Building financial security can feel overwhelming, but expert Bola Sokunbi, CEO of Clever Girl Finance, has some simple and powerful advice for young Black women looking to get started.
Sokunbi, (@bolasokunbi on Instagrram) who saved her first $100,000 in just under three years on a $54,000 salary, shares tips on how to use your first $1,000 to kickstart your financial journey.
Here’s what to do when you’ve got that first $1,000 in your savings account.
1. Why Your First $1,000 Matters
Sokunbi states that having a financial safety net is key to stability.
“An emergency fund is your financial cushion for unexpected events, like a sudden expense or a drop in income,” she explains.
Having at least $1,000 in savings gives you peace of mind and covers essential living costs in case of emergency. Sokunbi suggests aiming to cover three to six months’ worth of expenses eventually, but starting small can help you gain momentum.
2. Automate Your Savings
Reaching that $1,000 goal is just the beginning. To build your emergency fund, Sokunbi advises automating your savings.
“When you automate your savings, you don’t have to make tough decisions every time you get paid,” she says.
By setting up automatic transfers from your checking account, saving becomes second nature and ensures you stay on track.
3. Grow Beyond $1,000—Start Investing
Once you’ve built a solid emergency fund, it’s time to put your money to work through investments. Whether you choose your employer’s retirement plan, an IRA, or a brokerage account, investing allows your money to grow through compounding, dividends, and appreciation.
Sokunbi reminds us, “You don’t need a lot of money to start investing; just be consistent and automate contributions like you did with your savings.”
Final Thoughts: A Path to Financial Independence
For young Black women looking to secure their financial future, the path starts with disciplined savings and grows into strategic investments.
Sokunbi’s method shows that no matter where you start, consistency and small, automated steps can lead to big financial gains.
