Money Notes

Money Notes #32 – The Bi-Weekly Newsletter from Halo Invest

Two notes in one month. Only the most useful, relevant and practical entries on finance and money. If you like money notes #32, invite your friends to subscribe here.


This is our first letter this month and we are so excited to be writing to you!

A “welcome to the second half of 2022” message is long overdue.
How has it been so far? Hope you didn’t miss the juicy financial tips we included in the previous newsletter, Money Notes  #31, and you’ve started implementing them.
Missed it? Catch up HERE. You’re welcome!

Setting and hitting financial goals doesn’t just happen on a whim. It takes deliberate, sometimes strenuous effort to get it done, but the reward? Sweet!
So, if you’re looking for a sign to get your finances in order, this is it!

So, let’s get straight to today’s business!
A few interesting stuff for you today right here

Hot Topic in Finance 

Industry conversations we think you should know.

Nnenna Onyewuchi, Chief Growth Officer/Co-founder, Halo Financial Services

When talking about financial inclusion, there is a lot of focus on the unbanked (deservedly so), however, we’re also not paying attention to the fact that way too many Nigerians are missing out on an opportunity to build wealth through investing –  Halo Financial Services’ Chief Growth Officer and Co-founder, Nnenna Onyewuchi.

When talking about financial inclusion, there is a lot of focus on the unbanked (deservedly so), however, we’re also not paying attention to the fact that way too many Nigerians are missing out on an opportunity to build wealth through investing –  Halo Financial Services’ Chief Growth Officer and Co-founder, Nnenna Onyewuchi.

We all know Twitter is wild, but this?!
CBN Governor, Godwin Emefiele was sounding a warning against the purchase of Dollars with Naira, especially as it concerns electioneering. This clampdown is supposedly in a bid to stop the further devaluation of the Naira. See for yourself here.

For You

Fun, useful stuff you will absolutely love!

1. Nigerians never miss out on any opportunity to make light of otherwise tough situations. In response to the news about the clamp down on the “illegal” purchase of dollars, someone tweeted this. 😂
2. Our most recent Halo Feature post focused on Intellectual Property lawyer, Samuel Abu. He spoke to us about his career as a Lawyer, as well as how he combines that with being a shoemaker and contract advisor. Check it out.

If you found money notes #31 helpful, follow us on InstagramTwitterFacebook, and LinkedIn, and check our Blog for more frequent updates, tips, and tools to help you improve your relationship with money.

Features LifeStyle

Spending Guilt: “It’s my money. Why do I feel bad when I spend it?”

Do you work hard to make money, to take care of your needs and then some, but have nagging feelings of guilt or feel a certain way whenever you spend that money? Then you should read this!

If it is any form of consolation, you should know that this experience is not unique to you. A quick Google search on ‘spending guilt’ would give you an insight into how prevalent this feeling is. However, the fact that it is common does not mean it is healthy.

Money is a tool and you should see it as such.

The first step in identifying the origin of your spending guilt is examining why you have negative feelings about money, a tool available to you. 

Feelings of guilt are, however, not always unwarranted. An example of warranted spending guilt is when you constantly aren’t able to achieve your saving goals and/or are in debt. 

Note: Debt in itself is not bad. It is only an issue when it is poorly handled – what answers do you have to the questions about how and why you are in debt and whether or not you have a repayment plan.


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Money & Emotions

Money plays a crucial role in the quality of our lives – whether or not we are willing to admit it. So, it is no surprise that the presence or lack of money has an impact on human emotions. 

Research has shown that a person’s feelings about money (positive or negative), more often than not, stem from childhood experiences. For instance, if you grew up in a family that wasn’t well-to-do, where you were often on a strict budget, your guilt about spending could result from a scarcity mindset. What is at play here is called cognitive dissonance.

Cognitive dissonance in this context is when positive feelings about being financially comfortable conflict with negative ones about spending this money on what you suspect might not be a necessity.

How to navigate your spending guilt: what to do when this feeling rears its head

Warranted or unwarranted, dealing with spending guilt will prove impossible if you have not identified its origins. Identifying the cause is the first and most crucial step. Once this is done, it is easier to make concrete plans to overcome it. You could be in that position for varying reasons, from faulty prioritisation to a lack of proper planning.

1. Track your spending:

This is a necessary step toward figuring out if you have indeed been overspending or spending on nonnecessities. It will also help you pinpoint your spending triggers (you will notice your spending patterns).

For instance, if you have been spending lots of money on snacks and take-out, even with enough food at home, it could be a result of boredom, stress, peckishness, or the feeling that you have more than enough money to spend. Any of these could be your spending trigger, and a healthy way to ensure these are not the reasons to spend too much is to find better ways to deal with them.

Tips on how to deal with these triggers:

● Boredom – Indulge in activities you enjoy, such as reading, seeing a movie, speaking to friends and family, e.t.c.

