Today’s financial tips will focus on how you can protect your money against fraudsters and grow your business. Understanding more about how your money works, and how it can work for you has never been more critical. Find new ways to improve, protect, and manage your finances with our financial tips.
What do you mean by finance?
Finance is a term for matters regarding the management, creation, and study of money and investments. Specifically, it deals with the questions of how an individual, company or government acquires money – called capital in the context of a business – and how they spend or invest that money.
What is the study of finance all about?
Yes, finance involves formulas, Excel spreadsheets, and ratios. But it also involves analyzing these numbers and turning them into actionable business insights. For example, consider the concept of value and its role in business decisions.
- Protect your money against fraud: If you don’t protect your money against fraud, it may be gone in just 10 seconds. Because we care deeply about your safety, we’ll keep sharing some tips on how you can be more security conscious.
Remember not to share your personal security details such as OTP, Password, BVN, ATM Card no. / Pin, CVV, and Bank Token on social media, call, SMS or e-mail. Be super careful while clicking on links received from unknown sources (email, social media, SMS, etc.).
- Never stop learning and trying new things: An entrepreneur is seen as an innovator and the beautiful thing about learning and trying new things is that it helps you grow better, whether in finance or other spheres of life. Don’t get stuck in old patterns of doing things; what you learn today will help you achieve your goals tomorrow.
So, don’t limit yourself, keep your mind open, and don’t stop learning new things. Doing this will also help you set the right pace for your business.
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How to Budget Like a Pro
Set a Budget, Period
The #1 Financial Tips on this article is the starting point for every other goal in your life. Here’s a checklist for building a knockout personal budget.
Consider an All-Cash Diet
If you’re consistently overspending, this will break you out of that rut. Don’t believe us? The cash diet changed the lives of these three people. And when this woman went all cash, she realized that it wasn’t as scary as she thought. Really.
Take a Daily Money Minute
This one comes straight from LearnVest Founder and CEO Alexa von Tobel, who swears by setting aside one minute each day to check on her financial transactions. This 60-second act helps identify problems immediately, keep track of goal progress—and set your spending tone for the rest of the day!
Allocate at Least 20% of Your Income Toward Financial Priorities
By priorities, we mean building up emergency savings, paying off debt, and padding your retirement nest egg. Seem like a big percentage? Here’s why we love this number.
Budget About 30% of Your Income for Lifestyle Spending
This includes movies, restaurants, and happy hours—basically, anything that doesn’t cover basic necessities. By abiding by the 30% rule, you can save and splurge at the same time.
Draft a Financial Vision Board
You need motivation to start adopting better money habits, and if you craft a vision board, it can help remind you to stay on track with your financial goals.
Set Specific Financial Goals
On our best Financial Tips Truth; We advise you to use numbers and dates, not just words, to describe what you want to accomplish with your money. How much debt do you want to pay off—and when? How much do you want saved, and by what date?
Adopt a Spending Mantra
One of the best Financial Tips on our list is for you to pick out a positive phrase that acts like a mini rule of thumb for how you spend. For example, ask yourself, “Is this [fill in purchase here] better than Bali next year?” or “I only charge items that are $30 or more.”