Most people can relate to the annoying cycle of creating a budget you never seem to follow.
Thanks to some great advice from Oluwatosin Olaseinde, a top Nigerian personal finance expert with 10 years of experience in the field, you no longer have to deal with this problem.
The founder of the personal-finance platform, Money Africa, has compiled a list of four great ways to help you create a budget you can finally stick to.
Here they are:
SMART stands for Simple, Measurable, Achievable, Realistic and Time-bound. This Olaseinde’s guideline for creating a budget.
For instance, she recommends saving 10 per cent of your salary every month. This goal is definitely simple, measurable, achievable, realistic and time-bound.
Here, she re-emphasises the importance of creating realistic budgets that you can follow.
In her words, “if you have a budget of N100,000 when our income is N70,000, you will end up borrowing.”
Olaseinde writes, “tracking your daily expenditure enables you to make adjustments if you go off track.”
Check our list of five great apps to help you manage your money better.
Acknowledging how challenging sticking to a budget can be, the financial expert says “Sometimes, budgeting can be such a chore.”
This is why she recommends “having a reward in view” which “can make it easier for you to work towards achieving your financial goals.”
This particular tip definitely increases your chances of finally sticking to your budget. Don't you agree?
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