10 Personal Financial Tips You Need This 2020

People haven’t recovered from Detty December, especially as the first salary of the year hasn’t been paid. I thought I got my January 2020 covered, but looking at my bank statement, I’m not sure anymore.

Personally, I was proud of what I did with my finance in 2019. 2020, I hope to do more. The tips I’m about to share have been helpful and I hope to continue on track. I think you should join me.

These tips will help you with your finances in 2020.

1. Document Your Finance

A document may seem like a big word, but it is what it is. Write down every kobo you earn and spend. If you are old fashioned like me get a book. If you are an app person, get an app that can help you track your finance. Write down your monthly income, and your expenditure. Income here should include salary from your full job and your side hustle. In listing your expenditure, things like recharge card should be included.

2. Set Financial Goals

Have you set your 2020 financial goals already? If you haven’t, now is the time. January may be about to end, but you still have 11 months to go. Your financial goals are just as important as your career goals, especially if you plan to slay your financial year in 2020. You should have your short term goal and your long term goals. I picked up a side hustle last year after I realised that I won’t meet my 2020 goals without getting extra money. Your financial goals give you perspective.

3. Make Budgets

I hate making budgets, I’m sure you do. But I hate being an adult too, but here we are. As I try to figure this adulting thing, I try to figure my financial life too. I don’t like making budgets, but I do make budgets anyway. I’d suggest that if you earn money weekly, your budget should be weekly. If you get paid monthly, make monthly budgets too. Budgets will help you get a better perspective of where your money is going. When you write your budget, start with the basic needs – accommodation, feeding, transportation to and fro work, and other avoidable expenses should come last. Nothing is too small to be in your budget.

4. Save

When I write my budget, I always include the amount to be saved. If at the end of the month and I did not spend everything on my budget, the balance goes to saving. I can’t begin to narrate the importance of saving at this point, cos I can’t exhaust that, no matter how I try.

5. Invest

While you try to save, try to invest too. While the money you save may not get you so much profit, the investment would get you more profits. It doesn’t have to be a huge amount to invest. Thankfully, the Money Market Investment doesn’t take so much to start. Then you can save with Wealth and get paid interest. I don’t know what you are waiting for.

READ ALSO: CASHLESS POLICY?: New Bank Charges For ATM, Transfers Announced By CBN

6. Avoid Loans and Credits

As much as possible, do not take loans. I would have said never ever ever. But life keeps happening and reasons for which one should borrow keeps popping up. But before you take the loan, know all the details – interest rates, duration and all. Then have a workable payment plan. You may want to write the payment plan down so that you can easily access it.

7. Invest In Your Self

Read! Read!! Read!!! Read about personal finance. You don’t need a degree in accounting or economics to figure your personal finance. A lot has been written on this subject. All that is required of you is to be willing to read and learn. If you find books boring, go to social media and follow the right people. There are lots of influencers writing on personal finance daily.

8. Discuss Your Finance

One of the things I learnt as an adult is that people are secretive about their finances. But I’m lucky to have friends with whom I can discuss my finance. The side hustle I mentioned earlier was a friend’s advice. Imagine I didn’t talk about my 2020 financial projections with him. Find trusted friends, talk about your finances, it helps for accountability. They’d tell you when you start spending a little too much.

9. Be Content

You deserve more, yes. You should totally go for more. But you have to learn to appreciate what you have at the moment. You have to be grateful for it. If you don’t value what you have now, you won’t value what you have in the future. Because you won’t know the value. Count your blessings and your present financial situation should be one of them.

10. If You Let People, They’d Spend Your Money

Without guilt, they’d spend every dime of it. You have to look out for yourself. Don’t allow yourself to feel guilty if you can’t afford that asoebi. It’s 2020, and there should be other ways to support your friends’ events without having to break the bank on top asoebi. If your friend doesn’t understand that you don’t have enough money for the hangout and let you be, you don’t have any business being friends.

I don’t know about you, but in 2020, I’m doing better with my finances, you too should.

Follow Us On Facebook