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Finance
The Smart Approach to Financial Freedom 101
We all have different relationships with our money.If you ask a room full of people to define financial freedom, you are likely to get at least a dozen unique answers. For many of us, financial freedom is the ability to pay bills and have some money left over at the end of each month. For others, it is having a fully funded emergency account, while to some people it is the ability to retire early and travel extensively. Regardless of your definition of financial freedom, here are some steps that will help you achieve your vision for the future:
- Determine Your Financial Goals
Writing your goals down can help to achieve them faster. Written words enable you to visualize what’s ahead for you financially and set deadlines to achieve these milestones. To get started, take a notebook or open your notes app and outline your long and short-term goals for the next decade. Then calculate how much you need to save monthly or weekly to meet these goals, factoring in Inflation rates currently at over 10%.
- Know Your Financial Situation
Pull together a net-worth statement!!!
Whether you are fresh out of university, surviving on NYSC allawee, or getting ready to retire, it’s essential to understand where you stand financially RIGHT NOW.
Open an excel sheet and write down the numbers of all your monetary assets, in your many bank accounts, your Herconomy Savings, and even your investments and/or Crypto wallets.
How do you feel about these numbers? At this rate can you afford the life you desire?
- Track Your Spending
If you are currently living from paycheck to paycheck, setting aside money for emergency and retirement savings can seem daunting. To find out exactly how much you can save you first need to understand how much you spend.
Sit with your bank apps and track all your credit and debit ‘alerts’; even better; download your bank statement. Track how much you spend on every purchase, random buys, and even food shopping. By tracking these you can plan better.
- Trim Your Budget
Trimming expenses doesn’t necessarily mean cutting out your weekly treats or club memberships. Think beyond the small costs and consider lifestyle changes to needs from wants.
By tracking your daily spending, you can take measures to keep tabs on unplanned impromptu purchases or expenses. Consider leaving your heavy loads cards at home and carrying cash sometimes
- Save for Rainy Days
Save! Save! Save!
No matter how small it is, save something. With the Herconomy app on Android, you can start saving as little as N50 daily and watch it grow with interest.
Start saving with Herconomy today!
Download the Herconomy app from your Android or iOS App Store to get started.
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