Earlier this week we put up a post on our Instagram page about 7 financial mantras we believe everyone should live by in 2020 & 2021. This post will further expatiate the steps we pointed out. Irrespective of your age and financial status, we believe these steps can be inculcated into your life to serve as a guide on your finances.
- Chop life no mean say chop all your money
We all know the popular saying “You only live once” and if you haven’t heard about it, it is mantra used to encourage the balling lifestyle. Everybody wants to “chop life, make life no chop me” but it is especially important to ensure there is a balance in how we live the bubbly lifestyle and how we manage our finances. Before you think about spending those coins, are your bills settled? Do you have money put away for emergencies? Don’t chop life one day and soak garri the next. Not a smart move. Trust me.
Budget. Budget. Budget. I feel like everyone is already aware they need to work up a weekly or monthly budget (or any duration really, depending on preference), but we will all agree it is one thing to draw up a budget and another thing to follow it through. One minute it is “I won’t spend more than 10,000 this week” and next minute you’re wondering why you’re breathing, and money is leaving your account. Build the habit of sticking to your budget. Sure, there may be defaults from time to time but ensure it is kept to a minimum. It is also important to note that your budget should be realistic depending on your needs and expenses.
- Prioritise savings and investment
Yes. We said what we said. Prioritize saving and investing your money. Heard of the 50-30-20 budget rule? Well, the rule says 50% percent of your income should go to your needs, 30% to your wants, and 20% should be saved or/and invested. It doesn’t matter how little the 20% is, that little amount accrued over time is important and Digikolo is designed to help you do just that. With Digikolo you can set up multiple savings targeted account, lock funds for a period of time purchase or just save all the same because any day can be a rainy day and, in this life, ahhh, rain dey fall.
- Don’t be ashamed to say you can’t afford it
And that’s on period. Nobody will beat you. Say you cannot afford it with your chest and if your people really have your best interest at heart, they won’t push.
- Have more than one source of income
Pleaseeeee, this is important in case anything happens to your major source of income, so you can have something to fall back on. In the case where you do not see yourself starting any side business, you can make your money work for you by investing, purchasing assets, or buying shares and stocks.
- Live within your means
I don’t believe I have to say this twice. You know your means, live within it.
- You are your biggest investment, act accordingly
Have you looked at yourself in the mirror? You are exactly the asset you think you are, now act accordingly. Invest in making yourself better daily. It may be investing in a new skill, a degree, anything. Just remember you are premium and that’s final.
These are just a few of an almost endless list of financial mantras you should “tight to your chest” to prevent had I known because now you know. Would you like to share some other healthy financial habits with us, please share them in the comment section below.