Finance tips for Nigerian women apply to all types of women in Nigeria, irrespective of the age, tribe, heritage, class or financial background/status.
Most times, women are unable to reach set financial goals because even when they are able to save up some money, something unexpected happens.
Therefore, they end up spending their savings. Women are human too, so it’s prone to happen. In order to cope with such, highlighted below are 5 finance tips for every Nigerian woman.
Add up all of your debts and pay up
Adding all your debts into a round figure makes it way simpler to manage the debts. As a woman, we tend to purchase some things without making immediate payments. These purchases may eventually pile up as debts. At the end of every month, it’s advisable to add up all your debts and pay them accordingly. This allows you to know the expenses spent on debts thereby curbing your excessive spending habits.
In order to avoid having towers of debts, try to minimize what you buy. No matter how tempting, don’t buy! Also stop the habit of spending more than what you gain especially on items like clothing. This serves as one of the major essential finance tips for you on how to spend and save wisely.
Financially free people spend according to their earnings or even lower in order to become debt-free and remain debt-free.
Identify where all your money goes
You need to know the amount of money coming in and going out. This helps you spend less and save more. Create a budget; this helps you achieve all your financial goals by prioritizing your spending. A budget tracks all spending and enables you to make good financial decisions. You will know what to buy and what not to buy.
Keeping a record of the amount you spend and on what you spend, gets you the best value for money. This is so, because you already know how much everything you purchase costs.
In addition, take a look through your bank statements to see how much goes out every month. Though this applies to those that make payments through debit cards and money transfers via mobile banking apps.
Determine if you make enough money
You have to know the amount of money you make in order to move forward financially. Your income determines your outcome. You can’t be earning 100,000 naira monthly and be spending more than 150,000 naira. Your spending should never ever be more than your income. That is very unwise.
As a Nigerian woman, knowing if you make enough money determines your way of life and living. Your feeding, rent, and the types of clothes you wear are all determined by the amount of money you make.
This also disciplines you on the way you spend, thus encouraging you to adopt the act of spending less and saving more.
Identify your bad money attitudes and habits
Bad money attitudes and habits all points to pointless and excessive spending. Women are prone to have the bad money habit of impulsive spending on clothing. Though we all want comfortability in style, that does not mean one should spend unnecessarily. We can easily use the resources we have to achieve such.
As a woman, you need to know the difference between your wants and your needs. Needs include foodstuffs, transport and housing. While wants include shopping, eating out, hangouts, entertainment, etc. Focus more on your needs so as to avoid spending unwisely.
Secure your financial future by investing wisely. Investment is a form of saving and it includes your financial goals and retirement. By investing, you could buy shares, stocks and even trade in cryptocurrency.
Investing your money is one of the most important finance tips and it gets you closer to your financial goals. Furthermore, through investments, you won’t have to worry about your financial security in future. Investments also take care of your retirement; for example, you buy shares in your 30s, overtime, those shares will appreciate and eventually in your retirement stage, you get to enjoy what you sowed.