Are you surprised that the year is almost over?

Filed under: Personal Finance | Posted by: Editor

Ember Month’ means a lot to so many people. Many people at the dawn of September 1st begin to worry, considering the fact that the year is almost over again and taking a look at their set goals, it seems like not much of those goals have been achieved.

Time really is of essence when there is a set goal. But achieving it within a time frame is also linked to what foundation has been laid. So, when there is no foundation beneath a particular goal, it is as good as gambling which is the problem of many people out there.

No doubt, this is the last quarter of the year meaning that most goals should have started tilting towards realisation if there was proper foundation, monitoring and sequential implementation since the first, second and third quarters. Anything short of this would amount to gambling and that is not the way to go.

I got into a discussion with a group of young men who were talking about how surprised they were and how they had been taken unawares, and not even one person among the four people talking believed that there was still enough time to make it.

This article would be looking at rekindling your confidence and hope that the time is still fresh to make it, whatever the goal you have set for yourself. If it is making money, what skills do you have? If you do, then set out to sell your skills because there are people out there that still need your services.

If it is saving for a particular project, then look at your budget and start to cut down expenses beginning from now. The worst case scenario is that it may not come at the end of the year, but it could come early next year and that is a step forward.

But as a saying goes “it is not over until it is over,” meaning that despite the little time left for the year to end, you can still make up for the time lost. A list of expenses, bills and family dependants and others already forgotten, were major impediments to achieving savings till now.

As personal finance experts put it, “this is a good time for an honest self-analysis: What has your saving habits been like in the last eight months? If it seems like all the money you make falls straight through your fingers and gets gulped up by bills and other expenses; think hard about a reasonable amount you could start to view as yet another monthly bill.”

Denis Nnorom, managing director, Pinnacle Insurance Limited, says savings culture is a personal decision which an individual takes to better his or her future.

He stated that there is nobody who is not under pressure to spend for himself or herself, one’s family or other relations, but somehow, some way, you must try to put something aside for that project that is dear to your heart.

According to him, it is only about self-discipline and again, getting a savings plan that would not be tampered with to solve immediate problems.

Dual Citizen, an expert in financial management in topic “Savings Culture among Youths” stated that it is not too late to start saving, as you can start today.

He observed that sacrifice is the name of the game. No pain no gain. “If we look deeply and sincerely into our budgets and the kind of lifestyles many of us are living, we will be able to cut off some of the extravagances and put the difference into our savings and a few months down the road, you will look back and be proud of yourself.”

After living in the US for many years, Dual Citizen observed that he could save very little because of pressure from personal expenses, family and relations at home who on regular basis make demands via the telephone even for things that are not necessary. But he began to do better when he decided to say no to some of those demands, on the premise that if he had no job, those relations could as well do without those demands.

His words: “Way out for me was to learn how to say ‘no’ more than ‘yes’ when they come with their stories. I weigh what’s more important. For instance, school fees or feeding will come first before ‘Broda’, I want to buy a black berry and an iphone’; ‘Can you send me the money?’ I answer ‘no’ to such requests.

“I have set a goal for myself to save more than I spend henceforth. How, is that possible? It is called aggressive savings. If I was used to eating two meats before, now I reduce it to one and eat the other the next day and that way I cut cost on food and so I did in other things. Just look into your lifestyle and cut those things you can cut and in a few months down the road you will be able to boast of some money in the bank.

“But, don’t forget your family o, if they need serious help, please do o; but you have to be able to weigh the priorities and if what they are asking for is unreasonable say no politely.”

By: Modestus Anaesoronye