If you find yourself nervously checking your bank account balance before payday or perhaps you are always indebted before your next salary, then perhaps it's time to make some changes. Before blaming your lack of additional income and poor salary, ask yourself the following questions, which are designed to help get you back onto of your finances.
Do I know where my money is going?
Most of us don't bother tracking how we're spending money. That means we might not realize that our food expenses have suddenly skyrocketed, or our utility bills have doubled.
Am I forgetful when budgeting?
People often fall victim to forgetfulness when budgeting. They tend to overlook unexpected and one-time expenses, such as car repairs or gifts, so underestimate how much they'll need to spend.
Do I do something everyday that wastes money?
It might be a cab ride, lunches, or daily bottle of soda. These types of small, daily expenditures add up, and by the end of month, you could be outN10, 000 or more. (In the case of aN500lunch on each weekday, that's N2, 500 a week andN 10, 000 month!)
Do I know my own weakness?
Almost everyone has one. It might be a habit of buying junk foods, fancy jeans, or nice dinners. Perhaps it's simply buying more than you need when you're out shopping.
Am I saving too much?
This question might sound counter-intuitive - how could anyone be saving too much? But if you're going into debt to fund your lifestyle and you've already cut back wherever possible, then it's time to look at how much money you're funnelling into esusu or monthly contributions. While it always makes sense to save money, it doesn’t make sense to save additional Naira when you are constantly indebted before month end.
Is my relationship hurting my bank account?
Even if you're on top of your own finances, your bank account won’t reflect it unless your significant other is also on board. Depending on whom she is, wife’s taste may be higher than the husband's pocket. If you are running a tight budget in a month, then let your wife know about that so she can also assist you in that regard.
Are the big items dragging me down?
For some people, it is the big items, not the small ones that hurt their finances tile most. Focus on minimizing your loans -car, housing etc. re-payments. If it will make you add more debt to the existing ones, it may be wise to buy a fairly used car instead of a new one. Please when you do, seek the advice of trusted auto mechanic.
This article was culled from the publications of Deen Communication Limited