. Accordingly, the non-oil sector (93% of GDP) returned to growth (+1.5% YoY) in the quarter from a contraction of -0.8% YoY in the third quarter. The foregoing, combined with oil sector growth of 8.4% YoY (Q3 17: 25.9% YoY), drove the faster growth of 1.9% YoY in Q4. Consequently, 2017 economic growth prints at 0.8% YoY (estimate: 0.6% YoY).  Just like the film ‘Black Panther’ with near-record crowds descending on theatres across Nigeria, the growth picture in Q4 17 requires some cause to cheer, and also moderates the concern on fragility of economic recovery. Non-Oil Sector: Back from the brink. As earlier stated, non-oil sector recovered from the contraction in the prior quarter with support stemming mainly from Agriculture (Q4 17: 4.2% YoY). The growth reflects the main harvest season in which FEWSNET reported that harvest in the period was above average. For us, we perceive favorable weather, increased cultivated land and sustained focus of the FG on the sector via various support programs as key drivers for increased output during the quarter. Another support to the positive non-oil growth was trade, as it rose 2.1% YoY in Q4 17 following five consecutive quarters of negative growth. The rebound in trade was on the back of increased dollar availability, with sector overall contribution increasing to 16.8% (Q3 17: 15.9%). Elsewhere, the services sector also saw a slower contraction of -0.3% (Q3 17: -1.1%) during the review period which stemmed from the ICT sector (Q4 17: -1.5%; Q3 17: -4.5%). Though data from the Nigerian Communications Commission revealed a downturn in industry voice calls (-7% YoY to 142 million active subscribers), mild growth in data services (YoY: 3% to 95 million subscribers) was able to tame its effect on the industry’s total output. Although oil refining remained in negative territory, losing -46.2% YoY, faster growth in food, beverage and tobacco (YoY: Q4 17: +2.2%; Q3 17: 0.6%) and Textile, Apparel and Footwear (YoY: Q4 17: +1.6%; Q3 17: 0.2 %) served as pillars in pushing the manufacturing sector back to a positive growth of +0.1% (Q3 17: -2.9%). Oil Output expanded at a slower pace: Relative to the double-digit growth (+25% YoY) reported in Q3 17, the pace of Oil growth slowed in Q4 17 (+8.4% YoY), reflecting a higher base in Q4 16 relative to Q3 16. According to NBS, oil production for the quarter averaged 1.9mbpd, +8.5% higher than 1.76mbpd.

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Before you ask me to marry you…

I’ve loved Bosun for three years and for those number of years we’ve been together, I have imagined him proposing in so many different yet enchanting ways.

Don’t get me wrong, I’m not desperate – I’m just a planner. I love to have things planned out in my head before executing them.

The other day I came over to Bosun’s place for the weekend and while doing chores, I noticed this shoe box in the wardrobe. I’ve always seen it but this time, I was curious to know what was in it.

I opened it gently and saw a ring box. My heart started beating rapidly like the beats from a rap music. I held my chest afraid my heart would jump out. Then I opened the box to see the most beautiful engagement ring I’ve ever clapped eyes on. Tears filled my eyes, Bosun was finally going to do it!

Finally, what I’d dreamed would become a reality. I closed my eyes to imagine our future but opened it right back in shock. I saw love, but I also saw disorganization – a life without focus.

Nah! That’s not me. Before Bosun asks me to marry him, I need for us to deal with these issues:

Outstanding debt

Roll not your eyes oh ye ‘judger’ – this is serious business. I want both of us to come clean on who has any outstanding debt and what plans we have to pay them off. Because face it, would you like to marry your spouse along with debt you didn’t know existed?

Managing household finances

I have watched enough marriages to know that committing to a lifetime together means committing to saving for long-term goals, supporting each other’s career changes, planning for retirement and how to raise children together.

That said, I’ll really like Bosun and I to be on the same page regarding how finances are managed. At least we should deal with issues like

• Do we divide expenses evenly or based on earnings?
• How do we track our spending?
• What should be priority for our budget?
• Do we pool our finances in joint or separate accounts?
• What happens if one person loses their job?

I strongly believe that it will help us plan together responsibly. Even though the plan can always change as our lives change, it is a good first step as our lives together begin.

 

Short and Long-term goals

I’m a saver while Bosun on the other hand is a spender and that means we have to figure out what our priorities are to ensure our goals are aligned.

Our plan will help us identify what our short-term goals are, make plans to meet them while we dream together about what we want the future to look like, and plan towards making it a reality.

While we’ll need to pay rent, we should also dream of having our own home. While we’ll need to buy this and that, we need to remember the place of investment and retirement.

We both need to decide how much we can afford to put aside for our goals each month and get it directly debited into a savings account automatically.

