- From Blog Archive
7 Little Changes That Will Make A Big Difference With Your Naira
Do not worry, achieving it does not require big changes as well, just little changes will do. Firstly, you need to understand that you are not alone in the pursuit for this goal and many have been more desperate for it. The fact is that it is not bad to think you are not judiciously getting enough with your naira and believing in the ability to achieve more with the same naira you have.
However, you need to understand that some little things you consider to be normal may need to be seen as abnormal in order to achieve this goal. Money flies like time, especially when you do not spend it with proper care. So, you need to master the following changes that you will need in order to maximize the utility of your money, thereby, making a big difference with your naira.
Always Use Cash
The habit of using either credit card or debit card was meant to create convenience for the people. The overhyping idea of cashless policy and the harassment through the slogan "cash in this 21st century" are some of the things that affect your naira. There is nothing bad in using cash to make payment or transaction. Shun anyone that tries to persuade you into using your cards or make transfer via mobile or any other means. Do you know why? Yes, I know you want ask why.
The reason is that the worth of your naira becomes more glaring when you have it in your hand especially when you count it. Take for example, you might want to purchase freezer or any other appliances, when you enter a particular enterprise and you are told it will cost you ?150,000 and you left. You enter another shop like some feet away from the first firm and you were told to pay ?160,000 for a similar product.
However, so much persuasion comes along with second firm and you are totally flustered and flattered that the freezer here is the best. If you have your naira in cash with you, you will think thrice not twice before you agree with them and pay an extra ?10,000 on what is similar unlike when you want to use card.
The moment you are seeing how heavy the difference is, you start to check and do more research on the quality of both freezers. In fact, I doubt you will prefer to opt for the one with higher price if there is no difference in the quality.
However, you might not think like that if it is cashless means, you will not even understand the huge difference as much as you will with having your naira in cash. More so, cash makes you stay within your budget especially when you attach each cash with the label of what it is meant to procure.
Create a Financial Goal
Human being has been defined as having insatiable needs. So, how will you manage the little resources in your savings account which is your naira to achieve the most you can use it for. One thing you must do for sure is to have a financial goal.
The possession of a financial goal will help you in having clarity and focus on what you want to achieve as well as ways or means of achieving them. This means, you know how you are going to acquire your naira and the target amount of naira you can achieve. It also helps in determining how to spend the naira you have gathered as part of your financial goal. No doubt, you reduce the level of unscrupulous spending and extravagant lifestyle when there is a set goal.
In fact, the financial goal, as well as other goals is easily achieved when it is well defined. Just like someone who leaves house in the morning with a destination, obviously, he or she will get to the destination at a prompt time without stress. Unlike someone who just leaves home without destination, it is much likely the person might not even return at all and will not reach any destination.
Similarly, having your naira or anticipating it without financial goal may lead to vanishing of that naira without any tangible achievement with it. That is to say, good financial decision is made with your naira with the creation of financial goal.
There are some things you might have noticed that consumed most of your naira. These things might be necessary or unnecessary but the rate at which they take your naira away from you is becoming unbearable. So what do you about them? Just little change will be enough to overcome this problem.
Obviously, you know what to do, if it is unnecessary. Yes, you ditch it out. However, if it is necessary, you will need to find alternatives in order to reduce the amount you spend on it. Let us assume the amount you pay on electricity is exorbitant and you have been wondering on what can be done on it. You will need to supplement your electricity with another source such as solar energy.
The solar installation can be used as alternative to generator which will still add other expenses on fuel and servicing. More so, it will cut back some amount from the electricity bill from your electricity supplier.
Pay Off Your Debt
One of the most dangerous things for your naira is debt. I bet you agree with me. One fact about debt is that, most people find themselves in it occasionally. Contingencies arise and when you are not the type that always prepare for such contingencies, your last resort is always load. Getting loan looks sweet, but it should not be that way, in fact, you should be panicking to take loan.
One more thing, you should delete the belief in the slogan "everyone owes". It makes you feel comfortable with debt. However, if you ever find yourself in debt, it is not end of the world truly but you should strive and pay it off as soon as possible. By doing so, you have full control over your naira because you do not have to take a huge part of it and give to your creditor always.
Besides, it gives you peace of mind to plan towards judicious use of the naira you have in possession. The best thing about it also is that, it relieves you of exorbitant interest you will have to pay on it by delaying the payment. So, the extra amount you pay as interest can be used for another good purpose.
Eliminate One Bad Habit
As little as that one sounds to you, ditching out one bad habit may have so much influence on your naira than you can imagine. The bad habit affects you in two major ways; it affects your naira (money) and your health. How is that? I will explain to you. Let us assume you smoke marijuana for example. The effect it has on your health; you probably know that. However, it has bad effect in two folds on your naira. The first thing it does to your naira is that, you spend naira in acquiring it, let us assume, you smoke thrice a day and each cost ?100.
Therefore, you spend ?300 per day and in 30 days (a month) you spend ?9000. The second thing it does to your naira is that, it adds to the amount you pay on insurance. Thus, if eliminate the bad habit of smoking marijuana, then, you can save ?108,000 in a year plus a decrease in your insurance costs like ?12,000 (presumably). I hope you understand how big difference can be made to your naira now.
Avoid Misplaced Priorities
Your naira might be hit greatly when you have misplaced priority. Truly, many people like you have priorities but most of them have misplaced priority. The result of misplaced priority is usually debt because you will need to fulfil your financial goal somehow. You need to develop the scale of preference in order to avoid this problem.
The best way to prioritize your needs is to weigh them based on importance at the moment. You can also link them to one another so that you will know which one comes first before the other.
Develop Saving Habit
Saving saves, you in times of contingencies. Emergency might arise and you will not be shocked by its arrival because you have prepared for it. What is your preparation? Savings. Most people have problems with their naira because when they have excess they do not save, they rather spend the naira abnormally.
So when contingency comes, they opt for loan, which further affects their future naira due to repayment and interest it attracts. Remember, the richest man is not who earns the highest, but the one who saves the highest. Savings will make a very big difference with your naira.
The changes you need to do in making big difference to your naira does not require naira as you can see. It only requires little changes to your attitude. You can therefore imbibe in monitoring these changes and guarantee yourself the desired difference with your naira. You can check further for more interesting fact about money here.