An Extra Mite to The Future

ON THE BLOG TODAY, we brought plenty of gist for you about savings. We’d be talking about “An Extra Mite to The Future”
Our first question for today, What exactly comes to mind when planning your budget? How do you plan your budget according to your priorities?

Planning A Budget

Planning a budget could be very difficult especially as a student. Sometimes, you might want to gratify your wants and push your urgent needs away. Self-pleasure, peer pressure and even the desire to meet up with your baby girl lifestyle that you’ve envisioned for your self might have eaten deep into your pocket before you could realize soon enough.

• Which one is important
• What is just a want
• Which one is needed

Let me clearly state that if you still have issues with what people would say about your dresses, being too simple, or you’re easily moved by the latest trends and styles around, and maybe you still have issues with restraining yourself from going out, hanging out with friends at different meet up’s, joints and hideouts with different hashtags. Then, you have no business with savings because savings requires discipline.
Savings and discipline are intertwined and they both work together so you can achieve your goals “MoneyWise”.

DIFFERENT MEASURES YOU CAN APPLY TO BUDGET PLANNING

KNOW YOUR NET INCOME

The first step to planning a budget that works for you is to take note of your net income. Identify the amount of money that comes to your account. However, this could be deceptive or overestimated especially when you think of spending whenever the money comes in bulk without having to subtract house rent, electricity bill, money for handouts and other kinds of stuff that are more cogent especially as a student. Your net income is the remainder after you’re done with footing the bills.

TRACK YOUR SPENDING

Have a list where you track all that you spend. This would give you a mental picture of how you run your expenses and if you’re prudent in spending. It would also give you an idea of what you’re spending the most money on, you would also see the area where you need to cut down on expenditure.

SET YOUR SAVINGS GOALS

This would ensure that you start making a list of all your financial goals. Note that, the goals you set should be realistic goals. This is the point where you’d have to be true and real to yourself. These goals could be long and short term goals. Writing out your goals on a pad is not even enough. All you need is to set your priorities, straight girl!!!

MAKE A PLAN

Since the time you decide to save, you should have a projection of what you’d spend in the coming months. You might choose to break down your expenses even further, between having what you want and what you need.

ADJUST YOUR HABITS

After you have met all these factors above, You, being consistent with your income and spending, will start to see where you have money left over. Giving an extra mite to the future will open you up to discipline. Budget planning will show you where to cut back to ensure that you have money to work on your goals.

Whenever you have the “want to have” cravings, it is the first area to look for spending cuts. Why eat jollof rice out when you have foodstuffs available that would beat up those cravings? Why take transport to school, especially when it’s within walking distance? You can also cut down on buying sachet water at home, and buying it in school whenever you’re thirsty.

When you can easily get a good water bottle, that would help you store water. Just try adjusting the numbers that you have tracked to see how much money you’ve freed up. While you evaluate your spending on wants please make sure you evaluate your spending on needs. You might say you need a particular item, but if after evaluating and you discover that there are no cogent reasons on why you should procure those items, then you should probably pass it on to your list of wants.

Just like we’ve earlier said, savings and financial responsibility are not for the fickle-minded. It requires a whole lot of discipline, sacrifices, accountability and even responsibility. Let me quickly say that adjusting your habit financially ( especially for one who has always been Care Free), might not come in handy. However, make sure you make an effort. Try and keep trying to realize your financial goals for the year or as long as you want them.

Hmm. A dramatic question this might seem in all sincerity but everyone has it and it is almost creeping. The fact that we just can’t have to get over this creeping feeling of not having enough to fulfil all our desires. The greatest is discovering that you want to get something but you can’t and that is crippling so the greatest fear of money IS THE LACK OF IT.

How many of us are actually ready to stand up to this fear? Or we actually put it at the back door and expect it to sort itself out. Hmm, if that is the case join me to laugh in Spanish cause that is basically what 98% of people with money problems do, they spend as they see and save when they remember. Investment is an impossible thing for them.

Well let’s get this off our chest first: YOU CAN’T BE DOING THE SAME THING EVERYONE IS DOING AND EXPECT A DIFFERENT RESULT. KO LE WORK😁.

