As you have already known, we share helpful content on this website and help our readers gain more information about how to make money and even grow a business.
But what about how to make some financial decisions that will eventually grow your finance??
As you prepare to embark on a new year, it is time to reflect on the valuable financial lessons you’ve learned and apply them to make even more savvy financial decisions in 2023.
Your new year's resolutions that you have made will not be effective without finance, which is sadly the biggest fact.
So, without wasting much time we will be looking at these 4 simple tips to make the best financial decision.
It all rounds up to this, of course, another article might include long boring tips, but these 4 tips are the most basics and practically anyone can employ.
That being said, let's dive in, below are the following tips on how to make the best financial decision in 2023 we will be discussing.
1. Save for rainy days:
The importance of savings cannot be overestimated, it will help you have funds for emergency or even business opportunities.
Last year’s fuel scarcity and increase in food and transport prices taught us the importance of having emergency savings.
If you don't have one, there are a lot of apps that can help you with this and the best in the business is Piggyvest.
Piggyvest has the best saving plans that anyone can employ and use, and as the name implies it is a PIGGY BANK that can also enable you to INVEST.
Although this is not the only platform for saving, other financial institution you use is Kuda, Opay, Bamboo, etc.
Kuda will not only help you save you can also buy US Stock with this app.
Now if you are not comfortable with dumping your money on a random App, then you can Download your bank mobile apps and start saving.
Examples can be the UBA Mobile App, and FCMB Mobile App, the reason I pick these is that these banks don’t do excessive charges, especially the UBA.
FCMB even has a saving program called I-nest which should help you achieve your savings goals.
2. Always make a budget:
We all know January can feel like the longest month ever. Before you start spending money, make sure to draw a budget and limit your spending.
Especially if you have traveled back home for the holidays, try not to be extravagant.
Now in other to help limit your spending and make you easily avoid spending more than your budget.
What you should do is create a scale of preference for things you
Ultimately, try not to spend above your income, know your limit and try to live off 20% of your income.
3. Buy now and pay later:
This tip is not talking about you getting into debt, debts are the worst things you should incur.
Prices of things have gone up, if you can lay your hands on things that when you buy now, you can resell with huge returns in years’ time.
Then go for it, you can use your savings later or get a loan from the bank (be sure you can pay back in the said time).
That piece of land you could buy for ₦500k a year ago is now ₦2 million, the same goes for cars and other things.
You can easily access funds with your bank Loan, get the things you need, and pay back conveniently at low-interest rates.
4. Don’t let your money Japa:
Ignore any message saying you’ve won in a promo you didn’t participate in, or asking you to share your PIN, OTP, BVN, or other sensitive details even if they claim to be calling from your bank.
Be vigilant, a lot of people have fell victim of these scam activities and ended up losing money that would have changed their lives.
So be very careful while dealing with these kinds of people, and take extra precautions because you can never be careful.
In fact, let me recount a story; I use to claim that nobody can scam me, and maybe I was on my bad day that particular day.
But I got a call from a strange number telling me they are from FCMB, though I have an account there I only use it to save not daily transactions.
So the strange caller claimed that my FCMB Bank app is having general difficulties, and one thing led to another I almost send them the verification to login into my account.
But I immediately pinch myself and was like, this isn’t me, I usually investigate this, so I hang up investigated, and called the number again to blast them, Lol.
But unfortunately for me, the person didn’t pick up.
So, the whole point here is your bank will never ask for your sensitive information like your PIN, OTP, BVN, or other sensitive details even if they claim to be calling from your bank.
If you suspect any fraudulent activity, please call your bank Fraud Helpline or contact them through their email.
So, it is best your check out your bank fraud helpline and email address immediately.
Conclusion on how you can make the best financial decision
Now although these tips are not endless, they hit the most important aspect of your financial journey.
Do not take them lightly, kindly comment if you have any questions or feedback.
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