Money Conversation with Tolu

Tolu is a saver who also knows how to live a soft life. She's a Brand and PR professional by day and a style connoisseur by night.

Money Conversation with Tolu

1. What do you do?

From 9-5, I am a Public Relations professional and Brand Manager.

2. So what do you do from 5-12? lol. Do you run a business or have other passion projects?

Yes, I do. I like to do multiple things at the same time but a lot of my other interests are fashion and lifestyle-related.

For starters, I’m a fashion entrepreneur and I help people who have fashion-related needs source clothes for their special occasions and I style them. I also influence for brands who fit into my brand personality on my social media channels and I model.

3. Oh wow. How do you manage that with everything else that you do?

Honestly, I'll say it’s by the grace of God, and knowing what it is I want from life. This keeps me focused and allows me to achieve my desired goal.

4. What do you enjoy the most about your job?

I enjoy having exciting ideas and then seeing them come alive. Watching people adopt my initiative makes me happy.

5. In a month, what are your four recurring expenses?

Groceries, internet, clothes, and tithe.

6. What has been your most expensive purchase this year?

I’ll say purchasing a flight ticket.

7. What is one purchase you think is a drain on your finances and will like to do without?

I’d like to stop spending money on restaurants. I love to eat out but it’s not very wise in terms of expenses and so I am now realising that there is indeed rice at home. However, in January I already started implementing this. I have cut down on eating out significantly and focused more on meal prepping.

8. Do you think you earn enough for your current lifestyle?

I don’t think there is anyone that earns enough for their lifestyle. There’s a law in economics (Parkinson’s law) that says- ‘expenses always rise to meet income’. So no, I don't think I earn enough currently.

9. How much do you think you should be earning?

5 million naira per month

10. Generally, do you think you manage your money well?

Yes, to some extent I think I do. Although some people might think I don’t because I spend a lot but personally, I know when to save and when to spend. I believe in balance and so I think you should treat yourself as much as you save. I work hard and I like to enjoy myself.

11. How do you typically apportion your income immediately when you get paid?

I usually save a portion of it and then I spend some.

12. Interesting. Do you think this is a conscious behaviour for you- to save your money immediately when it comes or do you just split your money in half?

Actually, my first reflex is to save everything then I take out a portion to spend. Although it doesn’t obviously go this way some months because you can have emergency expenses that will make you spend more than intended. But typically, I try not to spend more than a specific percentage of my income while I save the rest.

13. I love it. So from your responses above, is it safe to say that your money personality is split between the saver and spender?

Yep, 100%. I’m a saver spender.

14. What does money mean to you?

Money means freedom. Having money means I have access to as many options as possible.

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