A part of giving an extra mite to the future also means being accountable. How much do you earn? What are your expenses? How much is your savings? What is your investment plan? Answer these questions sincerely and be disciplined about it all, then, we have a head start to life. DONT OWE ANYBODY meaning, TRY as much as possible NOT TO BORROW so that you don’t throw your plans off balance.

INVESTMENT

Whenever we hear this word, the majority of us like to think about something big, we try to wave off the thought because we think it is too much for us to handle. In some cases, some just want something that does not require stress, like cryptocurrency, bitcoin and other platforms one can engage in without stress. While some may embrace bitcoin, cryptocurrency and all other currencies as a way of investing for the future. I’m happy to let you know that there are other legitimate means one can invest money, even as a student. But first things first, let’s see things an investor should consider before investing on any platform.

1. Capital asset.
2. The expected rate of return from it during its lifetime.
3. The market rate of interest

As an investor, you should be aware of all these determinants used for inducing investment. Firstly, get to know the amount of capital that would be needed to invest, you can also check if you will be able to afford it without you needing it later for emergencies since investments are mostly considered to be a long term deal.
Secondly, you should be aware of what you’re getting back as an investor. If it is not fair enough I guess you should better walk away.

Thirdly, learn and try to understand how the market runs. Ask questions, seek opinions on how the business is being run. This would enable you to understand if it is profitable and the period of time you should probably withdraw from it. Basically, if it does not yield profits, then you shouldn’t invest in it.

This can be very tricky cause if asked this question, most people actually end up saying virtually the same thing, NOTHING AND A WHOLE LOT OF VIRTUAL LIFESTYLE BEING PORTRAYED BY CELEBRITIES. Sister in the Lord Oya, wake up to your reality. are you sure those things are Wat would make you happy? Some people don’t know that their personality says a lot about their lifestyle. Eg for someone that actually is an introvert the hustle of Lagos might not be really befitting. Look at your interest and don’t just be shouting Haaaa makeup na him dey make money and you can’t draw one single line of the brow.

One thing I want us to know is that it isn’t bad to be different but we need to accept it first then blend it to suit our visions shey you get. Don’t go and do copy paste for someone else dreams and lifestyle. When you have acknowledged this then we can go on and say make up your plan towards achieving a future and lifestyle that would be loved.

An extra mite to the future, with the recent crises that have eaten deep in our economy today, it is imperative that we readjust our pockets to ensure that the little we have is spent wisely and effectively.

You may want to say “I have enough” “things are working fine for me financially”. Take a pause. Have you ever thought of what the future holds? What are the platforms you use in saving? I’ve seen people use the saving box but they cannot tame the urge that comes with withdrawing money from them. If you’re using a saving box, not a bad idea. But when you plan to give an extra mite to the future, know that I cannot come and kill myself is making you mediocre in savings.

You can also you PIGGYVEST and COWRYWISE
These are apps that will enable you to save effectively if you still have issues with constraints.

Visit to read our last discussion here.

WHAT IS THAT PURPORSE YOU WANT TO FULFILL?

How do you get happy as a person? What is that thing that gives you so much joy? I mean, what gives you satisfaction and a surge for a brand new season?
When you have that done, then how can this be of benefit to society at large and still not put you at a loss? When you have this fully noted, then why not seek ways you can start with your immediate environment and then grow big, large and better.

For someone who loves dancing, start with what genre of dance you love to do, how can you use it to pass a message, start with learning and knowing it more then grow out to becoming better and posting about it before moving on.

Don’t belittle yourself, and all these would still stem from the first point. If you can point these then you know what project you are saving towards, and this gives more shove and push towards the achievement of these goals through na God dey help person but no use all the 10 fingers chop.

1. Learn more about that love of yours so that you don’t come and deliver half-baked substance to avoid devaluing.
2. See a greater path and let it be your focus and discipline for times when you want to ignore and let go, cause you are tired and fed up
3. Admit errors and never stop learning, growing and investing, cause money freedom is what we all can achieve.

NOTE: Money saved in the bank ends up reducing value most times from charges, a fall in currency value, and all but money invested yields more if done properly.

To add to all we’ve said on investment. Investment through sponsorship. Investment through partnership. I’m sure nobody told you this, but it is possible. Instead of letting your money devalue, you can make it count. It may not come in handy, but with patience, it would eventually pay off.

THIS ARTICLE WAS CURATED BY OLUWATOSIN DEBORAH AND ITUNU OJO.

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