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5 Tips For Financial Success To Wade Through Tough Times

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They say that if you took all of the wealth in the world and spread it evenly among all the people, within 50 years 82% of the people would be in the same economic position as they are today. This is because wealth is behavior-based and less dependent on outside factors than you may realize.

Times are tough financially for most people. That’s no news. What’s important is learning how to thrive instead of just learning to survive. Use this tough market as a wake-up call and condition yourself to take steps to adapt the behaviors necessary to truly build wealth for you and your family.

Recognize that thriving assumes surviving. Survival in these tough times is critical, but it’s not enough to just stop there. By focusing on thriving, survival is assured. You’ve got nothing to lose by living with an optimistic, great outlook. Here are a few good tips:

Invest In Yourself.

Take the time needed to acquire knowledge for your own financial success. Most people always assume that a stockbroker or investment banker knows what is right for you. This thinking is wrong. No one will ever watch your family’s money more carefully than you will.

Do your homework: it might not be what you would expect but you will be better off with the information and knowledge you gain.

Cut Back.

I know this is obvious but many people still don’t adhere to this all-important financial rule. You will never get out of trouble if you spend more than you make and refuse to do something about it. This include staying away from friends or relationships that make you spend more money!

A simple ‘No’ does not need explanation, it’s your journey and you have to live up to your own expectation.

Bring In More Bacon.

While you’re trying to be frugal, you should put more energy into having more streams of income. Look around your home, what can you turn into money? If you have a spare room, you can turn list your space on www.airbnb.com with rental fee from $20/night.

You can also turn your spare room into a weekend day care or nursery for kids. I remember when I was nursing my twins, I needed to make more money as a SAHM (stay at home mum), I opted to babysit other kids on weekends with my twins in tow. I set a flat fee of #1,500/child between the hours of 9 AM to 5 PM.

Save.

It takes 30 days to form a habit. No matter how little you might be making now, cultivate the habit of saving daily or monthly. It’s just a habit you develop and build overtime.

Start little so you don’t stall your progress, give margin for relapse but be sure to get back up. In due time it becomes a part of you. Just a few months back, I and a group of friends decided to save daily, no matter the amount.

While surfing the net, I came across www.piggybank.ng and was thrilled to find a savings platform that is really flexible. I quickly signed up, chose the monthly plan and recommended to my friends as well.

Stay Motivated.

Motivation is like bathing, you need it everyday. No matter what you do, don’t give in to fear, worry or distress. Focus on things that give you fulfillment. Develop your passion, connect with your true self and enjoy your journey. Life is too short, you’re not getting out alive, thrive and don’t just survive.

This article originally appeared on Piggybank.ng. Please follow them on Facebook , Twitter , and Instagram.

Personal Finance

VIDEO: 5 Money Rules You Can Totally Ignore!

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Unlike the baby boomers, young adults today are straddling massive financial pressure – be it heavy student loans or home prices reaching unaffordable highs. While all of this welcomes plenty of financial advice, most of them are wrong. Here are five pieces of money rules you can afford to ignore.

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Personal Finance

3 Simple Ways To Save Money Faster

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Would you be interested if we told you that there are efficient tricks to saving money? Well, it’s true; there are a few tricks that can be used to save money, even when it doesn’t feel like you have any money to save.

The present state of the economy is a loud wake-up call for you to tighten your belts, cut back on unnecessary expenses, and save more.

Though there’s nothing wrong with only spending when you can afford it, don’t backslide and disregard your long-term financial goals.

1. Automating Your Savings

Think about what it would feel like if:

  • You woke up everyday knowing that your money is automatically going where it was supposed to.
  • You spend less time managing your finances but still dominating it.
  • You can easily pay your bills/debt and watch your savings/interest grow.

We could go on and on, but the trick here is that automating your finances helps to remove all irrational human behavior that can get in the way of accomplishing your savings goal.

2. Move Any Unspent Money To Your Savings

The whole point of budgeting is to avoid living from salary to salary.

You need to have an understanding of how much you can survive on, monthly or weekly, try to cut your expenses, stick to it and hopefully have something extra at the end.

Any extra income you have before your payday should be moved to your savings account. Then, you start another cycle of budgeting.

It might sound boring but this trick not only shows how better you are at budgeting (having extra unspent income before payday) but it better motivates you to keep the numbers increasing and cutting your expenses.

Remember: Whether you choose to budget or not, at least find out how much you’re gaining or losing every month — Save the gain.

3. Zero Your Money Out Every Evening

This might sound really elementary but it works and it’s pretty easy. You have to make a decision to zero out your unspent money every evening.

So let’s assume after a days’ work, you end your account balance with:

₦51, 600 available on your bank account.

What you should do:

Deduct the last three or four digits from each number to get a zero at the end.

For example:

N51,600 — N1,600 = 50,000 — → N1600 goes to your savings account!

As simple as this trick might be, it helps you to actually control your spending and save. Give it a try.

What are the tricks that make saving easy for you?

Let’s know your answers in the comment section below.

Have a great week!

This article originally appeared on Piggybank.ng. Follow them on Facebook , Twitter , and Instagram

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Personal Finance

Shopping For Homes? 5 Low Down Payment Options You Need To Consider

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Home prices are hitting new highs so lots of folks are looking to snag an affordable home before it’s too late.

Here’s where a variety of low down payment options come in handy. But beware! They could come with a high price tag in terms of interests rates. Here are five you need to know.

(Here’s a comprehensive list by state.)

1. New American Funding

One of the features the lender offers is the flexibility for payment depending on the life of the mortgage. The buyer may also qualify for reduced rates, and down payments could go as low as 3%.

2. Chase

The Chase DreaMaker plan offers buyers the option to fund their entire down payment from any external sources – be it grants or gifts. It also provides low down payment – touching nearly 3%, and reduced insurance rates.

3. NACA

The Neighborhood Assistance Corporation of America runs through each request to determine the rates and down payment amount. What’s more, they don’t change any additional fees and your credit score is not tied to your interest rate.

4. Flagstar

Their Professional Loan plan is targeted specifically at buyers who have the potential for income growth over time. They have the option to provide almost zero down payment if you have a credit score of over 720.

5. Bank of America

Their Affordable Loan Solution plan is mainly focused on first-time home-buyers and comes packed with down payment assistance across each state. [FORBES]

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