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Sunday, 18 September 2016

Tips to Become Financially Stable in Six Months

What Is Financial Stability and How to Achieve It
Financial stability simply means spending less amount of money than you earn. The first thing to do in order to become financially stable is to learn how to control your spending there after, you can make plans to save and get out of debt. Remember, it is easy and takes less time to accumulate debt but take far longer time to get out of debt.

Be patient, diligent and consistent. Within the space of six months, you could be well on the high way to financial stability and easy money, easy spending.

We will be discussing steps to take to become financially stable and in order to do this, we will be taking each step part by part per week. We strongly advice you to bookmark this page, like us, follow us and share with friends and families. Sit well, take a glass of juice and enjoy your way to financial stability.

PART 1: Live within Your Financial Means
1  Make a Budget. Making a budget requires taking an honest look at your spending compared to your earnings. Creating a realistic budget is an important first step, if your goal is to manage your monthly expenses so that you can become financially stable.

  • List out all your bills, including feeding, house rent, transport fare, school fees, utility bills. Also include loan payment, students loan, car loan e.t.c
  • List out every single total monthly income available to you. This should include, salaries, allowances, stocks dividends, inheritance, gifts, interest, business (income if any) e.t.c
  • If you are paid hourly, daily or per job done, keep records of your earnings for a few weeks and then calculate the average. This will help you in creating your budget.
  • From all your INCOME subtract your EXPENSES, this will give you insight to your spending. If you are spending more than you are earning, you may need to look into your expenses and check out the difference between WANT and NEED (prioritize your expenses).
  • Try to significantly reduce your spending, by doing that you will be left with more money by the end of the month, which can be used for investment, savings, paying debts or to build emergency fund.

2  Reduce Transport Expenses. According to Unified Nigeria research, the average yearly cost to own and operate a car  is $5,500 per year. These figure includes, fuel, maintenance, car payment and insurance operation. Keep some of this money back to yourself by selling your car and using public transport. If you really need to get somewhere fast and stress-free, use a rideshare service like Gomyway or if you really do not want to sell your car, share a fun filled ride with people on Gomyway and get paid to reduce cost.

3  Minimize Your Utility Bills. Reduce utility bills by using energy efficient bulbs, do not over run your tap, always put off the lights, television, air condition and other energy consuming electrical appliances. Reduce communication bills by consuming less data bundle, recharging less phone unit and by using VOIP such as Skype, google hangout, whatsapp e.t.c

4 Cut down Spending on Entertainment. Most people see this as the obvious first place to start cutting down expenses because it is very easy to cut down entertainment expenses with out negatively affecting your lifestyle. Reduce cable bills such as DSTV,GOTV and cancel your gym or sport membership by replacing these forms of entertainment with less expensive ones such as hiking, running, biking, borrowing books and movies from the library and friends, visiting nearby friends and attending occasions.

5 Save Money on Meal. It is pretty expensive eating out than cooking at home. Make a meal plan and cook your meals at home, this will save you some money on eating out. You can also package left overs for the next day. Also, purchase non-perishable food items in bulk and think of starting your own garden to get personal steady supply of vegetables at little or no cost.

6 Start an Emergency Fund (Investment/ savings program). Emergency fund as the name sounds is the kind of fund saved up for the purpose of unforeseen emergencies such as illness, injury, major home or car repair or even loss of job.
Your emergency fund should be kept separate in an investment account where it will yield more interest.
  • Your emergency fund account should be different from your regular account so as to avoid temptation.
  • Compare interest rate at different banks, your local bank may offer as low as 0.25% interest on a savings account. But we strongly advise a good online savings investment will be better as they offer much higher interest rate.

For such online investment programs, contact us on 08036208942 by phone call or whatsapp chat or email us on or wait for our next post by mid-week. Have a great week ahead.

Make it a date next week Sunday for PART 2: Getting Out of Bad Debt 
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