866 Views

7 Basic Steps To Improve Your Financial Condition In 2018

If you have decided to improve your financial condition this year, then this post is a must-read. Inside this post are some of the mindsets you should avoid if you want to succeed this year.

Just like most working class graduates out there, my finances aren’t perfect; but within the last few months of last year, I learnt a lot I implemented, and it worked wonders for me. Making progress on financial issues can prove to be difficult. To say “I want to be debt free” is general – as there is no starting point or call to action. Setting up your financial house isn’t impossible; you only need to start from somewhere.

These are the basic steps I took, and you can also use it to improve your financial condition as a white collar jobber man.

Pay yourself first

This basic step to improving your financial situation is to pay yourself first. It might seem a little bit odd, but it is the one convenient ways to improve your financial condition. As soon as the paycheck drops, you should take out an amount and pay yourself first, before looking out for other debts to clear. This was how the richest man in Babylon came about.

Paying yourself means taking out a portion of your income daily, weekly, or monthly, then you save or invest it. If I were you, I will choose the former as the best way to pay myself.

Several times when an investment opportunity springs up, one of the common excuses to hear is “I don’t have enough to invest.” This isn’t because you don’t have enough; it is because you didn’t pay yourself first.

Just learn to pay yourself first, and then you will be fine.

Don’t Save to Spend, Save to Invest

Nothing scares me more than when I hear someone say “I need to save to buy a new car.” No one should save his hard earned money to spend it; rather you should invest it into something reasonable, then you use the passive income and accomplish your needs.

According to Wikipedia, passive income is a cash flow received on a regular basis, which requires minimal to no effort by the recipient to maintain it.

Passive income has been the best thing since pizza. To improve your financial condition or status, you should have your eyes all opened for streams of passive incomes.

There are several ways to earn passive incomes and improve your financial condition, and a few of them are;

– Invest in an already established enterprise
– Negotiate for higher pay
– Take up side jobs/projects

You can either speak to your financial advisor or reach out to me using the comment section and I would guide you properly.

Have a Budget and a Financial Calendar

Have you ever seen the big corporations and organizations making financial plans and projections? That’s exactly how you should run your finances. The only way to improve your financial condition without any side income is to stay with or below your budget.

ALSO READ  D’banj Releases Photo Of His Customized Pool In His New Mansion

But what if you don’t even have a budget?

You should really learn how to draw up a budget now, keep it real with a financial calendar and then make projections.

Having a budget is one task, spending within your budget limit is one hell of another task on its own.

Read and Master Financial Numbers

It might not sound too interesting at first, but it is a crucial and basic step to improving your financial situation. I was never a finance student in college, but I am working on correcting that right now. I need to know what the banks know, so I am reading up on stocks, taxes, interest rates, and 401(k).

There is a lot to learn, so I am taking my time, and it has really helped me make better plans. This means I can now take decisions without hurting my financial condition.

Put money out of your reach

Credit cards and ATMs for those in Nigeria are one of those things that will aid you go broke before you say Jack Robinson. A simple rule is to make sure you don’t have any of them for your ‘real’ savings account.

You should also not keep a large sum of money in the house, as the urge to spend on irrelevant things will always crop up.

Learn to shop online during festive periods

Easter, Halloweens, Christmas, Black Fridays, and New Years are known for one thing “DISCOUNTS”. If what you need to get now isn’t so urgent, you can wait for a festive period to buy it at a more discounted price.

A premium theme I bought $65 is now selling for $9 just because of the New Year promotion. It was urgent then, so I have no regrets.

Start Something

The best was saved for the last. If you sincerely wish to improve your financial condition, then you need to stop running from poverty and chasing wealth. How long can you keep cutting cost just to stay afloat, when you can live the way you want by minding your own business?

No business is little as long as it generates revenue for the owner. As a working graduate, couple or single parent, all you need do is start something no matter how small. If you manage it properly, you may just live the life you dreamed of.

To improve your financial condition is not rocket science. It is all about making plans and getting down to work. You may plan all you want about improving your financial situation; but if you don’t take actions, you might just keep making movements without covering any distance.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

2018 Budget: Nigerian Government Speaks On Taking More Loans
Best of Nigeria
Best of Nigeria

2018 Budget: Nigerian Government Speaks On Taking More Loans

MT - May 23, 2018

Patience Oniha, Director-General of Debt Management Office (DMO), has stated that the federal government must take loans to fund the 2018 budget and the capital projects. She…

The Richest King In African  History-Mansa Musa
Art, History and Culture
8 views
Art, History and Culture
8 views

The Richest King In African History-Mansa Musa

PH - May 23, 2018

The richest king that ever lived in Africa is King Mansa Musa Keita I of the Mali empire. Scholars spent many years trying to give an approximate…

Probe Obasanjo On The $16bn Power Project , Other Past Leaders – CACOL Tells Buhari
Business
23 views
Business
23 views

Probe Obasanjo On The $16bn Power Project , Other Past Leaders – CACOL Tells Buhari

MT - May 23, 2018

The Centre for Anti-Corruption and Open Leadership, CACOL, has called on President Muhammadu Buhari to probe former president, Olusegun Obasanjo, on the purported $16bn expended on power…

The First And Oldest Museum In Nigeria-Esie Museum
Art, History and Culture
21 views
Art, History and Culture
21 views

The First And Oldest Museum In Nigeria-Esie Museum

PH - May 23, 2018

Esiẹ Museum is a museum in Esiẹ, Kwara State, Nigeria. The museum was the first to be established in Nigeria when it opened in 1945. The museum…

