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July Series: 5 ways to manage your spending habits

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Onwaeze Tricia

The first half of the year just went by. It was all shades of emotions for everyone — good, bad, amazing, draining and all of that.

The July Series promises to help you have a better half of the year. We will be providing healthy tips on how to maneuver life and its challenges. The first episode of this series focuses on ways to manage your spending.

Have you been struggling with being financially prudent? Are you trying to find a balance between settling bills and chopping life? Below are 5 amazing tips to help manage your spending. Your financial struggles are about to become a thing of the past.

1. Create a scale of preference.

Nobody knows how much you make in a month or year better than yourself. Before you get paid at the end of the month, or after a job, we already have a mental list of what we intend to use the money to do. Get a notepad and a pen, put down your needs in their order of importance. Be disciplined enough to place them in their order of importance and that takes us to the next tip.

2. Always have a budget.

Sometimes creating a budget might sound absurd or funny especially considering the high rate of inflation in Nigeria. Working with round figures can be helpful. After creating your scale of preference you can input prices to each of the items on your list. Make sure its a round figure e.g. feeding – N70,000. This covers the cost of your gas and all your foodstuffs for that month or week, however you decide to measure it.

3. Be realistic.

Thankfully, as humans we have the ability to adapt to a new situation. It is no news that prices of goods and services have doubled, if not tripled. What your N150,000 salary could conveniently cover last year including your “chop life” activities, it can no longer do the same. After creating your scale of preference and budget, sit back and cross check. Can you actually afford everything? If the answer is NO, cut down the quantities and prices and live within your means.

4. Zero pressure.

Avoid pressuring yourself. Living within your means doesn’t make you a poor person. It only signifies that you are being financially prudent. Do not incure debts trying to maintain a certain standard of living. The only constant thing in life is change. Always remember that.

5. Take classes on financial management.

The tips mentioned above will definitely be helpful. Mind you, there are many more ways to manage your finances. Go ahead and broaden your knowledge on financial management if you feel the need to.

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