Keep a record of all your expenses:
This works for me personally, it helps in creating my budget cause I know where most of my money is spent. Do you ever have those moments where you had a lot of money today but the next day, it’s like poof, all gone. You can avoid that by keeping a record. Thank me later.
“Budget your expenses that you’d have enough to pay for your necessities, take bae out, feel alright without spending more than you’ve budgeted and you’d still have 20% to save”
A step above saving
Saving is the first step, the question here is what do you do with your savings. Let me tell you my story. I had a very terrible saving habit, I wouldn’t save shii and I was broke then I met my friend Martin, Ibo boy that would save at least 25% of his income and every Nigerian would agree that NYSC Allawee is not enough to sustain someone especially when you’re alone. But Martin would still save, so I decided to start saving about 15% of my allawee even tho it wasn’t enough, and guess what, I didn’t die. I survived. I did that for almost a year and at the end of my service year I had a good sum in savings. But…….I made a mistake, I didn’t take a step further , I spent my savings on earthly desires, don’t judge me.
Moral of the story.
Let your savings turn to a profitable investment that will yield more money.
There are several investment avenues, you could invest in yourself by buying relevant knowledge, or in a business etc
You don’t wanna lose your money with MMM and the like that promise quick returns, you may not be lucky so just stick to what pays. Your friends could be earning from it, but you don’t want something that will come and scoop your savings off of you. So be careful where you put your money.
Also be careful for internet fraud and the likes. Don’t claim smartness “I know what I’m doing”. Can I shock you? You don’t know what you’re doing. They’ll scam you and you’d appreciate them for it, if you think I’m lying listen to the news.
And most importantly, be careful of those friends that want to borrow money, it’s when you have money that their need becomes very urgent. My personal rule is, “I don’t borrow out money I can’t give out”
Like my sister would say to those borrowing money for their wife’s delivery ” you had 9 months to prepare for her delivery, and you failed. How do you expect me to pass in a few days ” be careful my friend, you don’t wanna lose your money.
Always secure the advice of those experienced in the profitable handling of money.
today’s challenge: Call a friend and start asking plenty questions