₦airaland Forum

So you have clocked 2 years at work. Congratulations! I bet some of your course mates in school still aren’t with a job. So congratulations again for holding down one this long; ok its only 2 years. But your friend at Jumai recently lost her job; wasn’t she that first-class girl in your class?
Now here is why am writing you; Mom called the other day complaining that you are broke again and she is really worried, I told her I would speak to you.
Brother I know how sweet freedom from our parents can be; I have been there. I also know how fun life can be when you start earning money from a paid employment. I saw the IPhone you just bought on Facebook, nice acquisition; those are some of the perks of paid employment. But going back to why am writing; you shouldn’t be getting broke now. What would happen when you have a family?
From my experience you get yourself in this position when you think you have arrived and so you develop new habits. You quickly use the loan facility from work to buy a car, you change your wardrobe, and you invite friends over more frequently. And then your friends start to mount. And life is very good.
Because this is unsustainable soon enough everything comes crashing down; you are only mid-way through the month and you are already broke. You quickly borrow to make up, after-all salary drops in a forth night and you would settle the debts. This becomes a never ending cycle; you become a slave to the job that was supposed to liberate you. That said you need become financially savvy.

Where do you go from here?

1. Start paying yourself first. Every month set aside some percentage of your income for yourself before making or meeting your monthly commitments. This is the first step to becoming financially savvy.
2. Your monies are your soldiers, don’t leave them vulnerable, you are their commander, guide them, and protect them.
3. Work on delaying gratification. Resist the temptation for immediate rewards that could hinder a better reward in the future; you can’t eat your cake and have it. You do this by attaching importance to your money.
4. Your money should never be emotional. Feelings are your biggest obstacle to attracting and keeping money. When you get to this level, delaying gratification becomes pretty easy.
5. Develop a plan on how to pay your debts; your debts will have to be paid. So develop a good strategy. One way of doing this is by ranking your debts by their interest rate. And aim to pay off the high interest debts first.
6. Place value on your time. Guard it and will you see tremendous impact on your cashflows. Every time you spend unproductively is time you could have spent building your career up; learning a new skill and thereby increasing your propensity to earn more in the future.
7. Take care of your health. Though many fail to realise this, this is one of the most financially savvy decisions you should be making,
8. Cost-benefit analysis; don’t buy things without doing a cost-benefit analysis. Things whose costs are more than the benefits accruable should be avoided.
9. Also be on the lookout for competing prices for everything and before buying anything at full price.
10. Always be on the lookout for information like this. Keep learning more about how to improve your finances.

http://lightednation.com/2015/12/how-to-be-financially-savvy/

Yea so true.. Bookmarked

But make we get that job first.. Wey pesin go fit use buy iPhone in 2 months then I'll come back to Re read


Right now.. No winsh can stop me from my suya and alomo

kilokeys:
Yea so true.. Bookmarked

But make we get that job first.. Wey pesin go fit use buy iPhone in 2 months then I'll come back to Re read


Right now.. No winsh can stop me from my suya and alomo

SUYA n ALOMO!

Nice write up