Bettering your financial status is definitely one of the resolutions you made for the new year. We at INFORMATION NIGERIA know how important this resolutions, so we got you covered on how to make the resolution a reality. Check out five of the best ways you can make a progress with your money in 2016…
Write down specific goals: If improving your finance is one thing you want to achieve this year, then writing it down is one way to start with making that happen. According to studies, you are 49% more likely to achieve a goal when you write it down.
Get a realistic budget: when making a budget, make sure it is something you can stick with, not some almost impossible one that you can not maintain. There is this method known as “one number strategy”. What is means is that after your monthly take-home pay, subtract your fixed expenses (think rent, cable bills, etc.), your financial goals (debt payments, retirement contributions), and your non-monthly expenses (like holiday gifts or insurance premiums). Whatever is left is yours to spend on everything else. Divide by four and you’ll have a weekly spending target.
Set aside a separate account: If you set a separate account for your savings, it would make it easier for you to track your progress, while also encourage you to save more.
Use bonus wisely: Some people are lucky to get bonuses in the form of allowances from their offices and have formed a bad habit of spending these bonuses recklessly. After all it is just what it is, a bonus therefore you can squander it but imagine saving a percentage of your bonus, you will be amazed at what it amounts to at the end of the year.
Don’t do it alone: If you have a trusted friend, colleague or spouse then you could enlist their support in helping you to hold you accountable so you don’t jump into your saving.
You have them guys, save more and spend less this year!!!
#fact