Hello guys, Happy New Month.

This year, lot of people hoped for ‘financial stability’. When January 1st was around the corner, i was seeing so much tweets and post about financial stability 2018, more money and all. I actually laughed at couple of people tho. Some of ‘them’ don’t even understand what financial stability means, they probably think more money to cover needs and wants and all. They don’t even have an investment or net worth income. Yet, they want financial stability. How is that possible???

Before December ended, I realized I was down on cash, I was so scared and kept on asking myself ‘what happened?’, ‘Am i broke?’, I couldn’t believe it at all. I told my mom and close friend that I was down on cash, they both thought I was lieing. Nobody believed except few, I couldn’t run to anyone for money and I don’t know how to borrow money. I had money I couldn’t touch, Insurance, side hustle, thrift. My personal account was looking sober. I thought of selling some things I hardly use but I didn’t. Then I read ‘Arese- The Smart Money Woman’, that book was a real life saver. Tho I’m a budget person, my mom and aunt’s calls me budget lady 😢😭. I write my budget monthly and I try not to even spend up to that to save money, it’s something I’ve been doing for like 2 years plus. I don’t buy anything that isn’t on my budget, no matter how much I have. I feel it’s a good habit to develop tho, but some people say I’m being ‘stingy’ or I’m not spending on myself and all those stuffs. I just laughed, like I know how much I spend to maintain my natural hair, my skin & beauty routine and my cosmetic products. Tbh, those 3 things cost me a lot and I have to keep up with it b’cos it’s something I love and care about. Back to this post, I learnt some tips after reading ‘The Smart Money Woman’ which I feel will lead and help towards financial stability;

  1. You need to have a net worth. Calculate all your assets (gold, lands, businesses, cash at hand, insurance, cash in accounts and all valuable properties) without debt, that’s all you worth. The figures might be low or not, if you ain’t impressed by the figures, then we need to work towards it. Please not that iPhones, generators, cars, automobiles & gadgets are NOT assets.
  2. Conquer your money fears. Stop spending lavishly, save more money. Cut those aso-ebi spendings ladies, it’s not by force to attend weddings. I told myself that part of this year goal, is to look chic & classy with a low budget. Stop buying products or things that are not necessary. Save Your Money. Cut excess spending by 50%.
  3. Track your spending. Balance your accounts by checking your bank account statements. Even your business, make sure you balance & record monthly details. Plan your monthly saving by making a budget. Plan for transport, airtime, miscellaneous and others . It helps a lot.
  4. Have a Source of Income. And if you have one but isn’t enough, find another source of income. It’s never too much to have several streams of income. Just make sure you have a stable income coming to you or your account weekly, monthly, quarterly or yearly. As they say, you can’t put all your eggs in one basket!
  5. Deal with your debt. Do not borrow money to impress others ot to maintain your lifestyle. It doesn’t worth it. If you are owing one or two persons, or more, find a way to clear up your debt.
  6. Focus on solutions, not problems. Think about what you can do to help you financially, rather than you lamenting about being low on cash.
  7. Have an Investment plan. It hurts me a lot that most Nigerians have little understanding about Insurance except our politicians and some billionaires. Even me that I’m still working on becoming a millionaire, I have an insurance policy and cover. They are well secured and safe insurance company. If you don’t want to invest your money with an Insurance company, there is treasury bills, what I don’t like about it is that it is PORATED (you all banking, finance & related courses should understand this). Invest into Real estates too, there’s money in the business but it requires loy of money from you to start. Buy Lands, Golds and valuable assets to invest in.
  8. Build an Emergency fund. Don not put all your money in one place or one account. Have a different account for your living expenses which i believe should contain more due to miscellaneous, transport, feeding and all. Have another seperate account for short term savings (only touch this account in case of emergency, lile your car breaking down, house being burnt, your phone screen etc.). Then lastly have a long term savings account ( this os your investment account, saving towards the future).
  9. Always have a plan! Focus on the right things.
  10. Lastly, Grow your network. Change your circle of friends. Meet and make friends with more people, not just anyhow people;people that will help you achieve your goals.

I believe this will help us all in achieving financial stability. Thank you for reading ❤

Haleemah Al-sadiya


Haleemah Al-sadiya is a natural hair and skincare blogger living and working in Lagos. She works a 9-5 job whilst building her passion about sharing her natural hair journey, skincare regimen and also her experience in the beauty industry.

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