by Precious Alex-Toji | Jun 27, 2022 | Personal Growth
The start of every month can be likened to a fresh start. And as with all fresh opportunities, there are things to do at the start of every month that should help increase your productivity.
Keeping an organized monthly schedule is the key to building a productive month. A popular maxim says “failing to plan is planning to fail”. You might not necessarily have a failed month but having a planned month keeps you organized.
Organizing your month helps you set priorities right. For example, if you have planned to go to the market on the 3rd of April, the only reason you would be doing otherwise is because of an emergency.
I kind of love the idea of a monthly plan just because of the organization. I mean, when I make my weekly meal plan, I know what to eat and when to eat. So why shouldn’t I do that for my monthly plan?
So, let’s jump right into 6 things to do at the start of every month.
1. Set a Monthly Goal
One of the things to do at the start of every month is to set your monthly goals. Goals are a set of things you want to achieve. Setting monthly goals can help you achieve maximum productivity as an individual.
Your goals could be financial, social, or academic goals. Whatever goal you aim to achieve, make sure it is something realistic and achievable.
I once had a goal to write 20 articles in a month. When I look back, I just laugh because I was going to stretch my limit. While writing 20 articles in a month is achievable, I had to add school tasks, other freelance gigs, and self-development courses. It just wasn’t realistic at that point.
So, when setting your goals for the month, consider other factors that can hinder you and see how you can work through them. Then break down how you wish to achieve that into weekly goals.
For example, if I decide to write 10 articles this month, my weekly goal will be to write 3 articles and my daily goal will be to write at least 700 words per day.
2. Create a Monthly Budget
I have been a victim of unbudgeted spending every time I receive my salary and this has made me go broke faster than you can say “sapa”.
One thing I began doing at the beginning of this year was to create a budget to guide just how I intend to spend my money. It hasn’t stopped me from going broke; it has just stopped me from going broke faster.
Creating a monthly budget is one of the things to do at the start of every month. If you have a stable source of income, it is best to prepare a spending plan, an investment plan, and a savings plan, if you can afford all three.
The good thing about creating a budget is that it gives you an idea of how much to spend and helps you know when you are over-spending. If your budget for expenses is N50,000, the moment you spend above that, you know you are over-spending.
3. Make a Food Plan
Anyone who knows me knows that food is my favourite thing about being human. Honestly, I really feel for plants because how can I be a plant and not be able to eat pounded yam?
A monthly food plan is a great way to get the month rolling. You know as a student, I am constantly worrying about what to eat when I get home, a situation I could have prevented if I had created a plan from the beginning.
Making a food plan saves you from constant thinking like me. It also gives you the scope of how much food you consume, if you need to add more spice to your food selection, or even just how nutritious your meals are.
Once, I cooked beans (with varieties of course) for three straight days and it took the intervention of my mates to call me to order. How would I know when my favourite meal is beans!
4. Plan Out Your Outdoor Activities
For those of us who work remotely, it can be so tempting to stay indoors and not even notice. I mean, since the school closed, my routine has been waking up, writing, learning how to code, talking to a few people, using Twitter, praying, and sleeping.
Is it good? No
Will I stop? I’m working on that
A good thing to do at the start of every month is to make plans for recreational activities. C’mon! The outside world is fun. You can’t spend all your time working or staying indoors.
To spice it up, you can even make plans with friends so you don’t go back to your shell when you should be out sightseeing.
There are so many things you can do. Attend a wedding (an owambe is my favourite part of Saturdays), watch a football match, visit a famous site and the likes.
As simple as these activities seem, they are a good way to spice up your month.
5. Pick Up a 30-Days Challenge
To have a productive month, one of the things to do at the start of every month is to pick up a 30-days challenge.
A 30-days monthly challenge is a set of actionable steps taken to help you achieve a goal. You have 30 days in a month (sorry, February), and using those days to meet up with one challenge, one step at a time, is a pretty good idea.
Choosing what challenge to face should not be a hard thing. To begin with, you can decide to pick any part of your life you wish to improve on and work on it.
For example, if your challenge is to improve your body shape, you can pick an exercise challenge to focus on for the month. Like how I started working out on my abs for three months straight because I was beginning to eat too much.
If you’re still lacking ideas on what challenge to pick for a new month, check out Pinterest for more templates.
5. Do a Reflection on the Previous Month
It’s so easy to get caught up in the new month frenzy, we tend to forget that the past month was just yesterday.
A good thing to do at the start of every month is to take a look at the past month and take stock of everything that happened.
- What did you achieve?
- What did you not achieve?
- What mistakes did you make?
- What lessons did you learn?
- How do you intend to improve?
You can use these questions to take a reflection on how the past month went. The answers you get can then be used to shape your goals for the next month.
Conclusion
Having a 30-day plan for the new month has numerous advantages. Aside from keeping you focused, it helps you stay organized and productive when you follow through.
