July 1 marked the second half of this year. What were some of the goals you desired to accomplish this year? It’s time to assess your success rates so far. I cannot stress the importance of saving for rainy days. Especially for women who deal with major financial crisis if anything happens to the breadwinner. Ensure the habit of saving 70% of your monthly salary (not lower than 50%) consistently and continously. The power of compound interest works on whatever amount you are stashing away right now. For a minimal sum of N10,000 you can invest in mutual funds managed by ARM Investment (a subsidiary of GTB). Other mutual funds managed by BGL Securities and First Bank Capital require a minimum of N500,000. Whichever way the cookie crumbles, you need to cultivate the habit of regular savings.
I’m a lover of leisure travel, clothes, culinary pleasures and shoes. However, I have not allowed my love for these things to deter me from imbibing a saving culture. I usually have a financial goal for the year which reads thus ‘ In 2011, I will save ……. by year end and invest in the following financial vehicles’. That’s how far I go and once I’ve made this committment, I adhere to my plans and until I achieve this goal, then there’s no travelling or any other pleasurable thing I indulge it. However, once I cross the mark, I whip out my pleasure list to decide what i’m indulging in. Overall, it must also fit within my budget or else I forgo and settle for something affordable.
In appraising your financial situation, you need to take into consideration how much you need to kick your saving gear in the right direction. Once you have a plan, stick to it and accomplish. In subsequent posts, i’ll be giving out information on the financial vehicles you can invest in.
Have a great year (2nd Half) ahead.