"Where did all my money go?" Unfortunately, that line has become a monthly mantra for some. They just can't explain the technology behind their money developing wings.
Then there are the big boys. These, their song is "Sapa Sapa no fit catch me...." They have something "hoooge", and the only problem now is how to spend it.
Which group do you belong to? Both groups have a common problem: how to get the best value for their money.
Before you start accusing your "Village people" (who are innocent, by the way) of tampering with your finances and trying to inflict poverty on you, here are four ways to make the most of your money.
Create a practical budget plan
A practical budget plan helps you to plan what you spend according to their order of preference. Having a budget of #100,000 on a monthly income of #60,000 is utopian.
You may have other unwritten sources of income like your family, friends and partners. But it is wrong to depend entirely on them while drafting a budget. Work with what you earn.
Be careful not to make the budget outrageous. If you can draft a practical budget and strictly follow through with it, you are on your way to financial freedom.
Have an emergency fund
You don't need to bind and cast every spirit of emergency.
Who said emergencies could only be negative? Some of them may be in your favour. Assuming your uncle who promised but failed to give you a job after National Youth Service Corps(NYSC) finally sent you something from the US and you need money to claim it and get it running. This is where your emergency funds come to play.
You do not have to empty yourself whenever an emergency arises. Keep some percentage monthly to that effect.
Make smart money moves
One of the tested ways to get more value from your money is to invest and save a portion. Stop asking to be counted out of savings and investments because you earn little.
First, let's debunk this myth. You don't need to earn millions before you can save or invest. It's not exclusively reserved for high-income earners.
If you cannot save while earning little, you will have a problem saving when earning millions.
Now that you've agreed with me to save, don't make the mistake of allocating too much to this and becoming broke before the first week of the month is gone.
Say, on a monthly salary of N100,000, you decide to lock N90,000 in a savings app just so your monthly interest can increase. You will be left with N10,000.
Do you plan to spend N100 a day, or what exactly? Truth is you will be forced to break your savings.
This way, the purpose of saving is defeated. Be realistic.
I recommend dollar investment apps like Rise vest. It is an investment platform that allows you to start with any amount in naira, and it changes it to dollars but invest at your discretion. This way, your money is not losing value but beating inflation. Make a smart money move today.
Track your spending habits
All those weekly Asoebi may be why you are usually broke before the month's end. You don't always have to buy everything that comes your way.
With your planned budget, you must be aware of what you are doing with your money. Be sure to cut your coat according to your material. Wahaluur no dey finish. If you are always trying to Buga, there's no way you are landing on a sofa floor.
You can't want more value for your money and not be conscious of where every penny goes.
You will get a better-paying job soon and have multiple income streams, but if you still carry the same old money behaviour, you may never attain financial freedom like you ought to.
You've got this!
I'm rooting for you always.
With plenty of love and jollof,