Meet Charity Bassey, The Female Airport Cleaner Who Returned $6,000 She Found Inside The Toilet
Inspiring
24 views
Inspiring
24 views

Meet Charity Bassey, The Female Airport Cleaner Who Returned $6,000 She Found Inside The Toilet

PH - May 23, 2018

A female cleaner at the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos State, identified as Charity Bassey, has returned a total of $6,000 valued at over N2…

Atiku Speaks On Protests By Catholics In Nigeria
Buzz & Trends
22 views
Buzz & Trends
22 views

Atiku Speaks On Protests By Catholics In Nigeria

MT - May 23, 2018

Nigeria’s former vice president, Alhaji Atiku Abubakar has expressed worry over the mass protests organised on Tuesday by the Catholic church in parts of the country. On…

Nigerian Mechanic Transforms Old, Rusty And Abandoned 1968 Peugeot 504 Car Into A 2018 Luxury Car
Geeky & Smart
31 views
Geeky & Smart
31 views

Nigerian Mechanic Transforms Old, Rusty And Abandoned 1968 Peugeot 504 Car Into A 2018 Luxury Car

PH - May 23, 2018

An auto-mechanic in Nigeria has become an online sensation after he refurbished and redesigned a Peugeot 504 car. A Nigerian man, Frank Blaise has received accolades for…

Wike Reveals Area He Has Failed Rivers People
Politics
15 views
Politics
15 views

Wike Reveals Area He Has Failed Rivers People

MT - May 23, 2018

Nyesom Wike, governor of Rivers State, has revealed the area where his administration has “not done well”. The governor disclosed that his administration has not done well…

Why Nigerian Ladies Should Be Like Chioma – Davido
Entertainment
24 views
Entertainment
24 views

Why Nigerian Ladies Should Be Like Chioma – Davido

MT - May 23, 2018

Nigerian singer and DMW boss, David Adeleke, popularly known as Davido has has given reasons Nigerians ladies should take his girlfriend, Chioma Avril as an example. The…

“God never stops blessing me” – Linda Ikeji addresses Celibacy and rumors of Sporting a Fake Baby Bump
Entertainment
32 views
Entertainment
32 views

“God never stops blessing me” – Linda Ikeji addresses Celibacy and rumors of Sporting a Fake Baby Bump

PH - May 23, 2018

Celebrity blogger Linda Ikeji has addressed comments concerning her pregnancy, celibacy, and claims that she’s wearing a prosthetic bump. It’s been a topic of discussion since she…

Urine Powered Generator: 6 Hours Of Power On 1 Litre Of Urine
Best of Nigeria
47 views
Best of Nigeria
47 views

Urine Powered Generator: 6 Hours Of Power On 1 Litre Of Urine

PH - May 23, 2018

by ARJUN WALIA While the mainstream media continues to push the idea that we are facing an energy crisis due to a lack of resources, more people…

7 Inventions By Nigerians You Didn’t Know About
Geeky & Smart
37 views
Geeky & Smart
37 views

7 Inventions By Nigerians You Didn’t Know About

PH - May 23, 2018

1. Emergency Blood Auto Transfusion System Think about this great invention and how many lives that have and could still be saved using this inventive system. The…

Meet 28-Year-Old Nigerian Engineer Who Invented The World’s First Ever Fuel Rocket
Geeky & Smart
48 views
Geeky & Smart
48 views

Meet 28-Year-Old Nigerian Engineer Who Invented The World’s First Ever Fuel Rocket

PH - May 23, 2018

28 year old Shehu Balami, is a graduate of Mechanical Engineering from Federal University of Technology (FUT) Minna. He has been researching into rocketry trying to make…

Functions of the Nigerian Ports Authority (NPA)
Best of Nigeria
40 views
Best of Nigeria
40 views

Functions of the Nigerian Ports Authority (NPA)

PH - May 23, 2018

The Nigerian Ports Authority (NPA) is a federal government agency that governs and operates the ports of Nigeria. The major ports controlled by the NPA include: the…

Stop Lamenting, Afenifere Tells Buhari
Buzz & Trends
38 views
Buzz & Trends
38 views

Stop Lamenting, Afenifere Tells Buhari

MT - May 23, 2018

The Yoruba socio-cultural organisation, Afenifere, on Tuesday advised President Muhammadu Buhari to stop lamenting, noting that Nigerians were tired of lamentations. The group’s spokesman, Yinka Odumakin, stated…

10 Ways to Reduce Unemployment
Best of Nigeria
38 views
Best of Nigeria
38 views

10 Ways to Reduce Unemployment

PH - May 23, 2018

By Victor Usifo 1. Fiscal Policy of Government Economic plan of any government depends on revenue and expenditure. Fiscal policy shows how government spends the budget and…

BBNaija 2018: Nina Speaks On Reported Breakup With Miracle
Entertainment
72 views
Entertainment
72 views

BBNaija 2018: Nina Speaks On Reported Breakup With Miracle

MT - May 22, 2018

Former Big Brother Naija housemate, Nina has finally addressed reports making the rounds of breakup with Miracle. Doth housemates were involved in a romantic relationship and caught having…

Governor Okorocha Reveals What He Risked By Joining APC
Politics
74 views
Politics
74 views

Governor Okorocha Reveals What He Risked By Joining APC

MT - May 22, 2018

Governor of Imo state, Rochas Okorocha, has admitted that he joined the All Progressives Congress (APC), at the risk of his second term in office. This was…

Loading...