Financial tips every STEM woman must know

Financial tips every STEM woman must know

Financial literacy for women is necessary to navigate everyday life. Little knowledge about finance and business is taught in school. Here at Tea in 60 it’s our dream to make sure Zimbabwean women in STEM are in control of their money!


To get a better understanding of becoming financially literate here are some financial  tips you can implement now.


1. Create a budget

A budget is a spending plan for your money to ensure expenses are paid. If you have a big investment you want to make budgeting can help you realize that goal. A budget grounds you, it makes sure you do not spend money you do not have.


2. Use the 50/30/20% rule

This is a simple plan to help you reach your financial goals. This rule states that 50% of your salary after tax should cater to your needs. A need is something you are obliged to do. For example, say you have rent to pay, you are obliged to pay for this expense.


The rule allocates 30% to your wants. This can include buying Sibo the civil engineer book on Amazon, (I mean, it could be classified as a need😅😬). A want is something you can live without but it makes your life better. Savings and investments come from the 20%. This rule applies whether you live alone or with family.


3. Have an emergency fund

What to do you do when you face an unexpected event that requires money? Most women end up borrowing and being in debt to meet these expenses. If suddenly there is a car breakdown and you need to pay for the repairs, then having an emergency fund will greatly assist you.

Three to six months of expenses should be covered by an emergency fund to help you to be better prepared.


4. Know the difference between an asset and a liability

An asset is anything that puts money in your pocket whereas a liability is anything that takes money from your pocket. It is important to invest in some assets. Try to reduce liabilities. Examples of assets can be stocks and real estate.


5. Understand accounting basics

Another important financial tip is understanding accounts. A woman who knows and understands numbers is powerful. This is a vital skill we should learn as women in STEM.


Accounts apply when we have innovations that we want to turn into businesses. It is important to know accounting, the likes of income and expenditure.


The more money and responsibility you have the more important accuracy is. At the end of the article a link to a free accounting course will be available.


6.  Start a business.

Starting a business as a STEM woman may seem daunting but STEM women have all the characteristics required to start a business. Skills like problem solving and critical thinking which are necessary to start a viable business are already in us.


It is important to monetize your skill. If you are a chemical engineer and you are good at formulating chemicals therefore, you can have a cleaning chemicals business. Depending on your passion or discipline you can start your business.


7.  Invest your money.

In simple terms investing is money making you money. You can make investments into stocks. A stock allows you to own a piece of a company. Studying the Zimbabwe stock market can be beneficial for investments.


The Zimbabwe stock exchange offers free courses on investing in stocks in stock trading. Give it a try you will learn a lot and maybe diversify your investment portfolio.


8. Have multiple sources of income.

Relying on one source of income can have catastrophic effects. What would you do if the company you work for  retrenches you? Also financial experts always recommend having at least two sources of income.


In the era of covid-19 some people lost their jobs and with the advancement of technology some jobs are becoming irrelevant therefore having another source of income other than your job is very crucial.


 9. Start planning for your retirement now!

It just seems that women live 6 to 8 years longer than men. Planning for a retirement is very important as it prepares you for a life without a salary. Investing in retirement plans and putting aside money every month for you desired package will greatly assist.



In summary, these are just some of the basic financial tips that every STEM woman should know. These are not extensive and there are more tips that can benefit us. As women implementing these tips will help us significantly in our personal and business life. I wish you a fruitful financial year. (Happy women’s month!!)

Accounting basic link->

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Tea in 60 is a community that seeks to bring about the much needed practical one-on-one conversations between girls interested in STEM and women already in the field. In one hour, girls in high school, as well as those that are in or have just finished tertiary education will have an opportunity to discuss anything they want in the career of their choosing with a selected mentor.