Personal Financial Planning Tips to Achieve Financial Freedom
Mastering the personal financial planning tips are not something that can be done overnight, nonetheless, it’s not rocketed science and anybody can master it in a matter of time. It is a journey.
One filled with a lot of little steps before you can wake up one morning, confident that your money is under control. Not to scare you, that is why we wrote this post, to show you how to become 5&6 with your finances.
How would you classify your relationship with Money?
Cat&Mouse: You and money are always not in good terms, it’s either you are chasing money for one overdue need, or you just finished spending huge money on something.
5&6: You almost always have a sweet romance with money, you know how to keep the money close, you only spend money on necessary things, and money enjoys staying longer in your pocket or bank account. So the question is; which is your current relationship with money?
While A is the case in most situations, B is the desired one. However, to be 5 and 6 with a delicate entity like money, it requires you to do some personal financial planning mastering.
Let’s dive into the Personal Financial Planning Tips
Get your needs under control
Imagine the feeling of having everything you need under control, like just choosing to spend money on this at this time, and not to spend money on that at that time.
Wouldn’t that be great?
Though that will certainly birth success in your personal finances, this kind of lifestyle isn’t possible for most Nigerians. We are all spending money on something every day, as long as we wake up in the morning and step out, bills come in prompt no matter how much we don’t want to pay them. The trick here is to spend less on what we need so we can get more of what we want.
Personal financial planning excellence is a function of a well-built personal discipline. Categorize and prioritize your Wants Vs Needs, and discipline yourself to adhere to it. This may inflict some temporal hardship on you at the onset, but the end result is worth it.
One way you can cut down on unnecessary expenditures is by reviewing your personal financial planning and consumption channels
Let’s look at your Cable TV subscription for example, how many channels do you use? Do you really need the extra channels that make that subscription premium higher in the price?
Or we can also look at your flat. Yes, you need privacy so you live alone, but you have empty rooms that are not being used at all, how about generating income from that extra room by giving it out to someone?
Sharing your cab to work, cutting down on excessive airtime recharge for overly long and unnecessary calls, performing multiple funds transfers and bill payments without transaction charges, and so on are some of the ways you can cut off unnecessary expenditures and focus on what really matters (your wants). These are just a few of the ways you can put your needs under check.
Shop within your pocket limits no breaking the bank
Now that we have looked at prioritizing the things you want vs the ones you need, what next? How do you go about the things you really want to buy now? One of the main skills you need to master here is the repeatable strategy to save money on shopping. Know what online and offline stores in your area have made available to you and use it.
A few minutes of research before you roll out your wallet, or slot in your card into the POS device to pay can save you hundreds to thousands. Make a habit to always check prices from multiple stores before you buy, especially for products that are not sold in only one place.
The majority of big-name stores have their entire inventory online. Take a minute to think which stores near you could be selling your desired item, then go online and search for it on each of them.
Then simply go with the one with the lowest price. If you don’t mind doing a little legwork, you could check in-store as well (hey, it’ll get your step count up!). Also, you shouldn’t ignore special offers from your favourite stores, some offers can get you up to 50% off on items (that’s the price to buy two of that item).
There’s Black Friday sales, Anniversary sales, weekend sales, clearance sales etc., understand the seasons of this offers and channel your heavy spending towards those periods.
Make more money
Let’s be real, no matter how much money you make, you could always use a little more. That is why an important step in your journey to making you and money 5 & 6, is increasing your earning power. You don’t have to go out and get a second job simply use the skills and money you already have to get some extra cash on the side.
Invest in a high-interest investment plan with a trusted personal financial planning partner.
Investing used to be a topic reserved for the “financial rocket scientists” not any more. With the penetration and growth of the financial services sector in Nigeria which Page Financials is a leading driver, lending and investment have been reduced to just a few clicks. Set aside a little room in your budget to put some money in a no-fee high-interest investment plan.
It doesn’t have to be something as serious as you thinking about retirement yet(though would be a great idea) just think of that trip you want to go on or the new car you want to buy or just the security of having a little nest egg that’s growing a little bit more every day,
If you need some personalized advice on how to go about investing smartly, you can call Page Financials on 016317243 or send an email to firstname.lastname@example.org.
Personal Financial Planning Summary
Personal financial planning is the key to building a successful relationship with money. It is not a “so hard thing to do”, you just need to be dedicated and meticulous in your spending, plus follow a few rules.
Cultivate a conscious mindset to prioritize the things that matter now and move your needs to a later future. On the things, you must shop now, make sure you are getting it at the best possible price (but also make sure you are getting the right value).
Do something to increase your earnings. Have a side hustle, or start an investment plan. Do these and money will love you, always want to be with you, and multiply in your possession. Ignore these things and you could earn yourself a war against money, always looking for it, or always “just spent it”
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