Chipepo Phiri is a passionate financial literacy educator based in Zambia, where she was born and raised in the Copperbelt region. Despite her professional background in biology, where she holds a degree with a focus on biodiversity and environment, Chipepo has made a name for herself as an advocate for personal finance education. She founded the platform “Finances with Chipepo” to share her personal finance journey and educate others, using social media to reach a growing audience.
Chipepo Phiri on the Power of Financial Literacy
Chipepo Phiri’s journey to financial independence began with a defining moment during her studies in Morocco. Although her background was in biology, her experience with managing her personal finances was, as she describes, “a learning curve that I could not ignore.” Reflecting on her early money mistakes, Chipepo shares, “I remember a time when I had saved money in cash to pay my rent, only to realize I had slowly spent it all on small purchases. It was a wake-up call that I couldn’t ignore.”
This incident made her realize that simply having money wasn’t enough; she needed a strategy. “I started Googling ‘how to budget’ and stumbled upon a video by Dave Ramsey. It was like a lightbulb went off in my head,” she recalls. “I understood then that I needed to be intentional with my money.” From that moment, Chipepo committed to building better habits, and she began documenting her journey through her social media platform, “Finances with Chipepo.”
Early Financial Lessons
Chipepo grew up in a financially stable household where her family provided for her needs, but she noticed that financial literacy wasn’t openly discussed. “We were comfortable, but we didn’t talk about budgeting or saving,” she explains. It wasn’t until her time abroad that she began to truly understand the importance of managing money intentionally. When asked about her biggest financial mistake, she shares candidly, “Spending my allowance impulsively and ending up broke before the end of the month was my wake-up call. I knew I had to change.”
Reflecting on those initial struggles, Chipepo emphasizes the importance of taking control of finances as early as possible. “When I first started budgeting, it felt restrictive, but over time I realized that budgeting gave me freedom,” she says. Learning to manage her finances helped her make confident choices and avoid debt, a lesson she carries with her today. “The cash envelope system became my best friend,” she adds, “and it taught me how to allocate money without constantly worrying about overspending.”
Smart Financial Decisions
The smartest financial decision Chipepo made was to prioritize saving and living within her means. “I used to think saving was only for when you had lots of money, but I learned that every little bit counts,” she says. As a student, she began saving even small amounts, which eventually added up. “By the time I graduated, I had saved enough to help my sister with her needs. That taught me the power of consistency,” she notes.
Chipepo’s disciplined approach has also influenced those around her. “My family and friends often say I inspired them to open their own savings accounts. It makes me proud because it’s not just about my journey; it’s about empowering others too.”
Staying Motivated and Disciplined
Despite financial challenges, Chipepo remains committed to her goals. She credits her success to her mindset shift. “I realized that financial freedom isn’t about how much you make, but how much you keep and how intentionally you use it,” she explains. Staying motivated, especially on a tight budget, hasn’t been easy. But as she points out, “It’s about focusing on the long-term rewards, not the short-term sacrifices.”
Looking back, she’s grateful for the challenges that motivated her to change her financial habits. “Had I not gone through those struggles, I probably wouldn’t be here sharing my story,” she reflects. Now, as a financial literacy educator, Chipepo uses her platform to share practical tips, engage with her audience, and encourage others to take control of their finances.
Strategies and Approaches
Chipepo Phiri emphasizes the importance of strategic planning when it comes to financial goals. Her approach is systematic and mindful, especially when handling debt, savings, and investments. For instance, when tackling debt, she shares, “Debt is the first thing I’m thinking of. I will even put my savings on hold…because I need to pay off my debt.” She stresses the value of prioritizing debt repayment above all else, breaking down the total owed by dividing it into manageable monthly contributions. This helps her stay on track and minimize interest, especially when dealing with loans from group savings structures.
When it comes to building an emergency fund, Chipepo’s approach is similarly calculated. “First, you have to track your expenses and see how much you live on in a month. Then multiply that by the number of months you want to save up for,” she explains. She describes using any unexpected windfalls, such as gifts or allowances, to boost her savings faster, which adds motivation as she watches her emergency fund grow. Her advice for others pursuing this goal? Start by realistically assessing monthly expenses, then set aside what’s necessary for three to six months of living costs.
