WHAT DO I DO? MY FINANCIAL PRUDENCE JUST SUFFERED A SETBACK

Hello,

Wealth preservation and transfer will be the final post on the taking control of your finances as a woman series. I have contacted a lady who is very passionate about wealth preservation and transfer; pray she guests here so there can be an exchange of knowledge.

It is important to state that every post in this series is very important if you are to take control of your finances. Please read all 10 of them if you haven’t done so.

Also, it is important to share these posts with friends and family so they can encourage you in this journey, join you if they will or just be available to discourage you from splurging. 

WHAT DO I DO? MY FINANCIAL PRUDENCE JUST SUFFERED A SETBACK.

If you have been with me on this journey of taking control of your finances, you will agree with me that it has led you to the place of financial prudence. I was glad to receive positive feedback from you especially concerning the ‘practical ways to get out of debt’ and ‘Savingsas a tool in taking control of your finances’. Thank you.

You may have been written out your expenses for the previous month, drawn a budget from there, and examined every item of your expenses and effected the desired changes but one or two months, even ten months down the line, your ‘financial control’ weakens and you splurge in a moment of indiscretion, What do you do after?

PRACTICAL WAY TO GET OUT OF DEBT

Hello,

We have all being in one form of debt. We may have become indebted by favours done us or properties volunteered to us. We may even have been indebted for a few hours, days or months. The most important rules for being indebted can be found here (If you must be indebted, do it right).

This post focuses on the burden of having a debt to pay. If you had read the ‘previous post’ and followed it through, you may have learnt one or two things. If not, this one is for you.

WHEN SHOULD I TAKE A LOAN?

Hello,

In Economics, we learn about the sources of finance. Loans are one of the sources of financing. We also hear that debt is good for business but many of us wonder is debt really good?

HOW DO I CUT DOWN MY COST (TAKING CONTROL OF YOUR FINANCES AS A WOMAN) CONTINUED

Hello,

So sorry this did not come top of the morning, had internet connection problems (could the rain have been responsible for it? I don't know) but here goes:

This is a continuation of the previous blog post; if you have not seen it, please go here and start there.

HOW DO I CUT DOWN MY COST (TAKING CONTROL OF YOUR FINANCES AS A WOMAN)

Hello,

There are many ways you can cut down your cost; you need to know what you spend money on, how you spend money and what you need to spend money on.

Let me rephrase, you need to keep track of your previous expenditure, understand your spending habit and create a budget (have a criteria for items making it to your budget – urgent and important) and look for alternatives (hitching a ride or walking).

FINANCIAL PLANNING: SAVING as a tool in taking control of your finances as a woman

Hello,

Let me start with a few wise words which my lecturer in the university taught. It may have its base in education but I consider it wise. Here goes:

Do not buy what you can rent, do not rent what you can borrow, do not borrow what you can beg for.

It basically means take the least expensive option always.

Common also, people mistake savings and investment to be interchangeable. They are not synonyms, investment is money set aside for creation of wealth and savings is well, just savings (kept aside for emergencies and future occurrences).

TAKING CONTROL OF YOUR FINANCES AS A WOMAN: YOUR SALARY IS NOT SUFFICIENT?

Hello,

In the second post, you must have read that no 9 – 5 job can be called wealth creation. At best, you are helping another create wealth which is good in a sense but not what you set out to achieve. This is not to say that it is wrong to have a job, many people begin from working jobs and using salary to create wealth.

I honestly have not come across a person who is so content with their pay cheque at month’s end; this goes a long way to show that wealth is a thing of the mind. While struggling to create wealth, one has to be ‘content but hungry’. Content enough to know that it is not money that makes a person happy. The pursuit of money is almost never ending but you need to be hungry enough to want to ‘get up’ and create wealth (Trust me, the process is not a blink).

If you feel your salary is not sufficient to meet your needs, guess what? Half or more than half Nigeria’s population feel same. The only difference between most is their ability to manage scarce resources.

HOW EXPENSIVE IS STRESS RELIEF?

Hello,

This is the seventh post on the how to succeed as a woman series and we are almost at touch down. If you have missed the previous posts from lastweek, go HERE, HERE, HERE, HERE and HERE.

NO! I did not suggest a massage. Please read below to know more about the topic.
As you aim to succeed, it means you may not have idle time especially at the onset when you set out to achieving. Personally, I think success is not an idle man's friend so you may never really have idle time, you may find you need to consciously create the time to rest or do anything.

Seeing that you are going to get very busy

learning, planning, doing, why not think of the best way to relieve stress ahead of time so you do not lose time to stress.

It is important to plan consciously creating time rest but every now and then, there is the tendency to schedule work and lose track of time and soon we are burnt out and stressed.

How do you relieve stress? It is important to know the things that take stress off you. For some people it is a massage, for others, it is a holiday. For me, it is all of these and more but since I do not have the luxury of taking holidays frequently, I have found my lowest cost stress relief method.

My method goes back to studying, I had times when I was beyond stressed. I remember walking down the rows of products at Sainsbury, Morrison et al. They were close to my house in Fishponds and immediately feeling better. I also do the same in Nigeria here.

I have also found that taking walks help also but I favour walking round supermarkets, malls and shopping centers because for that time, my focus is on the beautiful row of products before me which means NO TIME FOR THINKING ABOUT WORK.

I encourage you to find your low cost stress relief before you get stressed. you cannot afford long, frequent breaks to 'clear your head' when you are focused on succeeding and retirement is still far away.

Enough said! Find your low cost stress relief method if being efficient and successful is important to you.

Do not be selfish about these strategies, share accross your social media platforms and subscribe to my blog posts. Please leave your comments below also, Thank you.
PEARL