Opinion
With the current state of the economy in
Nigeria, many people are finding it rather hard to stay in control of their
finances and maintain a measure of stability. A number of them have either had
to change their lifestyle or have gotten into debt to salvage their situation
in a bid to stay stable; but have failed to achieve financial security.
The truth is simple, getting your
finances stable and becoming financially successful requires the development of
good financial habits. We at Jumia Travel have been researching this dilemma
and we have come up with a number of solutions. We therefore list 5 ways any
Nigerian looking to be financially stable can achieve his or her goal.
Desist
from impulse spending
Discipline is very important when it
comes to finance, especially if you are looking to be secure in this aspect. A
huge problem that most Nigerians battle with is impulse spending. Nigerians
generally love to have fun and treat themselves with eating out and shopping
and online purchases. Unfortunately, these activities, while they may offer
pleasure, can easily be a huge drain on finances. To remain financially stable,
you need to discipline themselves and avoid spending money either on impulse or
on unnecessary things.
Save or
invest
It’s amazing that a large number of
Nigerians who look well-to-do do not have any form of savings. If your goal is
to be financially stable, saving and investing should be your top priority.
Have a set amount automatically transferred from your checking account to your
savings every month and set it in such a way that you do not have easy access
to it except in the case of emergencies or you want to invest it.
Keep tabs
on your expenses
This may seem tedious, but it is very
essential. Ensure you keep track of your expenses. Record your expenses in a
diary and always calculate it to know how you’re spending your money, and see
what you can cut out or reduce.
Ensure
you pay bills immediately
A good way to maintain financial
security is to pay bills immediately they come in. If it is a bill that you
have to pay monthly or regularly, you can arrange with your bank for regular
automatic payments. This way, all of your regular expenses in your budget are
taken care of.
Stay away
from debt
There is a famous adage that goes “he
that goes a borrowing, goes a sorrowing.” No matter your situation, make up
your mind not to borrow or go into debt. Try to cut your coat according to your
material. If you are already in debts, list them out and arrange them in order
from smallest balance at the top to largest at the bottom. Then focus on the
debt at the top, putting as much as you can into it, until it is all paid off.
Then you can start on a fresh slate.
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