Follow Your Money: Debit Score Check-in: Don't give up; keep going.

Issue 6: Fully-funded Trip to D.C & Morocco + Ethiopia Welcomes New Bank+ Apple Developer Conference.

Jun 06, 2023

Hi friends,

Happy Tuesday! Welcome to Issue 6. 👋🏾

Last week, we talked about how to build your debit score. Feel free to reply to this email to let me know how it’s going. ✨

Did you create one for this month yet 🤔? It’s not too late. You can revisit our Issue 5 here.

This week, we dive into ways you can track your progress and maintain motivation as you build your debit score. 💪🏾

Debit Score Check-in

Issue 6: Tracking Your Progress, Rewarding Your Discipline

Let’s face it. Building a debit score in a credit-filled world is like swimming against the current 😩. It takes a strong financial compass to stay consistent.

Here are a couple of ways to sail through the tides- to track your progress and reward your discipline.

🎯Take your budgets as your financial life vest: As you build your debit score, think of your budgets as life vests, designed to keep you afloat in the water.

You see, your budgets are your safety net helping you navigate through the unpredictable waves of expenses and ensuring you don't sink into debt. 👌🏾

As you swim against the credit current, remember that you’ll get tired of resisting, frustrated by those yummy credit card offers 😋, and tempted by those discounts. 😩

But by setting realistic spending limits, monitoring your income and expenses, and making adjustments along the way, you become unstoppable. 👌🏾

🎯Set Milestones and Celebrate 🫡: As the song says, “After a hurricane, comes a rainbow”.

At the end of the month, when you review your debit score, be open to celebrating how far you’ve come 😉.

In my opinion, Fall is how we get compensated for the cold Winter (I personally had frostbites last Winter and I can’t wait for Fall).

In the same way, set the “Fall” season for your “Winter”—the period where you reflect on your progress 🤔, reward your consistency 💪🏾, and redefine your financial next levels. ✨

🎯Dive into your numbers: As you reflect on your financial progress, immerse yourself in your numbers. 💯

Your numbers are the ebbs and flows of your financial life. 🤌🏾

Find a pattern in your ‘current’ spending habits; use this to inform your next ‘waves’ of saving. 😇

Lastly, remember with your debit scores you have to lead the flow 💯; Otherwise, the flow will lead you right into the purse of e-commerce websites, with or without your permission. 😆

P.S. If you haven’t created your debit score, there’s still time. Revisit Issue 5 to get started. 🫡

FINANCIAL NEWS in AFRICA

connecting the dots across frontier markets in Africa.

Mauritius to introduce a marginal step application of income tax rates i.e. “the lower you earn, the lower your income taxes”✨

Takeaway: This approach really does ease the burden on earners and allows you to retain a larger portion of your income. 😉

👉🏾Note that consumers in Mauritius are already subjected to a 15% VAT on purchases.

So this is a healthy dose of balance between your income tax and consumption tax where in both cases the higher you earn or spend, the higher your taxes.👌🏾

Ethiopia welcomes another interest-free bank, Rammiss Bank. 🫡

Takeaway: By eliminating interest, this new bank hopes to create a level playing field for customers, and make financial services accessible to all. 💫🎯

Conventionally, interest-based transactions play a vital role in shaping the profitability of your bank 🙂. But with the rise of challenger banks, this is quickly changing. 💁🏾‍♂️

As the fourth interest-free bank in Ethiopia, Rammis Bank marks a turning point in the Ethiopian financial landscape, paving the way for an inclusive and equitable banking experience.🚀🚀

No doubt, there’s still a long way to go. But for now and to my Ethiopian friends, embrace the dawn! 👌🏾✨

MONEY TRIVIA