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The earlier one gets financially aware, the better it is to learn and unlearn the tricks to money-making and living a comfortable life. The younger one is, the more time they have for their money to grow.
Unfortunately, early schools and universities do not teach students about finance and money, leaving them clueless on how to manage or grow their money, how to spend or save and the things they can do to help forestall uncertainties.
We have put down some rules that can guide you towards a financially secure future,
1- Self-control
Youthful exuberance tends to make one take decisions on the spot without considering the consequences of such action. While we are not trying to say this is a norm, there is that tendency because there is still a lot to learn for people at this stage. You need to understand and practice the principle of delayed gratification. Understand that what you risk having today, you will have tomorrow with ease if you plan well.
Exercising self-control when it comes to your finances is a lifelong skill you will be grateful for once it becomes a part of you. Learn to save for your needs instead of constantly buying everything you want at will.
2- Learn to budget
Budgeting will save you a whole lot of heartache, embarrassing situations and living paycheck to paycheck. You’ll need to have a clear picture of the lifestyle your earnings can afford without strain to your savings/investments. The best way to do this is by budgeting and creating a personal spending plan to track the money you have coming in and the money you have going out.
3- Get Insurance early
You might have heard that insurance is cheaper when you are younger. Your premium is calculated based on first your age, health status etc. Getting insurance early also helps to protect your finances, as your policy will cover unplanned events that normally will cause you to dip into your savings or in a bad case take out loans that might set you back financially.
For more details and enquiries, contact 2341-2774500 or send an email to contactcentre@coronationinsurance.com.ng
