Welcome to the new year! Don't you just love how fresh the year feels? Like shiny mint naira notes.
Most people love the concept of a "new year" because it feels like a new life, like another chance to do all the things you couldn't do the previous year, to achieve the goals that you couldn't before.
The beginning of the year often comes with resolutions and lifestyle changes, hence the common phrase "new year, new me". Plans to live better, make more money, exercise more, etc are usually made. In order to help you with your new financial resolutions, we would like to welcome you into the new year by telling you 3 ways to increase your financial stability. You're welcome!
- Save 20% Of Your Earnings
One fantastic way to enhance your financial stability and to make sure nothing catches you financially unfresh, is to save for emergencies. Saving at least 20% of your earnings (the percentage depends on how much you earn), would afford you a bit of wiggle room in case of emergencies. For instance, if you have a health emergency (God forbid) which would cost you 500k to solve, having at least 300k saved would give you a bit of room to breathe.
- Make A Budget (and stick to it)
I know I probably sound like a broken record by now, but budgeting IS the Queen. Making a financial plan or budget monthly would curtail how much you spend money and help you on your journey to financial discipline and stability.
Contrary to what you might think, budgeting doesn't suck the fun out of spending money. Rather, what it truly does is show you how to use your money. It gives you a detailed understanding of what you can afford to spend your money on and your financial limitations, preventing you from overspending and entering into debt (something a lot of us struggle with). If you don't know how to make a financial budget, never fear, I will publish a detailed post on it next, so stay in touch!
- Invest!
There are 2 ways to increase your financial stability. Earn more, or invest smartly. In the current economic climate, it might be a bit hard to increase your earnings, but there are amazing investment opportunities out there. Mutual funds, treasury bills, stocks and yes, agriculture.
Farmsby , a Nigerian Agro investment platform offers up to 50% returns on standard investments and 75% returns on joint ventures. Cool right?!
With as low as 5000 naira, you get to invest in the Nigerian agricultural industry, which would help the farmers, and get back cool returns which would help you. It's basically a win-win situation. Check us out at farmsby.com to learn more about this amazing opportunity.
Remember, it's not about how much you earn, but how you manage it. You can earn millions monthly and still find yourself broke with zero back up funds as a result of financial indiscipline. Let's not be that person this year. After all, new year, new and better you, am I right?
If you have any questions or topics you would like me to cover, please do so in the comment section. I'm rooting for you!
