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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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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omo! How possible is it to save with the rising prices of goods and services ? 😫
You should try spending less than you earn and save a certain amount of your earnings. Let’s say you have one thousand Naira. Make sure you save a hundred Naira. That way, you won’t feel the impact if you were to save half of it. it will be difficult keeping up with that but with little and also consistently, you could save even with the rising costs.
The tips outlined in this article are helpful in attaining financial freedom. However, I was wondering, how do I prevent financial crises when important unpredictable events shows up requiring lots of money, thereby cutting into my savings, like health challenges? After I have already balanced my income and spending, as well as investing for that month.
When setting up a savings account, you must set up a different account as your emergency funds. This way you can always fall back to it when the needs arise and you wouldn’t take from your savings or investment dividends. Some apps allow you to do so like Cowrywise. As I have stated earlier, it’s what I use, and it hasn’t failed me once. But if you are financially disciplined, you can use a normal bank or a safe box to keep your emergency funds. All you have to do is plan it, know your expenses and your income, then you will calculate how much you should keep in your emergency account on a monthly or weekly basis. If you earn 30 000 Naira (minimum wage for most Nigerians) and your monthly expense is 20 000 Naira. It is required that you save either 1 500 Naira every week for 67 weeks to have 100 000 Naira in your emergency fund or 750 Naira weekly for 134 weeks to save 100 000 Naira. if you prefer monthly savings, then it will be 6 000 Naira every month for 17 months to save 100 000 or 3 000 Naira for 34 months to save 100 000 Naira. This will help you from spending your savings.