Save Like a Boss: Nspire Founder Tinashe Zano Teaches SA to Budget

• Tinashe Zano is a chartered accountant and founder of Nspire, a proudly South African footwear brand
• Zano did not have any investors to help start his company and had to rely on his financial background to save the capital he needed
• The young entrepreneur, who was named one of Briefly News' Young Money Makers, now shared his budgeting and saving tips

Tinashe Zano is an entrepreneur and the founder of Nspire footwear. The inspiring businessman self-funded his company by saving part of his salary.

Zano’s background in finance—he is a chartered accountant with his own firm, after all—set him up for success. Even though it took two years to generate enough money to start his business, Zano’s saving and budgeting strategy helped him realise his dream of becoming an entrepreneur.

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He shared with Briefly News some of his winning financial tips for anyone looking to save for any occasion, whether it is starting a business or paying off debt.

Chartered account’s 4 tips to save money monthly

Zano shared how he managed to save enough money to start his own company and how other South Africans can start putting money away for their chosen financial goals.

His four tips are:

• Create an Excel spreadsheet that will take into account your income you take home after tax
• Track your expenses:

- Fixed expenses that don't change much and are essential, e.g. rent, water, electricity

- Variable expenses that can change a lot, such as groceries, petrol, data, entertainment

• Set financial goals like paying off credit cards or saving to buy a car
• Allocate your income to expenses e.g. 50% of your budget for fixed expenses, 30% for flexible costs, 20% towards saving

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How to save consistently and manage personal finance

Zano put his own hard-earned money into starting a business. He had to save enough while also sustaining himself financially every month.

And now that his business has taken off, Zano still makes sure he consistently saves money, even while running a business and managing personal finances

He told Briefly News:

“The main one that we practice at Nspire is that we separate business and personal finance.”

Zano does this by having different accounts:

“Maintain separate bank accounts and credit cards for business and personal use to keep finances distinct and simplify tracking.”

The entrepreneur also doesn’t chow his profits. Instead, he pays himself a fixed monthly salary to “create a predictable personal budget.”

How can people reduce debt and maximise saving?

Zano is a firm believer in setting goals and sticking to them. He suggests people who want to pay off debts and save should cut down on spending.

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Additionally, he advises paying off the debt with the highest interest first.

“Pay as much as you can and top up regularly,” he concluded.

Doing skincare like a boss: Stunning entrepreneur shares her routine

Anointing Lukola, a 27-year-old who dominates the beaded bag industry, shared her skincare routine.

In an exclusive interview for Briefly News' Young Money Makers project, the owner and founder of Mayaka Accessories unveiled the products she uses to keep her skin looking smooth and fresh.

The entrepreneur also spilt the tea on what her typical day is like from morning to night and how she unwinds after a busy day.

Source: Briefly News