Imagine yourself, a very hard worker with a decent paying job, but still struggling to cover the rising cost of living. During the weekends you often enjoy outings with your friends and sometimes splurge on the things you love. However, the end of the month doesn’t seem to go your way. You suddenly have unexpected expenses like health emergencies or car repairs pop up and then you are wondering where all that money you had went. This is where financial planning comes into play, and how partnering with us can make your planning even better.

You might think financial planning just spans across budgeting and saving for the wealthy, or those preparing for retirement but it is indeed more than that. It is about making as many smart decisions with your money today so as to ensure financial security both now and in the future. It is a tool that can help you take control of your finances by creating an easy path towards your goals. So now, how can you get started and plan towards your financial success?

UNDERSTANDING YOUR FINANCIAL SITUATION

First things first, is to know where you stand financially. You can not say you are making any meaningful plans without accessing or having knowledge of your finances. To do this easily, you can start off by writing down in a notebook all your sources of income. When you are done writing all, you then compare it with your regular monthly expenses- this includes your rent, transportation cost, utility bills, food, personal care. Identify all unnecessary spending as you do this. You’ll likely be surprised to see how much you spend on extras. Then, find areas where you can cut back. Once you have a clear picture, pinpoint which areas need improvement. This will guide your next steps.

SET REALISTIC FINANCIAL GOALS

The next step once you know your financial situation is to set clear financial goals. This is almost like a roadmap that will help you achieve your goals be it short-term or long-term. You can not just say ‘I want to save more’, rather set a goal like ‘I want to save this amount for a car within this number of years”. Remember, specific goals give you something concrete to work towards.

However in doing this, prioritizing your goals should also be as important. Yes, saving for a car might sound great, but it is also essential to prepare for unforeseen health emergencies.

CREATE A BUDGET AND STICK TO IT

You will agree with me when I say creating a budget is very important, especially as a Nigerian. This will not only help you have a spending plan, but also help you allocate money towards your priorities and ensure you do not overspend on unnecessary things. One way to have a great budget is the 50/30/20 rule. This means 50% of your income goes to your needs; such as rent, transportation, food, personal care, 30% to wants; partying, vacations, eating out, and 20% to your savings, emergencies. However, if you do not stick to the budget, what is the point of creating one then?

HAVE AN EMERGENCY FUND

Life is unpredictable amongst other things and this is why having money stowed away that helps you handle any unexpected expenses without falling into debt, is important. It does not matter whether you start small or not, but always make it a habit to save for an emergency even if it is just once a month. Yes, there might also be times where you never see that health emergency cost coming, and your depending solely on these savings might not be enough.

FINANCIAL SECURITY

In today’s world, unexpected expenses can quickly derail your budget. This is where insurance plays a crucial role. Whether it’s Health, Auto , or Property insurance, these policies protect you from spending out-of-pocket on every little mishap. By paying small premiums regularly, you shield yourself from potentially large costs when the unexpected occurs. Insurance is not just about replacing lost income; it is a strategic tool to maintain your financial stability and give you peace of mind in the face of life’s uncertainties.

INVEST EARLY

While insurance is important to protect your source of income, investing is a key way to grow your income over time. In Nigeria, inflation can gnaw at the value of your money which means leaving your money in a savings account may not be enough. Rather, educate yourselves on the available options to invest in; be it stocks, real estate, etc. We also offer investment linked insurance policies (Leadway Investment Plan), This means you can invest and enjoy higher returns while also benefiting from insurance coverage.

REVIEW YOUR PLAN REGULARLY

Just like the saying, ten children cannot play for ten years, so also is financial planning an ongoing process. As your life changes, so should your plan. For example, if your income has increased, you should also increase your insurance coverage, same goes for your investments.

CONCLUSION

Just as it is important to protect yourself from any financial hullabaloo, we are also here to play a vital role by helping you safeguard your income and build your wealth through smart Insurance investment. With your careful planning and our guidance, you can ensure financial security and stability for yourself and family. 

Send an email to or call us on +234 9040760674  to get started today!