For Saran Sow Barry, money is “a source of security and stability”. The French-Guinean founder of Dubai-based Afro Boabab Events has been living in the UAE for seven years. At 40, she is thriving as an entrepreneur, owing — in large part to — simple decisions she makes about money on a daily basis.
If you had to write a letter to money, what would you say?
Dear Money, I thank you for allowing me to build a house in Guinea, to buy a nice villa in a great location in Dubai, to be able to send our kids in one of the best schools in the city, to be able to buy the goods and services aligned with my way of living and to financially help my elderly parents back home. I’m happy that you do not affect or dictate my personal and human relationships. So I thank you for knowing and respecting your boundaries.
How do you think this relationship was formed?
I grew up in a middle-class family. I did not worry about money when I was young until I left for university in the UK. While living in London, I had to find a job to pay my rent and find ways to have pocket money. My mom was helping with the college expenses, I knew that she could have taken care of the rest, but she was also responsible for my other siblings, so I decided to help her out and ask the very minimum from her.
What lessons about money management did you learn from your mother?
I learned how to manage money by myself. I left my parents very early when I was 17 and moved to a place I had never been before. I have a very protective mother; but she did not prepare me for the life that was waiting for me in London. I could say that she did her best with what she knew, and my independent and mature personality helped a lot.
Who do you speak to about money matters?
I mainly speak to my husband about money. We are aligned in the way we spend our money. He is a lawyer and a hard-working man, and not an impulsive spender.
Who has taught you the most about financial management?
Life experience: when there are responsibilities, one has to make priorities.
Do you plan your finances for the long term?
Yes, every year my husband and I sit down and update our spreadsheet of all our fixed expenses. By doing this exercise, we know how much to put aside for those fixed costs. We also decide on an amount for emergencies. Next, we allocate ourselves monthly pocket money, and finally save the rest.
What is your long-term goal?
Be able to retire without financial constraints, send our kids to top universities, support elderly parents and family needs back home, and have our own charitable organisation dedicated into helping kids and their education.
How much do you save each month?
We try to save 30 per cent of our family income while balancing expenses and financial goals. For Afro Baobab Events, I try to put aside 20 per cent of the profits made each month to help reach our future goals.
How much do you plan to have by the time you are 65?
I don’t have an exact number, but by the will of Allah, I wish to have all our mortgages paid by the age of 60.
ALSO READ: