Latest Nigerian Money Tips, News & Trends

Money

gboyinwa ajomale

<h1>Budgeting might look discouraging when creating it but there are advantages when you create a budget.</h1>

Your budget should let you know where your money is meant to do for you instead of worrying what you spent it on.

People feel their budget restricts the way they are meant to spend money, This makes it hard for them to attain financial freedom. Your budget helps you control your finances.

ALSO READ: <a data-link-role-code="none" href="https://www.pulse.ng/lifestyle/money/moneyand-marriage-financial-blunders-married-couples-must-look-out-for/mrq7qrf" rel="noopener noreferrer">Financial blunders married couples must look out for</a>

It is one money tool which is very effective when it comes to money management.

Apart from the fact you have to sit down to create a budget which people find difficult, budgeting has its benefits and advantages.

<h2>Here are three advantages and benefits of budgeting.</h2>

<h3>1. It helps you know what to spend on</h3>

Without a budget, you have no idea of what to buy which makes you buy anything you feel you need. But when you sit down to <a href="http://www.pulse.ng/lifestyle/money/how-to-create-a-frugal-budget-id7866706.html" rel="noopener noreferrer">create a budget</a>, you have an idea what you want to get on a budget.

A budget would help you know the important things you need to get, leaving out the unimportant and<a href="http://www.pulse.ng/lifestyle/money/5-unnecessary-things-you-can-avoid-spending-money-on-id7715991.html" rel="noopener noreferrer"> unnecessary item</a> out of your budget.

It lets you know all the different expenses you need to spend on.

<h3>2. It helps you set your priorities straight</h3>

The reason why you budget is to align your spending with your priorities to help you achieve and reach your financial goals.

What are the things that matter most to you financially? Would your priorities help you achieve your financial goals or affect your financial goals negatively?

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Budgeting will definitely help you set the right priorities when it comes to achieving your financial goals which makes it a very good advantage

<h3>3. It helps you reach your goals faster</h3>

Another advantage of having a budget is that you <a href="http://www.pulse.ng/lifestyle/money/5-financial-goals-to-help-you-through-next-year-id7716801.html" rel="noopener noreferrer">attain your financial goals</a> faster.

Without a budget, you might find it difficult to reach your goals faster, but with a good budget which you stick to, you find it easier and quicker to attain your financial goals.

Even if you have <a href="http://www.pulse.ng/lifestyle/money/how-to-budget-for-unexpected-expenses-id7545325.html" rel="noopener noreferrer">unexpected expenses</a>, you can still reach your financial goals faster

3 advantages of having a budget. [smucker]

Budgeting is one money tool which is very effective when it comes to money management.

3 advantages of having a budget

<h1>No matter what your financial status is you always find ways of improving on it.</h1>

Improving your finances would put your finance in check and get it on the right track.

These are ways you can get your finance on track.

Mere saying you want to save money for something is not enough, you need to know your short-term goals and long-term goals you want to achieve within a different time range.

Try to get your <a href="http://www.pulse.ng/lifestyle/money/5-financial-goals-to-help-you-through-next-year-id7716801.html" id="ee572cfa-fef5-583f-ac7d-dab0c24953ae">financial goal</a> in check, not just saying what you want to achieve but putting it down in writing and start spending with a purpose.

If you don't have an emergency savings or your emergency savings is not functioning, you need to create and have a functioning emergency fund.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/ways-to-stop-overspending-id8015493.html" id="03f68dc8-dab9-5e9e-8e85-a45414d69694">Ways to stop overspending</a>

Emergency savings helps you to fall back on a reasonable amount of money when you are down financially.

Create a substantial amount you can put into an emergency saving and grow it as each month goes by.

Have a budget mapped out to help you manage your income properly. If you don't have a budget, you need to create one now

If you already have a <a href="http://www.pulse.ng/lifestyle/money/how-to-create-a-budget-when-you-are-low-on-cash-id8016710.html" id="2cb833c5-ffb3-57c1-a5f8-e80102ef1f59">budget</a>, you should review and check how well your budget worked for you and find possible means to adjust it and make it better.

If you have only one source of income, you should try to look for another or more source of income to help you improve your income and also your savings.

Having another or more source of income helps you not to depend on only just one source when situations arise.

Having debt is actually very bad for your finances because it might drag down your finances, making it difficult to achieve financial goals.

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So you need to clear debts to have a clean financial sheet.

You should improve on how you want your income, savings, spending budget and other financial matters to be.

How to improve your finances

<h1>Worrying about your finances is actually bad for your finances.</h1>

There are so many reasons why you might be worried about your finances. You could worry about incurring debt or the fact you are not making enough money.

It could be hard concentrating on other things if you keep worrying about your finances all the time

Worrying about your finances can spell doom for other areas of your life if not worked on.

Here is how to stop worrying about your finances

Always have a <a href="http://www.pulse.ng/lifestyle/money/ways-to-have-a-positive-mindset-towards-money-management-id7664576.html" id="f05a1b6d-868d-5d3d-b78b-76645e474040">positive mindset towards your finances</a>. This helps to reduce financial stress.

Instead of always worrying about your financial issues, just have a positive mindset towards other aspects of your life while you work towards making your finances better.

People find it difficult to create a budget, which they feel adds to other financial worries, which is false.

Creating a budget is one of the best ways to stop worrying about your finances and money issues.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/expenses-you-need-to-cut-out-to-improve-your-finance-id8010144.html" id="c5fd3684-5fba-58c8-8898-e92a286ab908">Expenses you need to cut out to improve your finance</a>

A budget allows you be in control of how you spend your money, knowing what is more important to spend on and curbing your excess spending.

Financial help doesn’t mean asking for monetary help from family or friends.

Seek help from someone who is financially savvy.

Learn how you  can manage your finances better with the help of a financial adviser, helping you create a financial strategy to help your money issues.

4. Have a savings and emergency fund

Having a savings fund would actually reduce your financial worries. It gets better with an <a href="http://www.pulse.ng/lifestyle/money/reasons-why-you-need-an-emergency-fund-id8025139.html" id="42e8cf08-9845-5bd4-b252-d606c008a743">emergency fund </a>to back up your savings.

Having a savings is meant to help cover things you plan on having, whether short-term or long-term, but an emergency fund is set aside for unplanned expenses.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/frugal-ways-to-achieve-your-financial-goals-id8008875.html" id="087ebcba-5329-5bf2-9eae-168b8642ad12">Frugal ways to achieve your financial goals</a>

Situations can arise that might affect your personal finances, which can cause financial worries.

To stop worrying about your finances, you need to have an emergency fund to handle such situations.

If you always worry about your finances then there might be some certain lifestyle changes you need to make.

If you don’t make enough to sustain you then you should find a solution either by checking your lifestyle or finding a way to make more money.

You could cut back on things you can do without which affects your income.

Worrying about your finances can spell doom for other areas of your life if not worked on.

Ways to stop worrying about your finances

<h1>There are some investment moves which you need to start making early.</h1>

There is no perfect time to start investing. The best time to start investing in your finances is now.

Making <a href="http://www.pulse.ng/lifestyle/money/3-books-you-should-read-today-on-investment-id7837878.html" id="bd2b81db-1a16-5447-831f-ea988d86ebad">investment</a> moves will have a good impact on your finances in the future.

Here are investment moves you need to start making

If you are financially literate with the stock market, then you should invest in stocks. Though there are risks involved when it comes to investing in stocks, you should still invest in it.

Look for a good financial advisor to give you good financial advice before investing in the stock market.

If you feel there is so much risk involved with stock market investment then you can consider investing in bonds.

Bonds are tax-free income issued by the government, which makes it good for investment.

Apart from investing in the stock market and bonds, you should consider investing in real estate.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/fix-these-money-mistakes-in-your-20s-id8027343.html" id="3e999cdb-ee68-56d0-bfd5-30d69c52eb66">Fix these money mistakes in your 20s</a>

There is a huge potential investing in real estate but you should be familiar with the real estate industry before venturing into it.

3. Select the major financial goals you want to achieve

When it comes to investment, you need to select the major <a href="http://www.pulse.ng/lifestyle/money/frugal-ways-to-achieve-your-financial-goals-id8008875.html" id="55df6cd3-8534-5060-b1d5-e0ca9edd04bb">financial goals</a> you want to achieve. Focus on the important things you want to get done financially.

Having so many things you want to achieve financially might affect your focus, so you really need to select the important goals.

Start planning and working towards your retirement.

The difference between planning and working towards saving in retirement is that working means you have already started taking action to invest in your retirement.

