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We are already halfway through the year! September has sneaked up on us, like that unread book we swore we’d finish in January, and those New Year’s resolutions that never saw February. While not everyone is in the same boat, a lot of us just shy away from this harsh reality. However, instead of focusing on what we haven’t done right, let’s shift our energy to what we can do now to change the trajectory. The perfect time for a half-year financial audit could have been 30th June; the second-best time is now. Do not miss any opportunity to reset, refresh, and reposition your fi­nances. The Young Professionals Club is a gathering of young pro­fessionals from diverse sectors, united by a shared commitment to probity in wealth creation and sustainability.

The current challenge of an average young Nigerian is not only about earning from mul­tiple sources or earning a fat salary. It is now more about suc­cessfully managing the incomes, which involves juggling family expectations, planning for the future, and maintaining sanity. Mastering this balance requires specific skills, and strategies that are rarely taught in school or by traditional financial advice.

If income earners struggle to pay bills – rents, school fees, feeding, and other necessities – while they are earning or ac­tively employed, what then hap­pens if sources of incomes are truncated? What happens when there are no emergency funds/ pensions to fall back on?

Tracking Our Earnings: Where Is Our Money Really Go­ing? Black tax, impulse buying, data, subscriptions, living above ones’ means, or weekend parties popularly known as Owanbe (a large extravagant party charac­terized by elaborate food, drinks, loud music, fashion, and more)?

Balancing family support with personal financial goals may be tough. While helping families reflects cultural val­ues and solidarity, it can some­times compete with our goals of saving, investing and build­ing long-term security. Parents may expect monthly contribu­tions; siblings may need help with schools’ fees; friends may be stranded; and relatives may rely on your kindheartedness for their upkeep. These expectations are genuine, but they must not hurt your financial health or compromise stability.

Family support works best when it is intentional, not reac­tive. To achieve this, set aside a fixed monthly support limit to stay intentional, reduce stress, and keep your goals on track while preserving relationships. This approach helps to limit those urgent 20K.

Once family obligations are balanced with clear boundaries, you can channel your extra in­come into strategic investments – this is how best to secure the future and avoid the danger ahead of many people as earlier pointed out.

One cannot talk about in­vesting/ savings without first addressing the huge concerns around budgeting. What then is budgeting? Budgeting is a systematic allocation of mon­ey with the aim of addressing needs, wants, and investments needs. The principle of 50-30-20 Rule: 50% of income for needs (rent, groceries), 30% of income for wants (fund stuff, dining out, etc), 20% for savings/ investment or debt repayments.

The principle of Zero-Based Budgeting (ZBB): Justifying ev­ery kobo or expenses – no auto­matic allocation. This helps cut waste and align spending with current priorities.

Smart Spending – prioritize needs over wants. Look for dis­counts and buy in bulk. Avoid impulse purchases – ask your­self if what you want to buy re­ally adds value.

Debt Management – under­stand the clauses. Most times, 3% isn’t actually 3%. There could be hidden charges. Scru­tinize properly before you take that loan.

Emergency funds – aim to save at least 3-6 months’ worth of living expenses in your emer­gency fund portfolio. This is a way of preparing for unforeseen circumstances.

Where should you invest? Don’t just save: your money should work for you by gener­ating more money. Start with low-risk investments like Trea­sury Bills, Money Market Funds, Fixed Income Funds, Bonds, and maybe Equities. After gaining confidence with mutual funds, you can explore direct stocks in­vestments. Start small but start smart. Investing in dividends paying companies also enables you to enjoy capital gains and regular incomes. Don’t forget to embrace Micro Pension if you aren’t in the formal sector.

Risk refers to any unpredict­able incident that could negative­ly affect your investment. Risk is anything that can go wrong with an investment. Each financial as­set has a unique risk and returns profile. Stocks for instance, have higher risks but offer higher re­turns over the long term, where­as Bonds and Money Market Funds provide stability.

Understanding your comfort level with market fluctuations will determine your asset mix.

The conservative prefer sta­ble, low-risk investments like bonds, money market, treasury bills.

The moderate seek balance of risk and reward, often with a mix of stocks, bonds, treasury bills, etc.

The aggressive are willing to take higher risks for the chance of higher returns, often focusing on stocks, ETF, etc.

Now, ask yourself, are you a conservative person? Are you moderately conservative? Or are you as aggressive as I am?

Benefits of diversification: (1) Balances risks across asset classes (2) Reduces the impact of poor performance in any single investment (3) Provides expo­sure to various types of returns.

Rebalancing: Periodically reviewing and adjusting your investments allocations to align with your set financial goals and objectives

Multiple income streams: you are encouraged to explore side hustles that fit your skills – freelancing, teaching, or digi­tal services can boost your cash flow, as against relying on just one source of income.

To wrap it up, understand your economic environment, manage your money with care, invest wisely, and keep learning. Instead of focusing on what we haven’t done right, let’s shift our energy to what we can do now, to change the trajectory. The perfect time is now, as your financial future depends on the choices you make today.

• Nwankwo is a journalist, author and financial literacy advocate.