Stuck – Stalled – At a standstill. This is how a lot of people feel about their finances. When your money problems seem never-ending and all solutions unrealistic, it is time to realize that you are financially stuck.
Rather than lament about your situation, here are five tips to get you out of your financial rut.
Develop Your Financial Identity
Often, people transition into adulthood without establishing their financial identity; this usually affects their outlook on finances. To gain a sense of control, ask yourself what your finance mission statement should be.
One way to improve your financial situation is to have your own financial identity. What things will I save on? What things will I invest in? By asking yourself these questions, you won’t be easily swayed into spending money that doesn’t align with your missions and objectives in life.
Find A Community
When we think of personal finance, we often think of budgets, spreadsheets, and savvy ways to save money. While this is important, it is also beneficial to tap into your belief system when it comes to money.
In times of difficulty, a community has the power to lift us and keep us going. When it comes to envisioning our ability to make and save money, finding a community of individuals who share these goals is empowering and validating.
Try a 50-30-20 Approach To Your Budget.
Knowledge is power! So, when you start tracking your income and spending, you will feel more empowered about your financial situation. Try the 50-30-20 budget approach.
Here, 50% of your take-home pay goes towards your needs, 30% toward wants, and 20% towards debt payments and savings.
This gives you more financial flexibility to withstand dips in income or expense increases.
While it may not feel like a big difference, investing even as little as 20,000 Naira every month can amount to a significant reserve over the years. This improves your overall financial outlook.
Putting your money in good investments that brings consistent return on investment is vital to your financial health. One of such is the Rosabon Earning Plan – REAP. This gives you better returns than your bank’s savings account.
You don’t require any special skills to get started with REAP. With as low as 20,000 Naira monthly, you are good to go.
Ask For Help
If you are struggling financially, then there is no shame in taking out a Loan or Lease from a trusted Financial Partner like Rosabon Financial Services.
This is a better option than talking to friends who may continuously remind you of your debt. Here at Rosabon, we have various financing options tailored to bring you out of your financial rut.