While writing this piece, I made up my mind to work on number 6 for April. What tip hit you hard? Let me know in the comment section.
FAQs
What should I do to start the month strong?
To start the month strong, make sure you set goals that are realistic and achievable by writing down exactly how you wish to work on them.
What should I add to my monthly to-do list?
When making your monthly to-do list, make a list of things you couldn’t do the last month and add it to the current month’s list.
What should I do monthly?
Every month, it is necessary that you set out time to clean the house thoroughly.
by Ameenah Gumbi | Oct 17, 2021 | Business & Finance
When you are in a financial crisis, what you need are personal money management tips that will help you to reduce your spending and not finding a job that pays higher than your current job. In fact, this will help you invest and save your finances. It will also help you achieve the financial freedom that you so dream of. Here is what we found to be easy and more suitable for Nigerians in times of money management tips:
1. Track Your Expenses to Improve Your Finances
You need to know how much you spend monthly to improve your spending habits. Money management tips begin with knowing how much you spend. You can use money management apps like Money Manager Expense and Budget or Mints to track your expenses. Tracking your expenses helps you in knowing how much you spend on essentials and non-essentials. As well as help you to plan, reduce expenses and improve your finances.
Here is how to track your expense as a beginner.
2. Plan a Realistic Monthly Budget
Since you know how much you spend monthly, you can use it and your monthly income to plan a budget that is according to your lifestyle. You do not need to be strike with yourself when cutting down expenses. Start slow, adapt and improve with time. For this purpose, plan a budget that is in line with your responsibilities, lifestyle, and your spending habits that is not based on impulse but needs. Money management tips like budgeting will help you gain better money management habits, improve your spending habits by gaining the spending awareness that is right for you.
Read this to know about budgeting.
3. Save Even If It Takes Time
Saving money is important in several ways. For instance, you can use one of the banks in your community or Cowrywise to start an emergency fund that you can use during unforeseen circumstances as Nigerians call it “Vex Money”.
Funding the savings does not have to be huge. You can also start saving small by saving 10% or 20% or even 2.5% of your monthly income. Set savings goals with a timeline if you need motivation.
4. Timely Clearing of Bills Each Month
This act will help you avoid embarrassment in Nigeria. It will teach you how to spend responsibly, and based on priority.
To manage your bills, you need to make a list of all your utilities and rent, review the date for payment and mark it in your calendar. Meanwhile, set a date that you will be paying your bills or you can set automatic bill payment if the option is available. While monitoring it, try to be organized. Paying bills on time will help you know how much time you have left and you can budget, save, and spend according to what is available.
Procrastinating? Check this to pay your bills on time.
5. If You Want to Be Financially Free, Pay up Your Debt!
Paying your debt is very important when looking at personal money management tips. To clear debts, you need to organize your debts into categories like “urgent payments, moderately urgent payments, and important payments”. Try to avoid getting into debt more. Cut down your expenses gradually until your spending habits is a healthy one. Focus on paying your debts one category at a time until you have paid all your debts.
6. Avoid Impulse Purchases
An impulse purchase is mostly influenced by pricing and product displays. People buy products they do not need if it is on a discount or packaged well or on a limited offer and presentable. Money management tips important here is avoiding impulse purchase, you need to avoid temptation especially on goods that provide options of “Buy now, Pay later”.
Stop and ask yourself if you need what you are about to purchase and why? Try and create a shopping list and make a budget, stick to it. Remind yourself of your financial goals in the first place before you purchase anything.
Want to know more about impulse purchases? Check this out.
7. Let Your Money Work for You. Invest!
Before you commit your money to work for you, you need to know what kind of an investor you are, how much you are willing to risk, and what are your investment goals. Once you decide on whether you want to manage your money’s growth or set it and forget about it for a period of time. Then, you can begin your investment journey.
Investing a huge amount of money is not necessary. Small contributions to your investment account will help you earn more money aside from your income. However, find out about investment agencies in your community before you invest to avoid putting your money in investment scams like investments run by the likes of Amos Olaniyan. There are legit investments companies operating in Nigeria and this platform Wealth.ng, has put together investment companies in one place that you can choose from and pay in Naira.
Want to avoid scams in Nigeria? Here is how.
8. Start a Side Gig
Another personal money management tips, is finding the right side gig to pursue. First, you need to find an exciting niche market that you like. Then do thorough research to find out what other people in such a niche market are doing to earn other income.
Select your target customers and provide solutions for the diverse needs of people in their niche markets. Choose activities that complement your regular job for better results. The first advantage of side businesses is that they generate additional sources of income. Economic freedom can mean different things to different people, but one thing they have in common is reaching a level where you don’t have to worry about money.
Side hustle puts extra income in your account and helps you in paying bills when your income is not enough. If you have debts, you can use your side hustle earnings to pay them off. You can use your side hustle earnings to save or respond to emergencies. A side hustle income will also help increase your retirement savings.
