Financial intelligence

Hello friends and famz,i trust your doing really great, It's a privilege to be here a gain to continue with my educative content on this space. I believe we have been enjoying every of my blog.

Last week was a very great time for me as I dedicated the whole week explaining blockchain and it types to the best of my ability. I also learnt alot from it because it took a lot of research to get those things together thereby broadening my own knowledge.

In this blog, I will be sharing with us useful habit that will help us financially. Being ignorant will put us in a very disadvantageous position and it won't be very good because what we envisage for ourselves is financial increase and not decrease or loss. Let's get into it right away

Habit No. 1 : Always track your spending

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Many of us have not been doing fine in this area. We do not really check how we spend and what we spend on. These two things are key. You need to know how you spend whatever come in as income or profit.

How and what here brings in the aspect of accountability where you need to recount how much you spent on something in a very detailed manner.
This should also capture what the money was expended on.

If this habit is not taken very serious,you would discover you earn so much yet you end up with nothing tangible and always find yourself in a position of serious need all the time. Do you spend on unneccesary thing?

Habit No.2 : Set a clear financial goal

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This point here is very important. Always have a clear financial goal and it will interest you to know that these goal can be broken down into three (3) part for the sake of efficiency. The there part are

• short term goal
• Medium term goal
• Long term goal

The reason why people spend on just anything is because there are no financial goals. Financial goals are pre-planned way of meeting very important need financially and not just some mundane things.

This goals includes how you plan spending for your monthly upkeep, paying semester school fee, settling a debt, or saving for retirements (a long term goal) etc. Making this an habit will help you spend on what matters and not just anything.

Habit No.3: Work with Budget

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Always a have a clear cut budget for everything you want to expend on and this should be based on how much you get as income, Let me paint a scenerio I feel we all can relate with.

Have you ever planned going to the market without a list of what you want to get with a price tag?
What are the things you're likely to experience when you get to the market?

Well let me help you with few. You're likely to buy what you don't need. You're also likely to buy more than what is needed at the moment.

You might also be cheated if care is not taken because in preparing a budget you most likely have a rough estimate of what a commodity cost but when you go unprepared,you might fall victim of this.

Always work with a workable budget which captures you financial plan which could be weekly, monthly, yearly and the likes,it will save you from a lot of headache.It is not very advisable to budget on what you don't even have in hand or in your bank,just try to be realistic because the money we expect sometimes don't come as planned.

Habit No.4 : Always Have an Emergency fund .

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This system is designed to pull you through unforeseen circumstances that doesn't knock at your door before they invade. They come in suddenly and expect you to be prepared for it. Yes! In the real sense you have to prepare for these things.

That is why I tagged this emergency fund. What am I saying in essence,I am saying do not eat up all you earn,always have something you can always fall back on any time, any day.

Sometimes this kind of fund doesn't even stay in the bank where you can be deprived on the ground of some cogent excuse when it is really needed. You have to keep them somewhere safe and easily accessible.

Habit No.5 : Always put you money where it can appreciate and increase (saving/investment)

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Savings and investing your spare (permit me to use this) is a neccessity for a wise person who really want financial growth. If you want to go with saving,try to open a savings account with yield.

Don't just open an account where nothing adds up to your money,it will be a waste of time. If you're very much interested in investing then you should carefully look out for investments that suits you.

All you need to do is to carry out a little bit of findings on which would be fine based on your financial plan. But one thing is sure with investment,it takes time to bring returns because it's not a Ponzi scheme.

You can always be sure that there will be a return as long as it is legitimate.This should bring smile on your face on the long run.

Conclusion

I would have loved to add more to the list but then,I think it expedient to stop here so that we can all digest properly. I will be looking forward to your comment, suggestions and opinions in the comment section
Thanks for your time.

Regards:
@lhorgic♥️