For larger financial goals, Chipepo recommends using a “sinking fund” strategy rather than relying on loans. “Find out how much it is… Realistically with your earnings, how long could you take to save up for it?” She suggests setting aside a portion of income every month, while any additional funds can speed up the goal. Her steady, intentional approach helps avoid debt and provides flexibility in making major purchases.
Tools and Techniques
Chipepo relies on specific tools to keep her financial life organized. “I love the Worth Tracker for tracking my net worth,” she shares, explaining how this app consolidates all her savings, assets, and liabilities in one place. Additionally, for tracking day-to-day expenses, she uses the Money Manager app, though she admits to sometimes preferring pen and paper for budgeting.
“I’m not an Excel person,” she adds, noting that digital tools like apps have gradually become a better fit as her life has gotten busier. She also mentions using platform-specific tools for managing investments, like the Lusaka Securities Exchange app for tracking her stock portfolio. Her advice? Find the tools that suit your personal style—whether it’s pen and paper, apps, or spreadsheets—and use them consistently.
Philosophy on Saving vs. Investing
Chipepo’s philosophy balances both saving and investing based on personal financial security. “You need to have savings… they help you avoid getting into consumer debt,” she stresses. She believes that once a solid emergency fund is in place, excess cash should be put toward investments rather than idle in savings. However, she is cautious about maintaining a balance, always ensuring she has enough liquid savings to cover unforeseen expenses.
This approach, Chipepo explains, is adaptable to individual circumstances. “If I have at least enough savings to take care of me for six months, the rest can go to investing.” Her method allows her to keep a financial safety net without compromising growth opportunities. For Chipepo, it’s all about understanding her financial goals and making intentional choices on where to allocate money each month.
Handling Unexpected Expenses and Setbacks
For Chipepo, handling unexpected expenses comes down to thoughtful preparation. She maintains a separate “miscellaneous savings” fund, which allows her to cover minor emergencies without dipping into her emergency fund. “If it’s huge, very big, then that might fall under the emergency fund,” she notes, emphasizing the importance of defining what qualifies as an emergency to avoid overusing savings.
In cases of significant financial setbacks, Chipepo advises others to consider liquidating some investments if absolutely necessary. However, she adds that having accessible savings should ideally prevent this. “Always have some savings,” she advises, “whether it’s in your unit trust funds or a traditional savings account.” This level of preparedness, she suggests, helps avoid creating new financial strains, especially for those who may lack sufficient resources to cover unexpected costs comfortably.
Advice and Guidance
Chipepo offers grounded, practical advice for anyone feeling daunted by financial management. “It gets easier as you go, so not starting would be doing yourself a disservice,” she encourages. Her suggestion is to take small steps, such as listening to personal finance podcasts or watching educational videos, to ease into the subject without feeling pressured. Gradually, she says, familiarity builds confidence.
For her, personal finance doesn’t have to be about making drastic lifestyle changes immediately. “Start small…maybe just with intentional spending, budgeting—the base of personal finance,” she advises. Once these basics are in place, larger concepts like saving and investing feel less overwhelming.
Her top recommendation for a sustainable financial habit is to maintain consistent savings, no matter one’s income. “Saving something, even if small, makes a difference,” she insists. Chipepo also warns against common myths, especially around savings, and reminds everyone that their financial journey is individual. Her advice to her younger self echoes this sentiment: prioritize intentional spending, and remember that consistency is more valuable than aiming for perfection in money management.
About the Expert
Chipepo Phiri is a dedicated financial literacy educator from Zambia, renowned for her practical approach to personal finance. With a background in biology focused on biodiversity, Chipepo transitioned into financial education after experiencing firsthand the challenges of managing money during her studies abroad. Motivated by her journey to build better financial habits, she founded “Finances with Chipepo,” a platform that helps others take control of their finances through budgeting, saving, and debt management. Driven by a desire to empower her community, Chipepo uses social media to make financial education accessible, guiding others towards financial independence.
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