Your guide to financial independence

Your guide to financial independence

WRITTEN BY: Ayomide Oyediran

finance
Apr 04 2022

‘I’m not living large; I just want to live comfortably. I want to have financial stability that is unshakable’ – Queen Latifah

Financial stability simply means being financially confident. It is the ability to stay debt-free, pay bills, save for emergencies, and more without worry. Truthfully, having your own money is a big flex because you get to make certain financial decisions without depending on anyone. 

Create a budget 

Have you noticed that the amount you earn is never enough to spend? This is because we tend to focus on our wants by spending money on unnecessary things instead of paying more attention to our needs.  

Creating a budget is one thing and sticking to it is another. Setting a budget for your expenses serves as a guide to help you manage your money and writing them down is one good way to keep up. This will help you figure out how much money you earn while tracking your spending habits

So, it’s more about how much we spend than how much we earn, and it takes a lot of discipline to be modest in spending. By doing so, you’re indirectly on your path to achieving your financial goals. 

 

Download our personal finance manager tool on the alpher hub to create a personal budget for your expenses. 

Develop a regular savings habit  

A regular savings habit is another approach to financial stability. This can be done by setting aside a specific amount of money for emergencies, side business, projects, etc. It prepares you for unforeseen expenses that might arise in the future, so you’re not caught off guard and left to always pay for unplanned bills. 

Unplanned expenses come in different forms and can be frustrating to deal with. It can also disrupt your journey to financial stability, especially when you don’t have a savings account set up for this purpose. 

Our Unionkorrect target savings plan has been designed to help you develop a savings habit. That’s not all, when you save a minimum of ?5,000 you stand a chance to win ?500,000 every 6 months. So, let’s call it the save and win savings plan!   

 For more enquires on our savings products, please send an email to alpher@unionbankng.com  

 

 

 

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Comments


Toyosi Akintola
05.05.2022

Thanks, for sharing. It impactful