January is not really that 100-day Long

Hello there,

Congratulations!!!

If you have made it this far, you’ve successfully crossed the midpoint of the 100day-long month of January. How do you ensure you stay alive while meeting your financial goals for the new year?

As you must be aware, January is a month that is much spoken of by all and sundry. This is because it is considered to be one of the longest months of the year and the reasons are quite justifiable;

• It has 31 days and comes up just after the festivities in December, where a lot of people had spent most of their money rewarding themselves for the past year.
• It is just at the beginning of the year where a lot of fees, bills, subscriptions, etc get renewed.

Now, while a few people have maintained the position that January is as long as can be, a few people have expressed that the days are moving very quickly. Whatever side of this you fall, I hope you have not forgotten your financial goals for the year and that you can only meet them by starting now.

Let us explore the ways you can survive the rest of the month and still smash your financial goals for the year 2022:

1. Track your Expenses

With the advent of technology, tracking one’s expenses is no longer a difficult thing to do. There are several products in the market today that provide this exact service. When you track your expenses, it helps you know for a fact where all your money goes (i.e utility bills, rent, food, hangouts, etc) and helps you make objective decisions regarding whether those things are needs or wants.

If you do not use any of the new applications that help you track your budget, your good old account statement, pen and paper or excel will do.

If you observe from this that you spend a little more on unnecessary things, then you can begin to cut them out and do better. Remember, you cannot measure what you do not track.

2. Save before Spending

Every time money gets into your hands, take some money aside and save it. This is to cater for any emergencies or unforeseen circumstances. The rest can then be spent. There are several rules on how our income is to be shared. For instance, the 40–40–20 rule advises that 40% of the income should be saved, 20% should be invested while the remaining 40% is to be spent- way to go!.

As always, wealth.ng is your №1 investment application. On Wealth.ng, you can start investing with as little as N1,000 in WealthCash and you can increase this as you earn more. Start Investing Now!

3. Make purchases in Bulk

Making purchases in bulk is great because it allows for easy bargains; you would typically be buying things at their wholesale prices. To follow through with this, you need to have a list of the things you need for the month or the next few months and get them. What this does is that, not only do you get better deals at that instance, you also go out to shop a fewer number of times in the year, thereby saving cost and putting the extra bucks to good use. You will be surprised how N100 can change ones life.

4. Stay true to your Budget

Discipline is key to attaining your financial goals. Whatever lists you have written down as noted in Point 3, stay true to them, except on occasions where it is necessary to go beyond the budget (due to reasons like inflation).

Relax, there are only about 14 more days in the month, stick to the outlined steps above, and you’d come out of January like the champ that you are!

Stay Strong, and continue to grow your wealth with ease on Wealth.ng!