Take a Financial Leap This Leap Year

Sometimes, it’s the simple things that we consistently do that really give us that desired leap especially as regards our personal finances. The key words here are “simple and consistency”.

Below are 13 simple financial intelligence tips that I am sure will be of great help in gaining clarity for your financial goals this year.

1. Always work towards freeing up cash for investment by reducing debts and less important and immediate expenses.
2. For me its Pay God and Pay yourself. (Invest) before you spend.
3. Safeguard and monitor what you have invested by following up on your investments with your relationship officers. Download statements, check online to see the progress of your portfolio, check out funds’ performance etc.
4. Start small and early too. A drop of water can make a might ocean. Anytime is best to start investing especially if you are within 18-35 years of age. Start now.
5. Set your Financial Goal and reward yourself when you achieve it and for every milestone you attain. E.g. At your 1million investment milestone achievement, you can decide to take yourself to have a nice lunch at a nice restaurant. The psychological effect is encouraging.
6. Watch your expenses. Differentiate between what you need and want. Expense must not always rise to meet income. Consciously walk against this psychological rule.
7. Progressively increase your savings…maybe 1% every quarter
8. Balance basic consumption needs and investments needs
9. Diversify with necessary advice from professionals in the field
10. Never ever keep too much IDLE money. Any floating money can easily float out of your hands. Monies not budgeted will easily find its way out of your hands for frivolities. Keep minimum fund for day to day expenses…
11. Automate your savings…. E.g. for every 50k you get you save 2k. It’s that simple.
12. Switch your investments as priority and age changes
13. The Older you become in age the less risky investment you engage in as the need to preserve capital becomes paramount.

“Many don’t participate in Financial Services because they lack the know-how not necessarily because they lack the means” Segun Aremu

I am Segun Aremu; I am a Financial Services Professional.