Every human person desire to live comfortable lives but that seem illusive for many for many reasons. If you're already down low there's room to recover yourself.
WHAT ARE YOUR FINANCIAL GOALS
1. it to be debt free next year. Because many people are in huge debts that they don't know how to pay off.
2. to start a business next year but don't know how to save the capital?
3. Is it to build wealth, building wealth means having enough money for investment.
You can be financially free by taking into consideration the following
1)What are your money concerns ?
2)Track your expenses/spending.
3)Understand and deal with your debt.
4)Plan for emergencies.
TRACT YOUR EXPENSES AND SPENDING
Some people spend money anyhow thinking that the expenses are supposed to be catered for. It is very good to track your expenses in order to know what necessary and unnecessary expenses that is making you spend. When you track them, you will discover a lot of unnecessary spending. You can track your expenses by doing the following :
a) get a book and write out your daily expenses till month end.
b) make sure you cross-check the expenses at the end of the month and find out where you spend more.
c) classify it using most important, more important and important.
d) at the end you will see where you are spending unnecessary and try to make amends.
UNDERSTAND AND DEAL WITH YOUR DEBTS
Many people are in debt they don't know how to get out from. To get out of debt, make a payment plan. Payment plan is a step by step guide on how you intend to pay the debt. It can be monthly, daily, quarterly or yearly. You can make your payment plan using the following guidelines.
a) make a list of all your debts that is, amount and the name of the person or business owed.
b) prioritise the debts according to their urgency.
c) set a schedule of how long it would take to pay off each debt, placing a realistic time line for when you could afford to pay off each loan.
d) Write down how you would raise money to clear the debt. e.g you could decide to sell off clothes, shoes, bags etc that are still in good shape to raise cash.
e) And if it's your liability assets like cars are making you to borrow to keep showing off, then you sell it off and use the money to pay off and establish your self.
Note:you can not be in debt and be desiring to make wealth. Lai lai! (Never!) it will not work. You have to pay it off so that when you call on God to multiply he will answer. Remember the commandments 'do not covet your neighbours wife, properties. You cannot remain in sin and say let the grace of God abound. So try and pay off those you are owing I'm talking from experience.
PLAN FOR EMERGENCIES
We don't pray for emergencies but we need to plan and save ahead so that when it comes people won't even notice. Emergencies might mean loosing your job(it's not our portion), unexpected hospital bills etc just have an emergency account where you save a particular amount according to how you decide.
REMEMBER WHEN SPENDING THIS CHRISTMAS THAT JANUARY IS THE LONGEST MONTH IN THE YEAR SO SPEND WISELY TO AVOID BEING BROKE THAT WILL LEAD TO BORROWING AGAIN.
Co-Authored by:
Gloria David
gloriad996@gmail.com
Negedu Godwin
R&D Helambergo Enterprise/amberneg blog
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