Financial Literacy: The Power of Starting Early

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I was in Junior school [1] when I first understood what business was and at that time, I wanted to have my own business and make money from it. I didn't know how to go about it, especially when I had nothing to begin with.

I knew the first thing I needed was money as capital. So, that made me get a small local box called "kolo" where I'd keep money in it. Eager to make it grow, I would steal from mom's purse and keep it in my local box so the money would accumulate quickly and do what I had to do, plus the ones given by relatives that came around and keeping some from the ones given as pocket money to school.

As young as I was then, the knowledge of business and making money for myself was all in my mind even though I went through gathering most of them through the wrong means by stealing. At least it was for a good purpose but that doesn't justify the means, right?

My goal was achieved, and through the help of my mom and also helping to support more, I started my first business of selling little provisions and zobo drinks for children in the neighbourhood for a few months. Even though the business crumbled with my younger siblings stealing my zobo drinks from the fridge and crying for sweets and biscuits every time - I also was part of its ruin. Lol 😆

Another time was when I was in Senior secondary school where I'd write notes for my classmates and got paid for it. I was a fast writer and it was easier to write full notes in a few days. Sometimes, I would take them home during the weekends and get busy with them, and that was another time I knew about making money.

Every money I got paid was always used to save money with my classmates. We had this weekly contribution where a group of 5-10 students would come together and contribute, and each of us would pack every Friday till it was everyone's turn. This was how I became used to thrift contributions, where someone was in charge of holding the money and paying every one of us.

I learnt to save from a young age, and at the end of the year, there was always money given to my mom to help us buy Christmas clothes and other things needed to celebrate the festival and still had some to act like big girls in the village. Lol. It was always fun having money to spend with my family where we'd use part to buy bangers and enjoy the fun.

It was when I started growing up that I became more used to financial literacy which involves savings, spending, budgeting and investing. I love watching videos or reading articles about finance, mostly on how to budget and invest, which I have practised most of the time. I learnt how to buy shares and invest, budget using an app which has been serving me for over 3 years and learn to live below my means while not lacking anything essential.

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I believe financial literacy is something important for people, particularly young children, to learn early, at least when they start deciding right from wrong, so they'd get used to it and know how to manage resources.

When kids are given money, either by their uncles, aunts or even friends of their parents, instead of encouraging them to spend it, they should be introduced to savings. Although there are times they may need to spend to get what they want, prioritizing savings for them first would shift their perspective and when they start to learn this early enough, they become used to differentiating a want from a need.

There are still a lot of things about financial literacy that I haven't finished learning, and this is why holding onto a little knowledge of it from an early stage is important.

One of my friends, who is over thirty years old, has just recently learnt how to save money using the right app, which she didn't know about, and I was able to guide her through it. When she told me she had started saving and thanked me, I felt happy.

Starting early is always better, and I don't hesitate to guide my younger sister, who is the last born to begin early, too, even though the best time to plant a tree was 20 years ago and the second best time is now.

Financial literacy is as important as anything as it determines our independence financially and being able to afford things we can without having to start running around looking for means to achieve our goals. Lastly, discipline is needed to make it happen.