● Stress – Remove yourself from what is causing your stress, and find ways to relax and destress. Ways you can destress include resting, taking naps, going on short walks, e.t.c

● Peckishness – Factor snacks into your monthly budget so that you don’t find yourself spending the money allocated to other things.

● The feeling that you have more than enough money to spend – Take the excess money and put it into your savings, emergency fund, fixed deposit, or invest it.

NB– there is nothing wrong with having excess money, it is to your advantage to put most of it into things that work for you in the long run.

There are more spending triggers than the ones listed above, but these are more common.


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2. Prioritize and Plan:

It is advantageous to arrange your needs and wants in order of priority. Write down your needs (non-negotiables) and wants (bear in mind that these wants should be listed out on a scale of preference). 

The 50/30/20 plan is a great budgeting template; 50% for your needs, 30% for your wants, and you save/invest 20%. It is okay to swap the percentage allocation of your savings and wants, it depends on what your income is.

Important info: Ensure your debts are factored into the 50% because they are non-negotiable. How do you do this? Review your debts, create actionable repayment plans, and stick to them.
3. Mindset shift:

It is important to get comfortable with the idea that spending money on something you enjoy is not a bad thing. As long as your monthly budget, savings, and investments are not affected, and what you are spending on is not something detrimental to you, then, by all means, enjoy! 

Ensure you factor in enjoyment funds into your monthly budget. This falls under your 30%. You should be able to enjoy the money you earn.

4. Finally, let go of the need to see perfection as regards your finances. If you are a perfectionist, there are high chances not smashing your goals will continually lead to feelings of guilt. A few slip-ups now and then might get you in your feelings, but do not dwell on them. Rather, assess the progress you have made, accept that you are doing your best, and be grateful for your achievements.

In a nutshell, spending guilt is a common occurrence; but it gets easier to deal with once you can identify the cause. Also, do not forget to get comfortable with enjoying the money you worked hard for; it is yours! 

We hope you enjoyed reading this. If you have any thoughts or feedback, feel free to let us know in the comments, we love to read them and interact with you.

Quizzes & Trivia

Finance trivia: How much do you know?

Answer these simple finance trivia questions from beginning to end, and let’s see if you are a money guru or not.

Check out more of our other fun and exciting quizzes here!

Don’t forget to follow us on all our social media platforms for useful tips on how to build wealth. Find links here.


How I handle being both an IP lawyer and a shoe-maker.

Every week, we talk to Nigerians around the world about money and how they make it.

This week features Samuel, a Lawyer, shoemaker and contract advisor. We talk about his career as an IP lawyer, and how he balances that with his shoe-making business.


Halo Invest gives you access to the best financial insights, insider tips, and tools to help you improve your relationship with money.


Could you please tell me about yourself and what you do?

My name is Samuel Abu. I’m a lawyer, and I work as a shoemaker and a contract advisor on the side. These are the things I do to make money.

What exactly do you do as a lawyer?

My interests are in intellectual property (IP) and data protection, so I am pretty much a lawyer in the tech space. I work with tech guys: I play an advisory role on the IP rights of their products, contracts, contract relationships with other tech companies, getting licenses to operate within the regulated spaces in Nigeria, and so forth.

That sounds interesting. Did you always want to be a lawyer?

When I became old enough to think of what I wanted to do, the first thing I wanted to be was a pilot. LOL

However, since my junior secondary school years, I made up my mind to study law. Although, at the time, for me, it just seemed like one of those prestigious professions.

So, what is your typical day as an IP Lawyer?

First off: Coffee! LOL. I require coffee before I resume work. 

You know, tech guys are always in a rush; They have an idea and want the product to be out immediately. However, they can not just jump into making the product without signing a contract – there is no telling what CBN or any other party will do. They want to “jump on a call” where they want explanations about what needs to be in place.

Now imagine this with three to five clients, keeping in mind that each agreement is peculiar. 

A good lawyer does not know every law, even though he knows a substantial part of it; a good lawyer knows where to find the law. So, before answering their questions on what needs to be in place, you have to read up and be on your toes.

You are a lawyer and a shoemaker. That’s an interesting pair. How did you start shoemaking?

It started in SS1. There was a skills acquisition program my mum was a part of (she is into the design and pattern drafting space). I attended it, learnt and made a few footwear; I started with slippers, graduated to sandals, and then started making shoes. Then I thought to myself, “yes, I am going to do this.” 

Another influencing factor was the time I went to Yaba to get shoes: I got them at a low cost, and it seemed like a good bargain for what I assumed was great quality. But to my surprise, two months in, they were worn out! That vexed me, and I thought, “you know what? forget this. I’ll just make my own”. However, I also knew that I would be practising law. 

I love making shoes, but knowing there would hardly be any time for it, it made sense to partner with trusted people to make them. They incorporate my ingenuity without sacrificing the quality.


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Alright, let’s dive into your finances. What was your idea of money growing up, and how has it changed now that you’re an adult?

