Half the 12 months is gone, but it surely’s by no means too late to reset your funds. That was the central message delivered by {financial} literacy advocate and journalist, James Emmanuel Nwankwo (MSc, MBA, PhD in-view), throughout a latest Young Professionals Club session.
Nwankwo, who has over ten years’ expertise within the {financial} companies trade, urged Nigerians to not be overwhelmed by {economic} hardship however to undertake good coping mechanisms that may assure stability.
“The perfect time for a half-year financial audit could have been 30th June; the second-best time is now,” he mentioned.
The Struggles Young Nigerians Face
According to him, younger Nigerians in the present day grapple with:
Family obligations (Black Tax): offering for folks, siblings, or prolonged household.
Impulse spending: on knowledge, subscriptions, and social outings akin to Owanbe events.
Rising payments: from lease to high school charges and meals inflation.
He warned that with out correct planning, earnings earners might face {financial} collapse if jobs are misplaced or emergencies strike.
Budgeting and Smart Habits
Nwankwo advisable two key approaches to budgeting:
50-30-20 Rule: 50% for wants, 30% for needs, 20% for financial savings or debt compensation.
Zero-Based Budgeting: Justify each kobo spent, reducing waste and aligning priorities.
Other habits embody avoiding impulse purchases, shopping for in bulk, and looking for reductions.
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Building Resilience
Practical coping mechanisms embody:
Emergency funds: save 3–6 months of bills.
Debt administration: learn the high-quality print earlier than borrowing.
Smart investing: begin small with Treasury Bills, Bonds, and Money Market Funds, then discover equities.
Diversification: unfold investments throughout totally different property to cut back danger.
Nwankwo additionally highlighted the necessity for danger evaluation, urging people to know whether or not they’re conservative, reasonable, or aggressive buyers.
Side Hustles Matter
To scale back dependence on one earnings, he inspired Nigerians to discover aspect hustles that match their expertise, akin to freelancing or digital companies.
The Bottom Line
Nwankwo concluded with a name to motion:
“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. Your financial future depends on the choices you make today.”
