It’s very likely that increasing your finances is one of
your top goals for 2021. We very often cannot wait to, “blow” financially,
however, it takes more than just wishing to increase one’s finances to actually
cause any change.
This is because most times, we desire to climb up the
financial ladder in our different lives, but as the popular saying goes, “it’s
better said than done.” And this is true when it comes to making financial
goals — the right moves to accompany our desires for financial increase.
So what are the right moves for a brighter financial future?
The answer is simple; creating smart financial habits and following them
diligently.
While it will take a lot of discipline to follow through with these smart financial habits, it definitely pays to follow them through.
Start Saving and
Investing
There’s nothing to feel ashamed of should your finances be a
mess. The most important factor when it comes to financial improvement is
knowing where one is financially, and where one is headed to.
It’s okay if you’ve never saved before if you’ve made wrong
investment decisions in the past or whatever financial mistakes you may have
made. Let your past financial mistakes go, make a fresh financial plan for your
future, work towards your financial plans, and follow-through.
Savings may seem like a simple habit, but it’s a discipline
that’s not so easy to adopt.
Stop Redundant
Spending
A lot of times, you might be spending redundantly. This
means spending on unnecessary things. For instance, spending on subscribing to
your Netflix, Iroko TV account and Cable (DSTV, GoTV etc) when you’ll hardly
watch cable is redundant spending.
Keeping track of your spending is an excellent way to curb
redundant spending as financial records show where exactly your money is going.
By combing through your financial records, you can tell which spending is
unnecessary or can be substituted for something else.
Read Financial Books
& Take Financial Literacy Courses
There are tons of great financial literacy books and courses
available for consumption. Books like Rich Dad, Poor Dad, and financial courses
like Money Africa Courses are readily available for reasonable prices.
Research the most-appropriate financial books and courses
depending on your financial goals and purchase them. Most times, these
financial resources will require that you practice what has been learned. Do
well to follow through.
Track Your Spending
In one of the earlier mentioned points, we have demonstrated
the importance of keeping track of one’s finances. Its importance cannot be
underestimated as financial tracks will help put in front of a person, their
total income, how much they spend, what exactly they’re spending on, how much
saved or invested, as well as bills which have to be made periodically.
Financial obligations such as repaying debts can also be
included in a person’s financial record.
The major pro of a financial record is to know plainly, the
state of one’s finances.
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