Side gigs can also accumulate wealth. You can gain financial freedom more quickly by investing your income when you buy stocks, currencies, real estate, or other alternative investments.
Conclusion
Every personal money management tips begins with changing your habit. These changes might be easy or hard looking at the inflation rate in Nigeria. Once you are committed to these money management tips, they will help you in attaining your financial freedom. Above all, the foundation to personal money management tips is a great budget that you can stick to according to your lifestyle.
What are the ways you manage your money in Nigeria? Kindly leave your comments below. Share with your loved ones let us know how you manage money.
You could also check the 5 reliable money saving apps in Nigeria.
by Happiness Hassan | Sep 3, 2021 | Family & Parenting
Financial planning is a difficult task to achieve in most families. This is because the total net income of the family is not properly channelled in the right direction. Learning how to plan a family budget is crucial and influences the family standard of living—either low or high standard of living.
Unfortunately, the bigger the family the bigger the needs. In other words, as the children grow the family needs increase.
What Is a Family Budget?
Family Budget is an outline detailing how the family income is spent on various household items, necessities, and other important future expenditures—based on monthly earnings. However, budgeting involves planning concerning the useful and not the needless. It can be a weekly, monthly, or yearly budget.
Importance of Planning a Family Budget
1. Family Budget Controls Wasteful Spending
Creating a plan on how to spend your income helps minimize the rate at which you spend. In essence, it teaches you to spend on the more important things. It further controls how much is spent on each item—using money wisely.
Subsequently, you don’t buy things because you see them. Rather because you need it.
2. Planning Budget Teaches About Priority
Learning how to plan a family budget enables you to organize your priorities. What are priorities? These are activities that are important to you. Oftentimes, it can’t be ignored and influences all other activities in your life. Hence, you’re able to arrange the family needs based on those that are more important coming first on the list.
3. Budgeting Brings The Family Together
Planning how to utilize the family budget is a medium that brings the family together. It further helps you balance work and family together as a parent. Therefore, everyone in the family should be carried along and allowed to share their opinions on the needs of the family.
4. Planning Family Budget Prevents Financial Difficulties
To avoid going into debt, plan the incoming family income. Unfortunately, certain life events are unpredictable and can take one’s life off balance when not prepared.
Oftentimes, families can be seen struggling to pay for the sudden occurrence. In contrast, with a planned budget that can be averted.
How To Plan And Utilize A Family Budget
1. Know Your Net Income as You Begin Planning
To effectively achieve a balanced family budget you need to calculate the total amount of earnings coming into the family monthly. This could be from your full-time job or part-time job or an investment generating monthly earnings. This will guide you to make plans and goals which are within your capability.
2. Analyse Your Expenditures
Get a journal and pen down everything needed with the household likewise the cost for each item. Preferably an estimated cost to avoid diving into another budget plan to complete another.
This list varies from family to family. It includes the following but is not limited to food, fuel, shelter, education, medical aids, travelling, religious activities, entertainment, project, emergency, social ceremonies, and miscellaneous.
3. To Plan Your Family Budget, Regroup Your Expenditures
Subsequently, after analyzing your total expenditure, you need to regroup each budget under two categories.
Primary Needs: These are needs that are important and urgent. These are termed short-term goals. These sets of family needs must be given greater preference while budgeting.
Secondary Needs: These are needs that are also important but not urgent. The family can simply do without them for a long time. That’s why it’s termed a long-term goal. They are not needed at the moment although needed some time in the future.
4. Discuss With Family Concerning the Budget
How to plan a family budget requires making decisions that are favourable to everyone in the household. During such meetings begin by stating the family net income versus the total cost of the expenditure. Perhaps, it’s beyond the incoming income then there is a need to brainstorm together as a family. This involves cutting down the amount spent on certain items, giving more preference to primary needs, and economizing the available resources.
These steps teach children how to make their own decisions.
5. Inculcate the Habit of Discipline
Irrespective of how arranged your family budget plan may appear without discipline you won’t be able to actualize it. Therefore, you need to be disciplined to spend your income on the set plan.
Refuse to be diverted when enticing activities come up, tempting you to spend unnecessarily.
6. Accountability Helps in Utilizing a Set Family Budget Effectively
It’s Important to give an account after actualizing a set family budget for the previous month. This method guides you to rate your family performance. Evaluate how the income was used—for the specific need or something else.
If it was not well utilized then there is a need for readjustment in this current month.
Conclusion
If you fail to plan your family budget you plan to fail in terms of family finance. That’s why it’s crucial to learn how to plan a family budget to avoid going into debt when a sudden family need arises. Most importantly, always have a set aside saving plan—it’s wrong to use the whole family income for needs with saving any.
Therefore, don’t forget to share your thoughts on how to plan a family budget in the comments section below.