Another investment move to make is to keep saving in your <a href="http://www.pulse.ng/lifestyle/money/reasons-why-you-need-an-emergency-fund-id8025139.html" id="8d186f99-55ea-59ae-a251-1ab606196712">emergency fund account</a>. Money can never be enough, which is why you need to keep saving.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/ways-to-grow-your-business-id8017781.html" id="0ee54f35-c2c1-5677-ad09-83b719dab1b5">Ways to grow your business</a>

You might feel you have enough in your emergency fund but an emergency can wipe it all off. So you need to continue the habit of saving into your emergency fund account.

It is much better when you save in a high-interest savings account.

Making investment moves will have a good impact on your finances in the future.

Investment moves you need to start making

<h1>There are financial choices which could be made that might be regretted if not looked into.</h1>

Some financial decisions you make can be very bad for your finance in the future.

Here are financial choices you might regret.

Without a financial plan, you might find it hard to achieve your financial goals.

If you have no financial goal or plans for yourself, there is a high chance that you might be in one spot financially for a long time causing you to be financially stagnant.

Having <a href="http://www.pulse.ng/lifestyle/money/frugal-ways-to-achieve-your-financial-goals-id8008875.html" id="55df6cd3-8534-5060-b1d5-e0ca9edd04bb">financial goals</a> helps you have a plan to achieve these goals.

2. No savings and emergency savings fund

Having a savings can either be used for a short-term goal or a long-term goal.

If you have no savings and you keep spending without thinking of removing a substantial amount to put into a savings account, then you might have a bad financial situation in the future if you don't change.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/3-ways-to-save-for-unexpected-event-id7983872.html" id="0822909e-759e-568a-aa50-dc80875a6644">3 ways to save for unexpected event</a>

Also, if you don't have an <a href="http://www.pulse.ng/lifestyle/money/reasons-why-you-need-an-emergency-fund-id8025139.html" id="f9e47e76-620b-586c-904c-9034ff404970">emergency savings funds</a>, it can affect your finance negatively because you tend to take out of your steady income to sort such situations out.

There are situations that can come up which are not planned for and would require money to sort them out. They are called emergency situations.

This is one financial choice that could turn out to be a very bad decision.

Without a <a href="http://www.pulse.ng/lifestyle/money/3-advantages-of-having-a-budget-id7906597.html" id="6151ee1d-4aa5-55cb-91f1-6605d23069d2">budget</a>, you have no idea how you spend your money which makes it hard for you to achieve financial goals.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/must-have-good-money-habits-id8016178.html" id="e8c684d1-3acc-57c2-b8eb-2b53faab4da4">Must have good money habits</a>

People tend to avoid budgeting because they feel it is too stressful to create and keep up with a budget.

Having a budget is important to help you plan your expenses.

So it is very important you make the right financial choices.

Financial choices you might regret

<h1>When it comes to finances, couples need to take note of financial blunders.</h1>

If couples are not on the same page when it comes to financial matters, it is very likely it affects their finances which creates a place for<a href="http://www.pulse.ng/lifestyle/money/avoid-these-financial-blunders-id8008876.html" id="ccc10eb1-3140-5886-be5a-b90be22bf3cb"> financial blunders</a>.

Blunders when it comes to finances in a relationships poses a big  problem.

Here are 5 financial blunders couples need to take note of.

1. Having no financial ground rules

Setting no financial ground rules is one financial blunder every coule must take note of and try to avoid.

As couples, you should set ground rules for your finances. How much should be spent during the week and weekend, how much should be saved and so on.

There are a lot of financial decisions couples should make which is why financial ground rules must be set.

It helps to make simple, quick and fast money decisions.

2. Not having financial discussions

This is one of the major financial blunders every couple should avoid.

Couples should have financial discussions consistently. Not having regular financial discussions might be bad for couples finances.

Take time out with your partner to talk about your financial status and how you can improve on it.

Couples need to totally avoid this. This could destroy not only your finance as a couple but also your relationship.

If you keep secrets concerning finances from your partner or you don’t bother about your partner’s finances, then you will be having serious financial problems.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/why-it-is-difficult-for-you-to-pay-off-debt-id8037917.html" id="42fd145b-c746-5a26-b2d8-f132f775fbd2">Why it is difficult for you to pay off debt</a>

As long as you guys are together, you guys are meant to tell yourselves your financial problems and find ways on how to solve such issues.

4. Letting one person handle all financial issue

As long as you guys are couples, it is important that both of you come together to handle financial issues.

Leaving one person to do it all might not be good for your finances. Don’t put the burden of paying all the bills on just one person.

