Hi there,

Welcome to another Productivity Wednesday and I trust the first month in the second half of the year has been kind to you. Earlier this month, we commenced conversations on finances or money conversation as much as we don’t like to openly discuss the subject of money but one that is at the core of almost every important decision we make especially in our career.

In the previous week’s article, we discussed “Our Money Personality” because this is the very foundation of how we respond or react to and with money. If you missed that article, kindly scroll back on the blog to find same. This week, we will be taking the subject further as we discuss budgeting as a way of planning and managing our finances.

One definition of budget according to Merriam-Webster dictionary defines a budget as “a plan for the coordination of resources and expenditures. Bearing this in mind as the anchor of our discussion, we understand that no amount of resources will ever be enough as human wants are insatiable, but budget helps us navigate and manage our finances better. The sad truth is, as we strive to get better offer either through promotions, other job offers or side hustles, we are faced with lifestyle inflation or what Brian Tracy refers to as Parkinson’s Law. A way of living that changes or increases with increasing income. The only way to best manage our resources is budgeting.

Having got an understanding of budgeting, how do we plan our finances so we can improving our finances and avoid “sapa” 😁😁😁😁 even though we have a steady source of income:

  1. Set Financial Goals: Setting financial goals is key and technology has even made this easier. For example; Google gives you a finance planner and fintech springing up also provide avenues to enable us set goals to help curb our spending habits.
  2. Manage Debt: Debt is one thing that is encroaching our finances really fast. The same way technology helps us save, same way technology has availed us easy access to loans and this increases our spending rate. Avoid unnecessary bills or expenses not captured in your plan or set financial goals.
  3. Build an Emergency Fund: Simply put, save for the rainy day or rainy moments. As much as we plan our finances, it is great to have access to funds for unforeseen circumstances that may arises and having an emergency fund helps you avoid getting stranded or getting in debts.

Understanding your financial personality is one step but budgeting and planning your finances takes it a notch higher. So, while striving to get a new job or starting a side hustle to improve your finances, ensure to properly plan your finances.

Getting a new job and improving your finances is only as possible as how much information you have either in hard skills or soft skills or even both and 21Search is a training and certification organization  with a wide array of courses to help improve your technical and soft skills. Kindly send us an email at e.mbahon@21search.ng or call 08107017274 for more enquiries and get a quote. Until I come your way again, stay safe, work smart and not just hard.



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