4 Wise Tips on Providing Financial Support in Relationships

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October 5, 2021

Providing financial support for others could sometimes be a tough decision to make. However, as the bible puts it that “It is better to Give than to receive” and “that one shouldn’t withhold to do good to others especially if it’s in one’s capacity to do so”.

Asides giving, anytime you’re loaning a friend, acquaintance or relative with money, it is wise to consider the possibility of never being paid back. If you can’t face the possibility that you may never get this money again, don’t offer it. The truth is that the impulse to help is natural, and as humans, we hate seeing our loved ones struggle; and it sure feels good to support others in their time of need because we all do need help from one another at a point or the other in life. This is all good and commendable, but it’s also wise to offer financial help to others without hurting your own finances.

If someone you care about comes to you with a need that would put you out financially, you don’t just have to say no. Be willing to help. Be an ear to your friend, acquaintance or family member and offer them the support you can at that time without hurting your own finances. You could also be a help or guidance to them in finding resources or opportunities available so they can also be better equipped to help themselves. Refusing to sometimes help, for whatever reason, may not feel right but at the same time, there are scheming people out there who look to use crisis as a means to draining others of their hard-earned money.

We hope you find these tips helpful in providing financial support for others:

You must have heard the flight announcement – “wear your own oxygen mask before assisting others”? meaning; you need to always assess your own monetary situation first before offering help to others. However, always be willing to help.
If the person in need is a close friend or family member who barely or has never asked you before and is hesitant to ask even now, they are probably facing a genuine financial situation. Offer help as much as you can spare even if it means sharing your limited resources with them. But beware of friends or acquaintances who particularly has a history of being reckless with money and taking loans, this is certainly a red flag.
If the person in need of financial support has a job loss or needs emergency funds for a medical treatment, due rent or purchasing essentials or any other pressing need that needs financial intervention, please don’t hesitate to help.
Whenever you are unable to help financially, look for other ways to extend support, such as giving a savings or investment strategy advice or how such can monetize other opportunities.

On a final note, if offering financial support for a friend, family or acquaintance could jeopardize your own financial situation at that moment, you should consider other ways of lending a hand. However, always be willing to offer help to them in their time of need as much as you can, they are seeds that often come back as bountiful harvest in numerous ways. Learn to make good decisions that will keep your relationships and finances intact;

Cheers!

4 Smart Investment Options to Consider as a Nigerian Student

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Buzwallet Team

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October 1, 2021

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Generally, every investment has it’s level of risk, but the risk could be reduced with a good financial plan. There are great advantages to start investing early as you would live a better life as you grow on in life. If you’re a student in Nigeria, there’re amazing opportunities to start making passive income early while in school.

We will share with you today 4 smart investment options that provides ample opportunities to begin your journey to financial freedom and wealth even with little capital.

Online Investment Apps: Interestingly, there a lot of investment Apps online today. Recommended Apps like Bamboo, Passfolio, Chaka, Trove, Piggyvest etc. These are the best times to start earning in dollars. Most of these platforms require as low as 1,000 Naira to start investing except for some like Risevest, Cowrywise Passfolio that requires about 10 Dollars.
Start a Small Business: you can also consider buying affordable quality products at good deals from wholesalers and then you resell to your schoolmates, classmates and people within your school. Buy products or offer services that are in continuous demand, as this help generate a regular inflow of income.
Bonds: bonds are completely backed by the government, so there are zero chances of losing your money and you can kick off with as low as 5,000naira.
Crypto-currencies and Forex Trading: with the popularity of digital currencies in the global market increasing today, crypto-trading and Forex trading is another good way to start making passive income as a student. You start buying and selling digital currencies using P2P on trusted platforms like Binance, kucoin, etc.

As a Nigerian Student, to start saving and investing as a student, will not only bring maturity and exposure but also help you learn how money should be effectively managed and invested for profit. Get a head start by identifying your goals, saving towards investing, acquiring relevant knowledge, creating an investment plan and constantly updating yourself about the market trends.

Cheers!

7 Powerful Quotes on Financial Integrity

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Buzwallet Team

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September 29, 2021

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Integrity isn’t a destination. It is a way of life and without financial integrity, it is impossible to stay afloat. Enjoy our 7 big collection of quotes on financial integrity for this week, we hope you find them inspiring and encouraging!

