New year, new you, right?
Not if you’re stuck making the bad money moves that held you back in 2018.
It’s early days yet though, so you still have time to get your money right this year. These everyday money resolutions are a good place to start.
1. Respect your budget.
A budget (like this sensible one) is the most basic tool for being responsible with your money. But even as basic as it is, it’s not useful if you don’t have any regard for it. Make one and stick to it, that’s the whole point.
Pro tip: When in doubt, set a daily spending limit on the ALAT app. Think of this as a safety net.
2. Pay your bills quickly.
No one likes paying bills, really, but it’s what grown-ups do. So even though you don’t feel like it, pay your bills as soon as they are due. Delaying payment means you could spend on things that aren’t priorities and end up short on cash. That’s a tight spot you don’t want to be in this year.
Pro tip: ALAT has a bill scheduler. Use it to automate payments.
3. Save automatically.
Let’s not kid ourselves, there’s always something to spend money on. And while self-control is admirable, you can’t rely on that alone to save. Instead of struggling like a lot of people, automate your savings daily, weekly or monthly so you always have something stashed away.
Pro tip: Start an ALAT Flexi goal to save as little as 500 naira daily automatically. In a year’s time, you’d have saved close to 200,000 naira plus 10% interest. That’s progress.
4. Be mindful about your spending.
The cashless life is an easier life for sure but it can be dangerous for your finances if you’re not thinking much about your spending. One way to be more conscious of what you spend is to use cash – withdraw what you need for the week and track how you spend it. Who knows, you just might spot a few waste points you can fix.
Pro tip: If using cash is too hard for you, at least you can review your account statement every week to see where your money is going. You’ll be surprised how much paying a little more attention can do.
5. Stay in your money lane.
Your goals are yours, not someone else’s. So instead of worrying about the lives other people are living, the places they’re going and the things they’re buying, stick to pursuing your own goals. Remember that spending money you don’t really have to impress the world is never a good plan.
Pro tip: Social media can make you feel like you’re not doing enough. Don’t believe that. Log out if you have to.