It is that time of the year again when millions of people take stock of the outgoing year and more importantly, peep into the New Year.
A big part of looking ahead and making projections for the New Year is making a New Year’s resolution. Millions of people including Nigerians make these resolutions in the hope of sparking a positive change in their lives.
Whether you are looking to get healthier, get a promotion at work or acquire new skills, the start of the New Year is a perfect time to start afresh. However, making the plans is the easiest part, but staying true to these resolutions is where most people fall short.
Nevertheless, it is still important to try to bring about positive changes to one’s life through a change in attitude or break from the vicious cycle of financial recklessness. Here are some tips to help you reach your financial goals in the coming year.
Save more
You must have heard about savings. But as simple as it seems, most people have trouble saving for the rainy day. Saving is as old as time and it has been used for ages. You may want to consider taking your savings more seriously if you are looking for some financial freedom in the New Year.
Set a personal budget
Budgeting is an important part of financial planning which ultimately leads to financial freedom if well executed. With a budget you won’t be straying beyond your financial capability or spending more than you need to either on goods or services. Budget will guide you on how to spend your money and make the most of it.
Another angle to budgeting is that you have to stick to your budget. Once the funding for a particular project or venture is exhausted, you don’t have to turn to money from other sources. For example, if you like to bet online once you have reached your budgetary limit, you have to stop!
Better still, you can use bookmaker bonuses itemized on this bonus collation site, Betting Bonus Nigeria instead of using your hard earned money for online gaming. That way you may not even need to eat into your budget.
Find cheap alternatives
We all have items we love to buy. It is normal! But if you are trying to improve your finances, you can reduce spending on your favourite items by scouring the market for cheaper but equally good alternatives. This will go a long way in helping you save some extra money on some of the things you like to enjoy.
Start a side hustle
In today’s world, having a single source of income is hardly enough to take care of one’s financial needs. More so in Nigeria where there is a high rate of inflation. It won’t be a bad idea if you start a side hustle to complement your income. There are many side hustles you can take up without having to worry about how it will impact your day job.
You just have to look for one that suits you very well.
Pay down debts
No one wants to incur debts, but sometimes the vagaries of life cause the need to borrow from family and friends or take out a loan. As it is widely known, debts are costly and not servicing it as at when due could rack up the interest on the loan. So, paying back your loan on time helps you avoid spending unnecessarily on interests. That way you do not get plunged into more debts.
