January is renowned for being the dryest and probably hardest month of the year since december would have most likely encroached on your funds.
Thankfully, January and Valentine's is over now, and you can go back to flexing hard but just before you continue, we’ll share some money mistakes to avoid so your situation doesn’t result in “had I known”.
1. Not investing:
Yes, we know. You only live once and you can't come and kill yourself. But you don't have to die. Just invest at least 10% of your income, and you're good to go.
Make sure to research the best option for you though. You want to focus on two things: security and above-inflation interest rates.
2. Not budgeting:
Budgeting allows you to control your money as opposed to allowing it to control you. It helps you decide beforehand if that thing you've been eyeing and planning to pay for is worth it.
For example: do you really need a new phone?
3. Not having an emergency fund:
Ah. If you live in Nigeria, you don't have an emergency fund and you're not thinking of building one…there's problem.
But not to worry, we've got you. Start today by putting some money aside in a safe and interest-yielding platform - like SDTF.
4. Taking a loan you can't afford
Just. Don't. Do. It:
It can be tempting to take a loan when you have access to large cash especially when it's uncollateralized. However, it's bad for your financial health. Most people end up taking loans to repay loans and then life just becomes an unending cycle of debt.
5. Not tracking your expenses:
If you find yourself asking yourself "Where did all my money go??!" every 15th day of the month, it's most likely because you don't have a budget, and you're not tracking your spending.
To avoid this, there are many smart financial tools you can use. A good example is the finance management team of SDTF.
Tell: +2348090821875.
Email: sdtrustfund@gmail.com.
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