Making Finances Work for You

It’s 5.30am. You get up groggy-eyed, mouth tasting of your body waste . There has to be a fundamental reason why you have decided not to stay in bed and sleep your life away.  I hope you regularly ask yourself this question each time you withdraw cash from your salary, income or profit to spend. The reason why you leave the comfort of your bed each morning is to fortify you against poverty; you know that if you don’t work you might find yourself without a bed sleeping under the bridge with the poor and homeless.

The average age for starting work and earning a real salary is probably between 25 and 30years for a woman. From that income, you may have to fend for. Even after getting married you may still be saddled with the responsibility of taking care of them, if you don’t have financially buoyant parents or relatives.

Definitely you are thinking of getting your own car. Probably a portion is also going towards preparation of one professional exam or the other.  Out of your income, you must also look good. However, there is more to it; your salary income or profit must work for you, not just you working for it.

This is not about the Beijing Conference your goal should be to be financially independent. Financial independence is important if you are to earn the respect of your significant other. I wouldn’t advise you go into a relationship if your significant other is threatened by your financial ambition. His insecurities will consume you and probably leave you as a 50 year old financial failure.

Don’t go on a spending spree please. What if you lose the job within a year of employment? Ensure you save a large chunk of your salary every month. After you have a full year salary saved you can cautiously do what you want but with a financial plan in place.

The financial plan is your budget, stick to it. If the Aso– ebi is purple, and you already have a nice purple attire already in your wardrobe, I suggest that you use the one you have.  I hope you know that money is like a spirit; it appears and disappears? So if those “big girls” bring suitcases of clothes to your office to sell learn how to say no. They are not the reason why you toil at work each day. And I am sure once the designer dress is worn, it loses its appeal. Create your own style you don’t have to be a fashionista or compete with the latest trends.

Avoid those consumer loans with interest rates of 27% unless they are absolutely necessary. When I mean absolutely necessary I mean life and death. The money disbursed is sweet but the interest is slow poison.

Invest; look for financial instruments or some other business as alternative sources of no matter how small. It could be rent; it could be a vehicle you have decided to use for transportation. You could be a distributor of some of the new products coming out. It’s tough but there are so many things out there. You can invest time in entrepreneurial seminars. Another source of income is a must; do your research. That additional income is probably what will support you when you retire.

Imagine yourself living to 80years. What will you live on? Each financial decision should be based on that question.

Iyabo Fahm

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