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1. Have a monthly budget plan
During this time, identify and set a budget that goes a long way in accumulating money required for your various essential milestones and activities in a month. Set your monthly budget on rent, savings, utilities, groceries and miscellaneous, as it helps to bring a lot of clarity. This period of global unrest is not the period to spend unwisely. You need to set up a monthly budget plan that will aid your spending especially during this period. Reason being that no one knows when the world would fully recover from the pandemic.
More importantly, you also need to have a financial plan for the rest of the year and strictly abide by it by discipline, so you can reach your financial goal(s) for the year and beyond. When setting your budget, make sure it is well defined and prioritized accordingly. It is awesome to have a big, lofty budget, but make sure to break it down into smaller bits. By doing this, you are not overwhelmed trying to accomplish them and also makes it easy keep track on your progress.
2. Reduce Your Expenses
Studies show that women with high financial literacy and money management skills are less likely to engage in irrelevant spending/impulse buying and increases spending behaviour by 8%. While, 60% of a woman’s dream in a corporate organisation is to work hard, get promoted, earn more money, and leave the rest to work itself out.
Money Management has been a major challenge for some women, combined with the society we live in, where most women want to stay relevant by acquiring expensive wears and accessories that most of the time becomes a liability. In as much as looking good and taking care of oneself is very important, it should however, be done wisely. As a woman, develop a specific goal and a financial plan, so you can avert going into debt and spending more than your budget.
3. Develop a Saving Habit
If you are scared of visiting the banking hall during this pandemic, this is the period to get a Piggy/Kolo box (you can get one from mykolo.ng), or engage in some online saving platforms (such as PiggyVest, ALAT and Cowrywise) that enable one to save. These platforms are currently encouraging a strong saving culture in Nigeria with good interest rates.
4. Having multiple streams of income
The main advantage of having multiple streams of income is that you have a diversified revenue source. And therefore, the collapse of one sector will not result in a complete loss of revenue for you.
Adopting the multiple streams of income philosophy is, more or less, like deciding that you will not put all your eggs in one basket. In practice, adopting the multiple income streams way of life means that you will not get stuck on your day job so much so that you don’t give attention to anything else. If you are investing in multiple streams of income while doing your day job is, losing it will not kill you.
5. Plan and Invest wisely
Getting involved in investments is extremely important but should be carried out wisely, especially during this time. Planned and regular investments can create the difference between you fulfilling your goals and you earning returns.
Planned investments entail estimating what the objective of the investment is, the sum of money required for the objective, the investment type that can be made and the time horizon for the investment. In this period of global pandemic, It is very critical to choose the correct investment tool alongside your due diligence.
6. Get Insured
Insurance is essentially your back-up plan that will protect your assets in the event a life circumstance happens that requires a large amount of money to resolve.
Your insurance coverage should include health, auto, life, home, and business. Basically, you want to protect anything of key importance that has a high value to ensure that you (and your loved ones) are protected financially. Having the right insurance can turn what could otherwise be a major disaster into a mere inconvenience.
Knowledge is power.
