How To Remain Financially Relevant 

 ISEGHE A JAYI 

If you really desire financial respect in this unfavourable economy, you must learn how to have a proper grip on your finances to avoid a life of debts. 

Besides, making incurring debts a way of life does not guarantee financial peace of mind or freedom especially when you are unable to service it at the agreed time. 

Do you know that remaining afloat in these dire hard times require proper financial planning and prudence? It is very crucial you try as much as possible to live within your income by tracking your expenses, avoiding impulse purchases and frivolities to avoid financial regrets. 

Failure to cultivate these habits especially if your income is meagre and can barely sustain you till the end of the month will be disastrous. 

Mind you, the present state of the economy does not encourage lavish lifestyle regardless of your earnings. Even the rich are careful in the way and manner they spend their money to remain relevant financially. 

Managing your earnings prudently has nothing to do with how highly educated you are, but it is your mindset towards money that matters. 

Some people, in spite of their fat earnings still find it difficult to survive without incurring debts due to financial recklessness or improper planning on their part. 

This has always led to financial regrets as some of them are being frightened of the harassment they might get from their debt collectors. 

That is why it is very crucial to try as much as possible to live within your income to avoid financial anxiety and this can only be doable if you have a proper hold on your finances irrespective of what you earn. 

Instead of worrying and thinking of how you can clear up the debts you have trapped yourself in, why not focus your mind on how to manage and enhance your finances. 

Do you know that the best way to get a hold on your finances is to set a financial goal for yourself ? It could be short or long-term for a certain period of time and will enable you track and prune down your expenses to reach your set target. 

It is quite true that having a grip on your money in a hostile economy can be very challenging but it is practicable with the appropriate financial planning. 

The under-listed tips will certainly help you see the need to have a full grip on your earnings so as to remain financially relevant in a harsh economy: 

Clear Your Debts 

There is need to take a cursory look at your finances especially if you have debts to settle. It is imperative to see how much non-refundable income that you have so as to assign a certain amount of that income to pay off your debts every month. 

This can be done by taking your monthly income and subtracting out the necessary expenses, the remaining income that is left is what you will use to settle your debt. 

Financial Plan 

Having a financial plan helps you to have a grip on your finances. With a budget, you will be able to know the money that comes in and goes for proper accountability. 

To some people, creating a budget seem so demoralising or time consuming but it is not impossible as it has helped many people to control their spending habits, thereby having a grip on their money. 

Budgeting helps you to reach your financial set goals for the year and as such it is germane! 

Track Your Expenses 

It is very important to be honest with yourself when it comes to managing money as you need to have a full and exact picture of your spending habits. 

Besides, it is crucial to track your weekly expenses and the best way to go about it is to write down everything you spend in a week or month for proper tracking. 

Cut Bad Habits 

There is need to cut all bad money habits if you desire to have a grip on your finances to experience financial independence. For example, that visit to your preferred eatery shop or online shopping you do with your friends has to stop. 

Sure, these things might seem not important but on a proper look, they are actually killing or interfering with your budget. 

It will do you great good if you try as much as possible to cut bad money habits and if that means replacing with a good one, so be it. 

The most important thing is to have a grasp on your finances to enable you live a debt-free life. 

Investing 

It is important to invest your money and that can only be realistic if you have a proper control of your money. Although several individuals have argued about the subject, believing that it may not be that easy particularly if you have a debt to pay. 

Regardless of whether you have a debt to pay or not, it is appropriate to create a room or space for investment no matter how small the money is. 

Get Organised 

If you have obtained bills bloated in every drawer and have never opened your bank statement, then it is high time to bring in a bit of management into your finances. 

Besides, you can set aside a box to all your money-related papers so you can get your hands on them easily. It is also worth buying a diary and noting down when your utilities transactions come to an end, when your phone contract is up. That way you can start searching for a new contract in good time and avoid rolling on to an overpriced rate. 

When it comes to getting your finances organised, if your bills are not all on direct debit, set reminders on your phone to ensure you are not charged for late payments. 

Be Sincere With Yourself 

It is very important to be honest with yourself when it comes to managing money as you need to have a full and exact picture of your spending habits. 

Besides, it is crucial to track your weekly expenses and the best way to go about it is to write down everything you spend in a week or month for proper tracking. 

Get Some Help 

You need to get a Financial Advisor or someone you have complete faith in to assist you with your finances because you cannot know it all. 

Several other people may have information that we might not think of, or can give us financial view that will help us push through. That is why it is crucial to get financial advice from someone who has a good financial sense, not someone who spends what they earn irresponsibly. 

Pay In Cash 

One way to avoid buying things in credit is to pay cash for items purchased as this will definitely restrict your spending. 

But with a credit card, there is no restraint in your spending habit and may lead to financial regrets especially when you buy items that you can actually do without. 

So, try and get rid of all your credit cards and pay cash for everything you purchase so as not to exceed your budget.