A financially independent woman is an attractive woman and what is better than a one income household? Heck, a two, three or even four income household. Financial stability is not attained in a day. It takes months and years or grit and sweat so do not be hurried bu social media. Remember, no one is posting their failures. Here are a few tips you can adopt to achieve financial security.
- Save. Save. SAVE.
Well, we all know that times are tough and economies around the world are crushing but the little that you are still making, save and save however much you can. I hear people all the time saying they would save if they made an X amount of money but the saving discipline starts with as little as you can. Even when you are earning six figures and had not cultivated a saving culture, your expenses will be higher and you will feel like you are not earning enough to start saving.
Use platforms like M-Shwari Locked Savings, A DaDa plan by Stanbic Bank or any other local bank with a favourable plan for you.
- Stop Impulse Buying
We women are in most cases victims to this. Seen a good dress in town, get it. Gone to the supermarket to get milk and you come back home with a trolley full of God knows what and even forgetting the milk you had gone for in the first place.
If you want to get your finances in order, stop buying things out of budget. Plan ahead and the money that you would have spend on your impulse purchases, SAVE, SAVE, SAVE.
- Embrace Frugal Living
Imagine you do not need that new phone that has not hit the market yet. Imagine you do not need that Louboutin bag or shoes. Cut down costs as much as you can. Track your expenses and see what needs to go. You will be shocked at home much unnecessary purchases and subscriptions you’ve got going.
- Invest in your future
I know as a young individual, retirement is not really on your mind right now but it is important to think about your retirement plan as early as now. Look into those NSSF contributions and increase your limit to your company’s highest possible amount. Research other retirement benefit plans and think about investing in your future.
- Secure your family
Have an emergency fund so that in case of any calamity, your family is cushioned against extreme loses. Life insurance policies are also a great thing to look into. Make a will as soon as possible. Hope for the best but prepare for the worst.
As we work towards being financially secure, let’s educate ourselves on how to make and keep money, learn about different investments and their returns commonly referred to as ROI. Also, eliminate all debt as soon as you can and clear your bills autmagically. The achievement of financial security is doable.