Managing your personal finance is something many people have neglected and failed to count as important but desperate times call for desperate measures.
The Coronavirus Pandemic took all and sundry by surprise. No one prepared for this occurrence that has shook the world and has triggered a lot of changes that affect a lot of people today. This change has stirred a lot of actions from people across the world. One of such actions is Personal finance management.
Here are some tips that may come in handy while trying to manage your personal finance;
First of all, having a budget is of utmost importance. One of the most basic and effective tools in managing your finance is having a listing of your income and expenses. This will enable you to check through what you have been spending money on and what you need to cut back or cut off completely.
Now will be a good time to go into that emergency fund that you’ve had for a while. Your Savings will greatly help you in this pandemic. Emergency funds are not wasted assets as this pandemic has shown us the wisdom in having adequate emergency funds. You must also understand that nothing is too small when saving is concerned. Take advantage of CMBank’s regular savings.
Focusing on what’s essential
In managing your finance, you need to list your needs in their order of priority. This will help you save cost as you won’t spend on wants rather than needs.
Food is one essential need. Other needs vary among individuals. The most important thing is that you focus on the essential aspect of your finance.
It is common knowledge that the penetration of health insurance in Nigeria is very low as most people do not have it and some have probably never heard of it.
This is why we must take our health very seriously as we don’t want to spend the finance we are trying to manage on hospital bills. Eat right, take up some home exercises, and rest well. Health is wealth!!! To see some online fitness programs, click here.
Last but not the least, avoid getting scammed, don’t be greedy as this is one of the reasons people get scammed.
A lot of scams are going around, for example, the free government aid where they tell you that the government wants to send 20 thousand Naira to all citizens and every other kind of fake broadcast about monetary assistance.
It is important to know that as the times get harder, these scammers get wilder and more relentless. They will stop at nothing to scam you of your hard-earned money.
Most of them will sound legit and true especially when it seems like they are not asking for vital information but don’t be fooled. If it seems too good to be true, it is most likely too good to be true.
In these times, try not to plan too hard, do not plan too far into the future because if there is anything this pandemic has taught us, it is that plans can change anytime.
Stay safe, stay healthy and we will rise above this.