Children

My sister wanted two kids, but her husband wanted four. They didn’t agree before marriage and I know the fight it caused and is still causing till date. I don’t have energy for fight, so we must agree before the journey begins.

Second to how many children we will have, we also need to agree on what level of education we want for them, what kind of schools (foreign or local), will they do Masters here or abroad – then whatever we decide, it will be ideal to plan towards opening an education savings account to make that plan happen.

Will, insurance, demise

Please don’t call me a pessimist – I’m simply being real. Everyday we see families torn apart and lifestyles changed for innocent kids because their parents didn’t expect demise, but it happened. I have no qualms about getting life insurance and writing a will, and I want to be sure Bosun is okay with that too. We both need to plan especially for the children we will have. God forbid one of us passes, that shouldn’t affect the life we foresee for the kids.

Division of household labour

Bosun has always shoved the idea of getting a live-in nanny under the carpet especially with all the nanny-from-hell horror stories in the news. Seeing as he and I work full time, I reckon it will be appropriate to decide who does what in the house.

If he doesn’t like the idea of doing chores, then now will also be the right time to decide if we’ll get a nanny that comes and goes or something else that can work for us both.

Location

A change of location due to work transfer may never happen, but it’s still worth discussing just in case.

 

I’m looking forward to getting all these sorted with bae because I already see our future now and it looks awesome. Meanwhile, you need to discuss these things too and plan ahead to avoid unnecessary fights in the future (You can start here…thank me later).

I hear him coming, let me hide the ring and pretend I haven’t seen it.

Later…

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Hire a Bridesmaid; help me hit my financial goals

My name is Joke and I am a serial bridesmaid.

Half of my wardrobe is filled with bridesmaid dresses, customized bridesmaid robes from wedding mornings, tulle skirts and other costume from bridal showers. Yes, I love weddings and all the hullabaloo that come with them, but it is beginning to look like all these weddings will be my ruin.

The foundation of the problem is that I have too many friends. Other than myself, I don’t know anyone who is still close to their primary school class mates. Let’s not even talk about secondary school colleagues or my university peers. Not to talk of the friends I met randomly and the friends of other friends who later became my friends.

The implication of all these friendships is that there is hardly any weekend when I don’t have a wedding to attend, sometimes more than one. I am not proud of this, but I am a bridesmaid at least twice a month, every month. Apart from the fact that my weekends are never mine, my wedding involvement is having a fatal effect on my finances.

Ordinarily, I should be quite comfortable. My job pays relatively well, I do not pay rent and my parents still send me a stipend every now and then. You would imagine that I must have a nest egg growing somewhere, investment or at least savings with which I can fund my dreams. Unfortunately, I don’t. If anything were to happen to my job right now, I would be stranded. And it’s all because of all these weddings I am entangled with.

Bode, a friend I made at a wedding where he was himself a groomsman, has appointed himself my deliverer, he is committed to healing me of my wedding fever. The other day, we calculated the financial implication of being a bridesmaid and it was alarming. Way before the wedding, there will typically be a bridal shower where we (bride’s friends) all contribute money to buy the bride cake, desserts, a gift and a new dress (because the shower is often an expected surprise). Of course, there will be a shower theme and if it’s something unusual like an ‘Hawaiian sunset’, I’ll have to buy myself new clothes for the shower. As the wedding approaches, we’ll pay for the bridesmaid dress, shoes and jewelry (that’s how I came to have six pairs of pink shoes). There is also the wedding morning robe and sometimes aso ebi for the trad. All that does not cover transportation to the venue, God help you if it’s a destination wedding. Wow, how will I ever be able to take charge of my finances when I am so committed to financing other people’s weddings.

Bode says I need to master the art of saying no when I am so graciously asked- would you be my bridesmaid? But it seems too hard. He even made me download this app, PayDay Investor, an investment app that makes it easy to put money aside consistently and helps me invest in a mutual fund. Bode said the mutual fund has good returns and I’ll be surprised at how quickly my money will grow. I don’t know o, I am still yet to recover from telling Tito I cannot be her bridesmaid. Last Saturday, I attended Bianca’s wedding in a dress I already had. I would not have been able to make it if Bode had not gone with me. Now I am preparing to tell Teju I cannot travel to Cape Town just to watch her say ‘I do’. I wonder how she will take it.

But I am also loving the feeling of responsibility and assurance that comes with investing. That PayDay Investor app has automated the whole investing thing for me. All I had to do was authorize it to invest on the 28^th of the month and it automatically transfers money from my salary account to my PayDay account on that day. That way, I don’t even have excess money to expend on weddings anymore.

It’s just been a little over a month, but I am loving this new feeling. Perhaps it’s time to start investing towards my own wedding. Wait, hold that thought… that’s Bode calling my phone.

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