If you think your pay cheque is too small, I know someone that built a multi-million naira business by pushing wheel barrows in the market.
This year, take your finances to the next level with this month-by-month plan to revitalize your finances. Follow this plan, and you’ll improve your finances and be in a better place by October. With a little planning and effort, these 6 financial goals can help make 2018 a success.
March:
Make March the month to begin your journey towards financial freedom. Becoming financially free starts with making a personal decision to be disciplined with your finances.
April: Audit your spending
This is an effective approach to budgeting. Rather than setting aside a certain amount to spend on eating out or buying clothes, audit your monthly bills. The idea is to go through every one of your monthly bills (e.g. rent or mortgage, cable, Internet, cell phone, Transportation etc.) and ask these questions about each one of them:
1. Do I really need this service/product at all (e.g., a new phone? a second car?);
2. If I do need it, can I get it for less?
This approach can save you thousands of naira a month, and without changing your lifestyle at all.
July: Rethink insurance
Insurance is a necessary evil. While we wish we could forego the premiums, insurance plays an important part in protecting us from the unexpected. If you are currently not under any insurance cover, not to worry, you can get insurance services at our branches. Walk into any Union Bank branch and request to speak with an agent.
August: Save for emergencies
This is the first step towards financial freedom. It’s a great feeling to know you’re not living paycheque to paycheque, and that begins with an emergency fund in an interest savings account that covers at least one month of expenses. You can achieve this with our Target savings products.
September: Start tracking your net worth
It’s not how much money you make that matters. It’s how much you keep. In fact, these days we see a lot of people living on fat salaries and huge bonuses, but end up spending everything they make. Sure they make a lot of money, but their net worth is abysmal. So start tracking your net worth and focus on how you can increase it over time. It should be the measure of your financial independence, not how much you make.
October: Save for your child’s education
If you haven’t started already, it’s never too late. Ok, it is too late if your kids are grown. But for everybody else, funding a UnionKiddies account is a great way to save for your child’s education. If you haven’t started one, now is the time. And if you do have one, make sure you fund it frequently.