As long as both of you are earning an income, you should both split the bills.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/how-young-adults-can-make-more-money-id7989125.html" id="8199e196-5ba3-5e06-ace6-eeca75813a2a">How young adults can make more money</a>

All you have to do is sit down, discuss and agree on which of the bills both of you should take up. This keeps both of you on the same page financially.

Couples should have<a href="http://www.pulse.ng/lifestyle/money/frugal-ways-to-achieve-your-financial-goals-id8008875.html" id="ef94db2f-520a-50fb-9180-2de69e0bf7cf"> financial goals</a> they plan to achieve within a time range, both short-term financial goals and long-term financial goals.

Having no financial goal as couples will be bad for couple finances in the future.

Blunders when it comes to finances in a relationships poses a big  problem.

Financial blunders couples should take note of

<h1>You can learn some travelling saving tips.</h1>

Find out how you can do simple things to save money next time you go on that vacation.

If you are planning to <a href="http://www.pulse.ng/lifestyle/money/3-major-ways-to-save-money-on-travel-expenses-id7987216.html" id="d4440282-0d5b-5855-92eb-474ddb2f52bd">travel</a> within or outside Nigeria, you can save money on your next travel.

Here are some savings tips for travelling you can try on your next travel.

You save more money when you book your ticket early. This means you will pay less when you book your tickets way ahead of time.

This is why you need to start planning your travel early. Tickets are always at a cheaper and discounted price when you book your tickets early.

If you are travelling to a neighbouring country or another state, you can save money travelling by road, instead of going by air.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/how-to-create-a-budget-when-you-are-low-on-cash-id8016710.html" id="7eacaa31-2a59-5180-b4fc-c86224b54d1e">How to create a budget when you are low on cash</a>

To make this more fun, go with the company of your friends. You save more and have fun at the same time.

Instead of lodging in a hotel while you are on vacation, spending so much money to lodge, you can find someone to stay with or you can split the hotel bills with a friend or two and stay together.

You save more money when you do so.

4. Avoid Breakfast from the Hotels

Meals at hotels can be quite expensive which might make you spend more than usual. You can opt for a variety of cheap dishes at local restaurants.

Look for local restaurants where you can find affordable and quality meals.

While you are on <a href="http://www.pulse.ng/lifestyle/money/6-tips-on-saving-money-while-on-vacation-id7434523.html" id="3229dea5-85bc-5eaf-bbd1-a4a64b98e797">vacation</a>, it would be advisable you move about in public transport instead of taking taxis and cabs.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/things-you-shouldnt-waste-money-on-id7990186.html" id="896a7c2b-e815-528c-a43e-b0ed22809033">Things you shouldn't waste money on</a>

You actually get charged more than the usual rate if found out you are new in town. Take the bus, it is cheaper.

If you are planning to travel within or outside Nigeria, you can save money on your next travel.

Saving tips for travelling

<h1>There are money rules you need to follow if you want to make your finance better.</h1>

Though money rules look so simple, they are difficult to adhere to.

You need to constantly put it in effort when it comes to your money habits if you want to build your wealth.

You need to change your mindset about money.

Here are money rules you should learn if you want to make your finance better.

1. Learning about money is a continuous process

Your finance will keep changing every now and then. This shows that learning about money is a continuous process.

The financial market keeps fluctuating, so you need to always stay informed about happening in the money and finance world.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/5-signs-you-are-reaching-personal-recession-id7358551.html" id="c7113bf7-d9ec-5a82-8432-77fa0dfda793">5 signs you are reaching personal recession</a>

Learn from other people's experience and challenges in the past with the issue of money and finances.

Their common money and financial mistakes would help you know the right steps to take financially.

2. The earlier you start saving, the better

This is one important money rule you should know about. The earlier you start saving, the better for your finances.

Not making a habit of saving early is the biggest <a href="http://www.pulse.ng/lifestyle/money/avoid-these-financial-blunders-id8008876.html" id="9a4ab047-38c2-5b3f-9aa9-e1f17b158c4f">money mistake</a> we make. But it is not too late to start saving up money.

A <a href="http://www.pulse.ng/lifestyle/money/how-to-create-a-budget-when-you-are-low-on-cash-id8016710.html" id="2cb833c5-ffb3-57c1-a5f8-e80102ef1f59">budget</a> helps to control your finance and the way you spend money. It also helps you figure out where your money should go.

Without having a budget, you have no idea how to spend your money and where your money is being spent on.

If you have no budget,m you should learn to create one today. It doesn't have to be so detailed. You can make it basic and simple.

