Financial Tips from our Community Members

Here are some financial tips from our community members that will help you in financial budgeting and planning. 

 

Tip 1: Never spend first and plan later. Planning should always come first, before spending, if not you might spend all your money and realize that it never catered to the things that were priorities - Eunice

 Tip 2: Treat savings like a non-negotiable expense. Set a portion of your income aside as soon as you get it and that helps reduce the temptation for impulse buying - Kofoworola

 

 Tip 3: Another major principle to set concerning your finances is the attitude to be consistent with how you have structured it to be, regardless of anything. One helpful tip is to have percentage or portion given to everything that you use money for and don't pass that percentage. Then you can have multiple accounts to help you to be more disciplined. And have an account you don't have access to for your savings that is not for raining days only for investments that will yield you more profit (e.g. Land) Most importantly learn to be consistent - Betty

 Tip 4: Don't spend money on impulse. Place priorities and practice delayed gratification - Toke 

 Tip 5: You can practice the “24-Hour Rule”. Before making any non-essential purchase try to wait at least 24 hours. This is another technique that helps you curb impulse buying because it gives you time to consider whether the purchase is really necessary and should be accommodated within your budget - Oyindamola 

 Tip 6: At the beginning of the month, designate a specific amount you have to expend, so if an impromptu  expenses comes up without lengthy notice you just pass, not minding what people might say, as long as it's not so important - Monilola