I have always considered money as something good to have, and something I always want to have. My family was not the richest, but we were quite comfortable. If I needed money, I could walk up to my parents and ask. My moral compass was not defined by money or the lack of it. 

Now that I’m older, I hold the same views. Money should not define your values or relationships. Money is a commodity we work for and should eventually work for us. It should not push you to compromise on your values and integrity.

How would you describe your money habits?

With my spending, I go after the necessities. More often than not, I separate my wants from my needs, and I make sure that sometimes, I reward myself for hard work. From my monthly income, I have a budget for entertainment. I also budget for savings and investments – for me, it’s not about how small it is, but the consistency.

I make sure to pay my tithes. I can do that consistently because I have a rationale; if I can not manage 90% of that income, it’s a shame because 10% won’t make much of a difference.


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If you were to pick a financial superpower, what would it be?

Do you know those IG videos where people snap their fingers and their location changes? I want that with money. I want to snap my fingers and have like $15,000. It’ll be more interesting with the Infinity Gauntlet. LOL.

What would you consider a financial red flag?

That would have to be people spending their money on things they don’t need. It is more absurd when the value of what you’re buying is way above what you earn. It is pointless because the world is constantly evolving, and new stuff always emerge.      

It’s good to spoil yourself, but continuously spending your money on things you don’t need is a red flag.

Another sect is people who spend on things to give a false image of high status. I wish they understood that people do not care that much. Your focus should be more on how to increase your financial power instead of trying to convince people of the financial power you don’t have.

That makes a lot of sense. Finally, what advice would you give budding lawyers who have an interest in IP law?

Follow your passion! 

If you are really curious about it, you should read up because IP is wide. There is a vast ocean of knowledge to explore. Go to a place where they practice whatever branch of law you are interested in, and do not hold back; learn as much as you can. It’s a journey you get better at. 

Also, it’s never too early to start learning about what you want to practice, even if you are in your first year. You then build up your interest, as well as your wealth of knowledge. Your brain then begins to get into the nuanced conversations of the practice, and your perspective begins to change. This happens as a result of the knowledge you have gathered over time. 

Alright. Have you ever considered being a mentor to people with an interest in IP law?


I’m not the smartest, but I believe I’m realistic. So yeah, I could answer any question around these and feel free to reach me @thebeanielawyer or on LinkedIn. LOL. Just kidding, Twitter is fine.


You can reach out to us at if you would like to share your story too.

Quizzes & Trivia

How deep is your love for money?

We are going to guess just how deep your love for money is by your choices in this short but fun quiz.

Check out more of our other fun and exciting quizzes here!

Don’t forget to follow us on all our social media platforms for useful tips on how to build wealth. Find links here.

Features LifeStyle

Communities: the future of financial services & financial success

The average person is a product of their socialization, so it makes sense that being part of a community is central to the human experience. The Igbo term, Igwebuike (literally, there is strength in numbers) and the Zulu concept of Ubuntu (literally, I am because you are) are just two examples of how Africans have traditionally valued the concept of community. 

Communities provide connection, support and a sense of belonging that has been proven to strengthen our individual resilience. Members of a strong community recognise, and value, their interdependence. For the community to thrive, the individuals must do their part.

The foundation of any community is trust. Nigerians have long leveraged this trust to create wealth; from traditional savings schemes like ajo to investment clubs, to churches that provide low/no interest loans to their congregation. Even market women will pool resources to help a new member buy her first stock. Community members give because they know, and trust, the people they are giving to… and are confident that when their turn comes, their community will not let them down.


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Why communities?

Trust is also the bedrock of a relationship with a financial institution. Halo Financial Services is leveraging the trust that already exists within a community to help more people start and sustain their journey to financial freedom.

We use technology to make it easier, and more rewarding for community members to build wealth together. Halo offers savings, investment, credit, and other financial services as a service to communities; so that their members can more easily achieve their personal financial goals.

Halo’s focus on communities is a strategic decision which benefits the company, the community, and the individual members. Approaching communities, rather than individuals, will enable us to scale faster and broaden our impact.

Communities benefit from a dynamic revenue share arrangement and more engaged membership. Community members can use the size of their collective to get higher returns for each individual; interest rates are calculated on the value of the entire community’s portfolio.

How will they engage with us?

Part of our approach is to meet customers where they are. So, we offer communities (and their members) multiple ways to engage with us. For the digitally confident, who prefer self-service, we offer both a web and a mobile app. Communities can choose to have their own app – built and managed by Halo but branded to the community. They can also host their community in a branded environment on the Halo app.

For the informal market, who prefer to deal face to face, we offer access to our full suite of products via a nationwide agent network. For more affluent customers with more complex financial needs, we offer financial advisory and portfolio management.

In conclusion

The fintech landscape is increasingly competitive, and Halo’s community-based approach is a real differentiator and a valuable advantage. It is our mission to help as many Nigerians as possible build and sustain wealth. Connecting communities to high-quality savings and investments, and providing them with affordable, accessible financial management tools is how we plan to do it.


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