Financial Strategy for Wealth Creation

financial strategy for wealth creation

One instinct in every human when it comes to financing is, “spend it as soon as it comes in”. This inborn drive kicks in whenever we earn money and it pushes us to go all out to start buying things been craving for. The bottom line is if this tendency is not correctly managed, it can lead to spending more than we earn. Thereby resulting in the purchase of things that are beyond what we can normally afford.

There are two ways of avoiding such a situation, you either save enough to get what you want or follow the more pro-active approach of planning your finances early so that you always have finances ready whenever you need them.

While one needs to take a proactive approach in planning their finances, many starts with the intention of planning theirs but falter in the long run. This is because they are unaware of the procedures that will help them follow this approach more efficient.

Management of finances can be a herculean task it is necessary to inculcate prudent habits when it comes to money matters. We do say to ourselves “I am broke” or “I don’t know how my money disappears”, well, this is because we don’t plan our finances well.

However, when we do handle and plan our finances well, our finances can help us enjoy a more comfortable life, one that is devoid of any form of worry.

Being prudent in your finance means planning your finances well and investing in areas where you can expect high returns. It involves having good knowledge about your money and the best way to make it grow.

Here are some points you need to adopt to manage your finances.

1. Have a monthly budget: You should have a budget for things that are essential to you. Make sure you live within your means. As they do say in pidgin parlance, “No dey do pass yourself”. Stick to your budget to avoid overspending on unnecessary items. To ensure you are not extravagant, practice self-control, and before getting anything ponder if you truly need it and if it is within your capacity.

2. Have a savings automated transfer of money to a dedicated account: This will help you save more, set a particular amount, and opt for automated transfer from your monthly salary. That will help save for whatever you need to get such as for travel or retirement. Whenever you begin earning this should be your first step. These savings could help you when there is an emergency or a sudden need for money.

3. Avoid unnecessary buying: This is also called impulse buying, don’t indulge in buying things that are not important. Try to curb extravagant buying. You could visit different shops to compare products and see what they have to offer. Don’t think that buying in bulk is buying cheaper. Most superstores have promos that might move you to buy something in bulk. However, impulsive buying will make you rush to get items and leave you regretting afterward when you see a better offer with a cheaper price somewhere else.

4. Plan for the future: You should have a financial plan for the future, be it a month’s plan, a year’s plan, or even for a longer-term. It’s necessary to set a long-term financial goal for the future. Create a budget and set aside a certain amount to achieve that financial goal. Planning for the future should begin now, don’t procrastinate. Work towards the goal, save and spend wisely.

You should also avoid pilling up bills. When there is a need to get something done, plan towards getting it done. Because leaving it or allowing it to pile up could hit you harder. This could save you from huge spending.

It is a known fact that over time, our ability to continue to put in time and effort will dwindle. This is simply because one may get tired or slowed down by age but money doesn’t have any of these problems and they don’t ever stop working. Let’s put our money to work by investing today and having an additional income.

Let us allow this simple fact to sink in. “Anything your money does to earn you additional income is an INVESTMENT”.

If you are looking for a reliable company to invest in, SUNTWIST NIGERIA LIMITED is here for you. We have investment-friendly packages that are not scary but will make you earn more and achieve your financial aspirations.

You could contact us on 08102777209.

Invest now, earn more and live comfortably.