“Being true means having integrity; and integrity is doing the right thing even when you know nobody is watching”. Oprah Winfrey
“If you lose your integrity, you will also lose your identity, your sensitivity and your dignity. Integrity is honesty, modesty and security in all kinds of weather. It should be our priority”.
“Honor your commitments with integrity”. Les Brown
“Integrity is the ingredient that will enable you to forge rapidly ahead on the highway that leads to success. It advertises you as being an individual who will always come through. Whatever you say you will do, do it even if you have to move heaven and earth”. Mary Kay
“Integrity is not a conditional word. It doesn’t blow in the wind or change with the weather. It is your inner image of yourself, and if you look in there and see a man who won’t cheat, then you know he never will”. John D. McDonald
“Losers make promises they often break. Winners make commitments they always keep.” – Denis Waitley
”A life lived with integrity, even if it lacks the trappings of fame and fortune, is a shining star in whose light others may follow in the years to come.” – Denis Waitley

Maintaining Financial Integrity in Your Personal Finance

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Buzwallet Team

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September 27, 2021

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In getting your personal finances together, financial integrity is a crucial aspect to improve on. When it comes to success in any area of life, including finances, your habits and ability to improve will always be more important than your resources. The truth is that living out of financial integrity can disrupt your financial success.

How to do you know if you’re living in financial integrity? Simply put, financial integrity is about aligning your daily actions with your financial plans. It implies strength, security and honesty when it comes to money. Financial integrity is an important subject to talk about because it can literally make-or-break your financial happiness and fulfilment. Financial integrity is about your habits with money, not how much money you have.

Cultivating the right financial habits with integrity habits will definitely lead you to true financial success. Without good habits and integrity, you might become rich, but you will not stay rich for long.

Here’s one of the key points to note, you live in financial integrity when you actually do what you know you should do to honor your value for financial security. We’ll continue from here in our next article. Stay tuned!

5 Money Mistakes You Shouldn’t Make

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Buzwallet Team

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September 25, 2021

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Making terrible financial decisions often leads to hard life. To help you avoid some money related heartache, here’s our list of 5 money mistakes you shouldn’t make. Failing to avoid some of these simple money mistakes results in having little to show for years of hard-earned money.

Bad Timing — Know what is important now to solve with money and get it done. Making short-term plans and long-term plans usually helps.
Spending Before Saving — If you are the type that quickly spends before thinking of saving, you will never have much or anything to save. Thus, if saving is crucial to you, then you should have a plan to take out what you have planned to save before proceeding to spend.
Making Money By All Means — This is a common money problem with many people. Trying to make money by all means doesn’t necessary make people wealthy. Being smart about it does.
Not Being In Charge Of Your Money – If it is your money, then you should be in control. Some people make the mistake of not having control of their finances and this sometimes leads to loss or improper account of where the money goes.
Living Without a Budget – Everyone needs a budget, even a nation does. Trying to manage your money without a budget is a mistake you should avoid. Budgeting provides a way to track your income and expenses.

By avoiding any of these mistakes in managing your finances, you can keep your financial journey in the right direction.

“Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are”. ~ James W. Frick

Tips For Creating a Successful Family Savings Plan

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Buzwallet Team

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September 23, 2021

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When thinking about the best strategies for saving money as a family, it’s wise to always keep your goals and purpose for the savings in mind. By getting the entire family to participate in this savings naturally creates the momentum to achieve those savings goals, enjoy and celebrate progress together. Next is planning how and what to save, which is a key part of managing money well as a family. Together you review your spending, build a savings buffer and then decide what you’re saving for. By making a good family savings plan, you are already making progress towards a more secure future.

Ask yourself questions like;

1) What are you saving for?
2) How much do you need to achieve your goals?
3) Where can you cut expenses to free up cash flow and make it easier for your family to save?

Take a look at these tips and customize as needed to help achieve your family savings goals:

Write down your family savings goals, paste a picture of the goals all over the house, so that visualizing it, the goals will be forefront in your family’s mind.
Spend your money wisely on the things you must have as a family. i.e your family needs
Free up cash flow to save by creating a monthly budget for expenses like food, bills, groceries, etc. Without a budget, you will struggle to successfully save money.
Set aside certain amount of money for unforeseen expenses.
Give yourself plenty of time, but set a deadline for your goals.
Use a savings calculator so you can determine exactly how much you need to save each month in order to have exactly enough when you need it.
Encourage your children to contribute to their own education and holiday savings.
Stop the small purchases that are unnecessary.
Audit your bills and expenses to detect inaccuracies.
Save money for the things your family likes but can live without.

Here’s the bottom line, proper communication in your family plays an important role in managing and saving money well. And the most basic family money management is about meeting your family’s everyday expenses, handling unexpected bills and saving up for the future.