Year on year, many people struggle to deal with their finances mainly because they fail to set measurable financial goals that can guide them all through the year.
To solve this problem, Nigeria’s leading bank, Guaranty Trust Bank, has outlined five financial goals that makes it easy for Nigerian’s maintain an healthy financial life.
Here are 5 #FinancialGoals to focus on and stick with in 2018. #TipTuesday
— Guaranty Trust Bank (@gtbank) January 2, 2018
First tip is, “Look at how much you are making, what your expenses are, and determine how much you could realistically save each month.”
The second tip requires having a budget, just like Nigeria has a budget with which it guides itself. “A budget you will be motivated to stick to,” and thirdly to “have a solid emergency fund.”
“This should be the first savings goal on your list. It can take away a lot of the money worries that you have, since you know that you will always have a reserve if you get into a tight spot.”
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An emergency fund is an account used to set aside funds needed in the event of a personal financial dilemma, such as the loss of a job, a debilitating illness or a major expense.
Fourthly, you need to track your expenses. “If you don’t know how much you spend in a month, that will seriously hinder your ability to budget. That’s why tracking your expenses is very crucial,” the Bank says.
Lastly and very importantly in the times that we live in today is, “Create multiple source of incomes”.
GTBank notes that, “Even if you love your job, creating multiple income streams is a form of income insurance which means that you’re not dependent on a single source of income ever!”
The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service delivery and innovation.
The Bank operates from over 238 branches within the country and has banking subsidiaries in Kenya, Rwanda, Uganda, Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.
Follow @gtbank for more financial tips and advise.
