Over the past years, the Nigeria economy has suffered tremendous decrease which has left most Nigerians in a state of confusion and fear. With the ban of the importation on certain items and the increase in the price of petroleum products, we cannot be too sure of what would happen next.
Irrespective of the way things are, everyone needs to put some certain things in order to survive the times we are in and setting up a proper personal financial plan should be on top of your list.
As we go to the polls to re-elect or elect new leaders in a matter of days and hope that they turn things around we also have to do our part by making proper personal financial plans and sticking to them.
It is not too late for individuals to draw out a financial plan for themselves, family and in case of emergency.
In the world, we live in where nothing is certain and issues may arise at any time which is why having a financial plan of your own is needed.
There are certain emergencies that may arise in the cause of the year either good or bad which may require finances to take care of and if you are not prepared you may be caught off guard.
These emergencies may include: loss of job, the death of a loved one, investment in real estate, retirement etc. and they all require finances to take care of them.
Here are 7 things you need to do to get a proper personal financial plan.
Set A Budget
The one thing I found out about most people is trying to live above their income and act as if the problem we are facing in the country does not get to them. For you to be able to set up a proper personal financial plan you must cut down on your spending habits. Creating a budget for yourself will help you plan and checkmate how you spend your resources so you can have something to fall back to in the long run. Budgeting will also help you identify what your needs and wants are. There are certain things that take much of our finances which we can cut down and they include the amount of food we eat, how much we spend on call cards, the amount we spend on clothes etc. If you can cut down on these things you will have something to save in case of the raining day.
For any salary earner or a business owner, it is wise to set up a savings account where you put at least 10% of your monthly income. This can be informed of opening a savings account with any of the banks, mutual funds account etc. for this to be done successfully, it is advisable that you don’t collect a debit card for the savings account you set up so you are not tempted to touch the money. Once this account is set up you will have a backup fund in case of any emergency that may arise.