Author: ARM

4 money moves for expecting parents

Expecting a 2018 baby? You must be excited!

You may already have the list of all the things you need to buy (you’ve probably bought some), your friends and family are planning the most amazing baby shower for you and you can’t wait to begin posting baby pics for the gram and oh, twinning with your ‘little bae’ as soon as possible.

Hey, that’s fine. But while you have all that going, remember that soon, there will be another mouth to feed and another human being to cater for maybe the next two decades. That is enough reason to tackle some financial issues now rather than later.

Before baby comes, think about making these 4 necessary money moves.

1. Have a talk with your partner

You may not think this is a money move, but trust me, it is. The arrival of a baby is as real as anything can be and decisions will have to be made. Decisions like: Will you be taking the baby to a creche after the first three months or will you need to hire a nanny.

If you decide that your baby will go to a creche or have a nanny, understand that even that comes with additional financial responsibility. Planning towards it now takes the pressure off.

 

2. Live within your means

With your baby due to arrive soon, it is very important that you live within your means.

You see the thought of getting expensive car seats, baby cots and ‘new everything’ just because baby must have the best? Rethink it. Buy what you need (the less expensive but durable, the better). Resist the temptation to use the arrival of the baby as an excuse to splurge on things you won’t be needing.

Tempted to buy a lot of ‘baby dresses in pink’ because you’re expecting a girl? Awesome, but remember that babies quickly outgrow their clothes and you may see yourself buying more in bigger sizes less than 2 months after the baby is born.

You can also reach out to close family members who have stopped having babies for their baby items that are still in good condition such as cots, prams, walkers, car seats and more. If you don’t mind doing this, you may be able to save some extra cash.

 

3. Plan ahead

There is a lot of financial pressure to deal with now, think of how much bigger they can get as your child grows and the cost of caring for him/her grows too.

That is why you should think of a plan to not only save more in 2018 but the years after. Saving ahead means financial security for this new person in the picture plus the rest of your family while providing a safety net in case of an emergency. One way to save for your new baby is by putting aside some fund particularly for his/her education even before he/she starts school. Every tiny drop you save will form the much you can pull from when the rising cost of education threatens to empty your pockets in the future.

 

4. Make more money

If you have various skills and can properly manage your ventures without sacrificing one for the other, then why not get an extra source of income. It doesn’t matter how small, let some other channel be open. It could be freelancing, small business, public speaking – name it! Explore other channels.

If you want to make more money but cannot manage multitasking at some other business, you can invest some portion of your income to make more money for you. In truth, as your family expands, so will financial responsibilities too – but if you plan for that before-hand, you will welcome and even celebrate the growth of your family.

 

Your baby’s arrival is a thing of joy – and planning for the future before the D-day comes will ensure the joy lasts a long time.

 

Do you know any pregnant friends? This might be useful to them. Why not share this.

 

The post 4 money moves for expecting parents appeared first on Realising Ambitions.

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How to take your New Year goals beyond January

Beginnings are beautiful. Everyone loves the exhilarating feeling that comes with starting. The dawn of something new seems to awaken fresh hope in our hearts, propelling us to dare to dream. We make plans, new resolves, set goals, envision possibilities…For a few golden days or even weeks, there is a spring to our step, a purpose to our every action, we believe anything is possible. Until time proves us wrong and months pile, leaving our dreams stranded in imagination lane, our hopes depleted, and our drive gone. We trudge through the year, looking forward to a brighter day, praying for a miracle or just accepting fate.

Popular statistics reveal that only 8% of New Year resolutions made in January make it to March. But it doesn’t have to be that way. You can transcend from Dreams Ville to Action Lane. You can back up your aspirations with steps. The goals you set in January can become realities in June. You can look back in December with even more than you anticipated. It depends on you. How? Here are just three things you need to do.

1. Don’t just wish, set goals

What is the difference between a wish and a goal? Goals are calculated projections, feasible, achievable and time bound aspirations while wishes are just desires. Goals are within your reach, you can work towards making them happen, wishes on the other hand happen upon you, if they happen at all. Stop wishing, start setting goals.

2. Break it down

It is important that you break that overarching goal into smaller units. Identify what your overall goal is, then break it down into smaller goals that lead to the ultimate result. If for instance your goal for 2018 is to travel abroad for Christmas, start by determining how much you will need to make that trip in December (Overarching goal -raise 2 million Naira for vacation). Take it further by calculating how much you will need to put aside every month to accumulate that amount (Monthly goal- invest 100,000 every month). Next you need to ascertain what lifestyle changes are necessary to enable you put aside that amount every month (Weekly goal- reduce Friday night hangout to last Fridays of the month alone).  You can attack your weight loss goal, networking goal or whatever goal with the same model.

