Financial hardship in Nigeria and the world at large has become a major source of sickness and death in disguise. For many Nigerians, financial concerns are ever present, especially given the uncertainties of today’s economy, bad governance and joblessness. While worrying doesn’t solve much, having a plan to try to manage financial challenges can help correct some of that stress.
Here are some suggestions for how to help conquer your financial stress and get motivated to take control of your finances.
Identify the needs with the most attention
Analise properly and write down your three biggest money challenges so you know what you’re up against. it could be making your monthly or yearly bill payments like house rents. Try reducing excessive spending that does not serve immediate needs, it’s important to focus on the main sources of your financial anxiety.
Be realistic in all you do
Be the captain of your ship, determine what you can reasonably achieve within a specified period of time and then dedicate yourself to following through each and every month. Make yourself a promise: “Each month I will spend less and put the difference toward my debt so my balance declines by at least ₦1000.” Just like a crash diet or intense new workout routine can lead to burnout, you don’t want to set overly ambitious financial goals that you may abandon in a few weeks or months.
Expand your income channel to increase earning
The general believe that you don’t have enough money to take care of your lapses or put into your business to increase your income can make you to sleep and die with your financial problem. Try to be more prudent and vibrant in expanding your income network and spend wisely.
It is unarguably difficult to reduce your expenses by 50% depending on how much thousands of Naira you receive for your services or as a salary. Forgive yourself if you slip up in spending. Sticking to a budget is not always easy, and there may be days when your resolve falters. If that happens, remind yourself of how much you have to gain by reaching your goals. Then examine your spending patterns to see why you overspent. You may need to modify your budget or your behavior—if you can’t go into sporting supply stores without buying something, stop visiting them.
Be sure to stay honest in all your financial dealings
Your honesty can help keep you motivated to fix your financial problems. Rather than get bogged down by thoughts of never getting out of financial crisis, imagine the amount of stress you feel decreasing as your financial load gets smaller and smaller. It’s important to believe you can do it. Leaning on your relationships can help keep you on track too. Every hard task becomes easier with the support of friends and family, so share your goals. There is no limit to what you can achieve financially, so keep every bit of this article in mind to help you discover your next route to financial freedom.