4. It is easier to manage money when you automate your finance

You can have a perfect financial plan for your finance but if you don't have the discipline to handle your finances then you are literally just wasting your time.

One good way to <a href="http://www.pulse.ng/lifestyle/money/how-to-manage-your-money-effectively-id8027013.html" id="374afe38-3f0c-5761-a8ed-c6939ce9409b">manage your money effectively</a> is to automate your finances.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/do-you-want-to-be-poor-please-dont-follow-these-steps-id7410368.html" id="f7abfbae-80b6-5d76-a97b-b6a010c2528c">Do you want to be poor? Please don't follow these steps</a>

This would help you save more, make you avoid temptations, and spend less time managing your accounts. You can save money without even trying.

5. Some money rules never go out of style

There are some personal finance basics that everyone would benefit from learning. The most important<a href="http://www.pulse.ng/lifestyle/money/10-money-rules-that-can-change-your-life-id7394556.html" id="bbaba79d-fe55-562f-b9e9-a43d04f68edd"> money rules</a> never change.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/things-millennials-need-to-know-about-finance-id7340292.html" id="0e3622cc-b5bd-5258-bdc3-05abd45bb28e">Things millennials need to know about finance</a>

An example is the fact that there should be a gap between your income and your spending. You should be spending less than you earn or earning more than you spend.

You need to constantly put it in effort when it comes to your money habits if you want to build your wealth.

Money rules that can make your finance better

<h1>Managing money effectively is of utmost importance if you want to be successful financially.</h1>

No matter how much you make or earn, if you don't have effective money management skills then it might be difficult to gain financial success.

To manage your money effectively and successfully depends on the way you <a href="http://www.pulse.ng/lifestyle/money/how-to-survive-on-a-50k-income-id7419263.html" id="544d6965-9dcf-5bb2-b1fc-0c1ad2ca80bb">manage your income.</a>

You need to start spending less than you earn. Doing that helps you build your savings.

It is easier said than done. To spend less than you earn, you need to set a budget to make this work. Your budget is your monthly guide and your plan to help you reach your goals.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/ways-to-shop-on-a-budget-id7982453.html" id="1127c81a-996a-5989-8bd4-625e78136a7e">Ways to shop on a budget</a>

Set the amount you'll spend in each area, you prioritize your spending and saving based on your goals and circumstances, and finally, you track your spending.

Acquiring <a href="http://www.pulse.ng/lifestyle/money/lies-you-tell-yourself-that-keeps-you-in-debt-id7860055.html" id="a532a327-d95b-5fcd-b6b7-9273805b952e">debt is really bad for your finances</a>. You need to avoid it.

If you have unpaid debt, the best way to manage your debt is to eliminate as much of it as possible.

The first step is to stop borrowing money from people or getting loans from financial institutions. Then the next step is to find ways to pay off your debt and stay out of debt.

3. Managing your savings and investments

You need to manage your <a href="http://www.pulse.ng/lifestyle/money/difference-between-saving-and-investing-id7721992.html" id="0b479fac-04eb-5d99-9eda-ebc633dde4a3">savings and investments</a>.

Investing is a beneficial way to save because it actually earns you money and increases your wealth.

If you do not know a lot investing, then it can be really helpful to have a financial advisor help you manage your investments.

Investments may be harder to get to during an emergency, and you may not want to be forced to cash them in if the market down when you need them. That's where your savings account comes in.

ALSO READ: <a href="http://www.pulse.ng/lifestyle/money/possible-signs-you-dont-earn-enough-cash-id8005118.html" id="e67fa13b-679a-5952-915f-4005bd65e6ba">Possible signs you don't earn enough cash</a>

Your savings account should contain your emergency fund and should be easily accessible in case of an emergency. You want to be able to access your savings fairly quickly if needed, but you also want to earn the best possible interest rate.

gboyinwa ajomale

Articles written by the author

3 advantages of having a budget

How to improve your finances

Ways to stop worrying about your finances

Investment moves you need to start making

Financial choices you might regret

Financial blunders couples should take note of

Saving tips for travelling

Money rules that can make your finance better

How to manage your money effectively

Unproductive habits you should let go off

Steps to manage your personal finance

Why you need an emergency fund

Ways to grow your business

How to create a budget when you are low on cash

Must have good money habits

Ways to stop overspending

How to track your expenses

Expenses you need to cut out to improve your finance

Avoid these financial blunders

Frugal ways to achieve your financial goals