How I went from surviving on loan apps to surviving 2020’s job loss with a healthy emergency fund.

How I went from surviving on loan apps to surviving 2020’s job loss with a healthy emergency fund.

Like most of us, Lucy’s first income came from her first job after she graduated from university.

Also like most of us, the novelty of earning money for the first time got the better of Lucy.

Considering she was living at home and didn’t have many bills, she found herself eating out, going on trips, and spending frivolously on mostly wants as opposed to needs. One of her more memorable moments was eating chicken wings when her parents were eating githeri. To Lucy, this was the epitome of ‘making it’!

However, reality hit, after two years of being gainfully employed, all Lucy had to show for it was one measly phone. 

‘Once I earn more money...’ had been her go-to line. However, she’d been earning more money and that money was now in someone else’ pocket. So what now?

Soon after, Lucy got another job that was going to give her more pay, however, there was a catch -she had to move. Moving meant Lucy had to start paying for stuff she wasn’t used to. Rent, groceries, etc. 

The full adulting package - she called it.

So here Lucy was, two years of being gainfully employed, with no bills and nothing to show for it but a phone.  Although she had a slightly higher pay, she  would be incurring more monthly costs and had no sense of money management, how was she supposed to manage?

You guessed it, things went downhill fast.

It started small. A small get together with friends and she would use loan apps to get USD $20 here, USD$50 and before she knew it she was dependent on loan apps.

“Receiving my salary at the beginning of the month was taken by all my loans.”

Lucy decided it was time she did something about it. Although she followed a

Africa’s Pocket on Instagram, her fast-declining money situation pushed her from a passive follower to an active one.

Lucy used one last loan to buy Africa’s Pocket Flagship course, Your Roadmap to Wealth and decided it was time to take back control. Initially, participated in the course but didn’t really do much to implement her learnings into real life. However, if at once you don’t succeed, try and try again.

However, after noting that she needed to take action if she was going to make a difference, she decided to watch the course again and figure out how to implement it. In taking advantage of her lifetime access to the course, she decided to take the course again but this time she took notes.

Starting with learning how to navigate her debt, creating and sticking to a budget and eventually automating her finances into savings and investment funds, Lucy became a money management pro.

‘Creating a budget became natural and now, I don’t even think about it.’

In almost no time, Lucy had saved enough money and built a healthy emergency fund. 

She didn’t initially think much of it until the economic fallout of the pandemic caught up with her and she lost her job. 

‘Loans Lucy’ would have been absolutely distraught considering all she had saved was little-to-no savings and only a phone to show for her employment; however, ‘financially frugal Lucy’ remained cool, calm and somewhat collected. 

Lucy realised that she had saved enough money in her emergency fund to live quite comfortably for six months. 

“My biggest takeaway was how Africa’s Pocket taught me how to financially prepare for an emergency.”

For many of us undergoing various lockdowns around the world and economic fallouts from the pandemics, emergency funds have become more and more pertinent. While we can’t control a lot of what is happening around us, to some extent, we can control how we spend, save our money and grow out money.

So, why not start today?

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