Being a salary earner living in a big city like Lagos, Abuja, Portharcourt, etc. with a single income source can be quite tough, but we’ve got your back. In this blog post, we discuss how to be smart with your finances when you only have one source of income.
This provides a plan on how to spend your money. How much is your monthly income, and what are your expenses? Create a list of your expenses and arrange them according to their level of importance. This helps you know what to keep or cut off from your spending.
Keep track of your spending
After you’ve created a budget, try tracking your expenses to avoid going off course. The will help you remain mindful of what you spend and where you spend it. You get to identify areas where you need to make adjustments to your spending.
Find non-monetary ways to enjoy life
There is a high chance of spending more than you budgeted while you’re on a vacation or outing. You can spend time with friends and family indoors or engage in virtual activities that won’t necessarily make you spend so much. Find less capital-demanding ways to spend your leisure.
Have a savings plan
Having a savings plan is very important, it helps you accumulate and grow your money towards a more financially stable future. Our savings plans can help you successfully meet your future financial targets and obligations.
Invest your money
Saving is mostly about keeping your money secure and earning a small amount of interest but investing is letting your money expand to its greatest potential. You can invest by placing your money into well-known corporations or blue-chip stocks, or treasury bills, NFTs, Bitcoins, etc. You can also get an insurance investment plan that offers free life insurance coverage. However, be careful not to fall into the hands of fraudsters. Remember, if it sounds too good to be true, it probably is.
Read more on how to use insurance to build wealth.
The ability to live comfortably on a single income might as well be a superpower especially if you live in a big city, but it is not impossible. While you work on other sources of income, you can make a smart financial move by signing up for any of our Savings and Investment Plans. The plans also come with free life cover designed to protect your loved ones if life happens.
Looking for something else or not sure of what plan to get? Request a callback today, and our team of financial advisors will reach out to you.