3. Take action

Don’t just determine to eat less or save more or spend less time on social media, put things in place that will propel you to do it. You might need to get an accountability partner to monitor your social media addiction, set up a direct debit mandate to ensure you put funds aside for investment consistently, download an app to monitor your expenses, register at a gym, create a meal plan, purge your house of everything unhealthy- do whatever needs to be done.

Let this be the year you actively pursue your goals. Every day, go to bed with the satisfaction that you are one step closer to realising your ambitions.

The post How to take your New Year goals beyond January appeared first on Realising Ambitions.

Source: Articles

What happened in 2017?

A lot!

You let us into your world and allowed us to have beautiful conversations with you. We talked about your salary and asked Shade a few questions. You stayed with us as Kola begged his daughter to call him daddy and didn’t think his pleas were too little to count. Thanks for advising Bade when he erroneously assumed that a ring is a ring. You went on Abu’s journey with us and trusted us even when Mrs Gregory insisted we should not ask her to trust her husband.

When your landlord kept asking you ‘What’s today’s date?’, you sighed and told us you were tired of his drama, not again you said, not this month. We showed you how to fire your landlord and you realised getting your own place was a rewarding investment. Clem complained to you that there is something wrong with his wife and you advised him because it’s all in the mind. When you had the money talk with your child, you told us and we had a few tips for your nephew who just rounded up NYSC. He was thinking of starting up his own business instead of becoming a job hunter and we told him how to turn his seed into a tree.

Even when your Harvard graduate decided to become a DJ, you listened to us  and gave him quality advice on personal finance.  No doubt, we have had a beautiful year together. We hope you let down your hair this Christmas and have started considering making these 6 changes in 2018.

As you prepare for next year, do not be boxed by money myths, do a review of your finances to discover how much you are losing or gaining and consider drawing up a budget for the year. Perhaps these 4 reasons will encourage you to get covered because it’s the perfect time to consider estate planning even if you are established and unmarried. 2018 could be the year you start your post retirement business, it could be the year your dreams come true.

Whatever you decide to do in 2018, be assured that we are with you, providing you with the relevant information you require to realise your ambitions.

Our first advice for the year? Start early, everything counts, even the little drops.

 

The post What happened in 2017? appeared first on Realising Ambitions.

Source: Articles

How to save more in 2018

Do you have millions of naira or even dollars sitting pretty and waiting for you to spend as you like? If your answer is no, then that word ‘Budgeting’ may be your ticket to saving more in the New Year.

Why? Because when you budget wisely especially with 2018 in view, you will not only be able to account for all your money, but you may also be able to save towards a pressing goal or just towards your future.

Now, don’t consider this a damper on all the fun you plan to have with your hard-earned money, instead look at it as a deliberate plan that helps you live within your means yet plan towards the life you dream of.

But enough of all the talk, let’s get down to practical ways you can create and maintain your budget every month in 2018:

How much do you make monthly?

First, you need to have a constant inflow of income. Before you draw up a budget, calculate how much you take home. It doesn’t matter if you work a 9-5 and rely only on your salary or you are an entrepreneur with money ‘falling’ on you from many sources, calculate how much you earn. When you know this, you can tell yourself the truth about what you can afford, what you must save and what will make you owe ‘gbese’ if you dare to go for it.

Know what you are spending on

Secondly, list those things you definitely have to take care of like – rent, school fees, insurance, house-keeping/feeding, utilities, fuel etc. Now that you have that out of the way, where does the rest of your money go?

Do you spend a lot on shopping, hanging out with friends, recharging for premium bouquet on DSTV (when you really can make do with the compact plus bouquet) buying more human hair or even buying asoebi for weddings? Take note of that. Check your spending history to know your different categories of spending.

Set a fixed percentage for all you plan to spend on

Now you’ve made your list and figured out where all your money goes on a regular basis. What you need to do next is minus the ‘needs’ we mentioned earlier from your monthly income. Then divide what remains amongst all the other things you plan to spend on. Whether you plan to invest, save or pamper yourself, decide how the remaining money you have will service these needs/wants.

This way, your priorities are managed, savings intact and your money put to work.

Embrace technology

Once you establish a solid spending plan, use the awesomeness of technology to send your money to the right places before you even see it.  For instance, you can set up a direct debit for your savings or even investment so that each month when payday comes, a fixed amount of money is transferred there. This will help you relax and save or invest without putting in the back-breaking manual work or even forgetting.

Bottom-line: Budgeting is about owning your income and being intentional about how you spend it. Yes, many ‘wants’ often masqueraded as ‘needs’ will surface to sap your money, but when you forget the temptation of now and spend only what you must, let go of what you can and save/invest what you’ll need tomorrow, you can have a comfortable life you can be proud of.

If a little sacrifice today can mean living debt-free with a constant flow of income and some good savings, isn’t it worth it?

 

Interested in starting a savings plan? Send us an email at [email protected] or call 0700 CALL ARM for further assistance.

The post How to save more in 2018 appeared first on Realising Ambitions.

Source: Articles