5 money questions you should be able to answer

Almost everyone seems stressed out about money in Nigeria. We always complain about money, money and nothing but money.

Money is basically the reason most people have not been able to achieve their desires.

However, each time people complain about not having money, they hardly put their income, saving and expenses into consideration.

For instance, when your lifestyle seems more expensive than your income you’re bound to run out of money before month end. A situation like this calls for assessment, not complaint.

Don’t make financial choices you might regret.

So, basically, most of us do not know much about our finances, and to understand the relationships between your income, savings and expenses, you should be able to answer these five questions.

1. How much money do you have in your account?

Consider how much you have inn your account to know how much you can spend

You need to be aware of how much you have in your bank account in order to know how much you can really afford to spend in a month. Knowing this helps to curb excessive spending.

2. How much debt do you have to pay?

You also need to take cognizance of how much of your salary goes to settle debt every month.

Are you able to fulfil your budget each time you receive salary alert or you spend the bulk of the money on debt. If your lifestyle is responsible for the reason why your salary is most used to settle debt, then you have to sit down and assess the situation.

3. How much do you earn?

Steps to manage your personal finance

Irrespective of how much you earn, you need to make sure that after paying your rent, buying and other expenses, you should still have some money left to spend on foods that’ll sustain you through the month.

4. How much money are you saving every month?

Saving is as important as making money, so save

Everyone knows saving is an excellent financial habit. Whether you’re a low or high-income earner, you should be able to question your saving habit and provide a sincere answer for yourself.

5. How much do you spend every month?

Do you have a monthly budget that guides your expenses? if you don’t, now is the right time to have one because you won’t want to unintentionally go over your budget limit and have to suffer the consequences later.

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