‘Clever Girl Finance’ Founder Bola Sokunbi Shares 4 Tactics She Used to Save $100K In Just 3 Years

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Bola Sokunbi Money Saving Strategy

Wealth management is not easy for most people. That’s why it’s always helpful to learn how we can maximize our savings and improve our finances. Bola Sokunbi, founder of Clever Girl Finance, is here to help.

She has been using her wealth management skills to show others how they can make the most of their money. In fact, she has saved $100,000 of her own before she even reached 30; and it took her just 3 years.

The natural assumption is that she had a high-paying job or something similar. However, Sokunbi was like most of us: she was earning $40,000 a year after taxes. If you do the math, this is roughly $18 an hour. 

Now, Sokunbi continues to educate and empower other women to build long-term wealth, get out of their debt, and control their finances.

Below are the 4 steps she took to save $100,000 from scratch with an average salary.

She Made Investments into her 401(k)

Sokunbi learned that for any investment she made into her 401(k), her employer would have to match 6% of it. This was free money, and at first, this was her main reason for making the investment.

As time went past, she started contributing closer to the maximum limit of $19,500.

Automated Savings

When Sokunbi got her job and started making an income, she knew she had options. She could either get used to spending the full paycheck and have nothing left other at the end of the month, or she could save half and live with the other half.

She opted for the latter and then automated her paychecks, with half her salary  immediately going into her savings account.

She Lowered Her Expenses

Since Sokunbi was living on just half her salary, she was forced to implement lifestyle changes that would lower her expenses as much as possible.

She moved closer to work so she could save on transport and gas money. She also utilized her employer’s perks, like food per diems and free dinner for staying in the office past 7pm. Even if she wasn’t too busy, she tried staying at the office late so she could take advantage of this.

She Began a Side Hustle

Sokunbi launched a freelance lifestyle and wedding photography business, hoping that it would increase her earnings. This gave her an extra $10,000 in her first year. The following year, this increased to $30,000.

In her latest book, ‘The Side Hustle Guide’, she speaks about this book.

Aside from offering practical, easy-to-follow tips, Sokunbi uses motivation and lessons from her mother to teach and empower other women. Through Clever Girl Finance, women are learning to take care of themselves—and each other.

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