GenZ & Finances: Maximizing the Now for a better Tomorrow.
Often times, we may ask why it is so important to have a financial plan or to even save, I mean, Y.O.L.O. #Tomorrowwilltakecareofitself.
Let’s talk have the “FINANCE” talk. Shall we?
Why should I save?
Just save!!!! It will save you a lot of sorry moments in the future. What you save now helps to cater for urgent unexpected expenses or future business/career goals. It will give you some level of assurance that you are covered.
There are fintech companies such as PiggyVest, Cowrywise, InvestBamboo, and several others that provide different saving and investment options then also prompt you to save at your preferred time. We all need some extra push sometimes! Explore these services and make it work for you.
Why should I pay attention to my finances?
What you don’t pay attention to now can hurt you in the future. Lack of self-control leads to unwarranted spending. You can work on this by creating a S.M.A.R.T financial plan/habit for every fund that comes to your account. It can be in percentages, allocate funds for emergency, fun, savings, and other targets. It’s tough but worth it.
Is having a financial plan so important?
YES!!!! I mean what’s a plan without a financial plan. Money is necessary to make things happen.
Balance your sheets, know where your funds are going. Are you wasting or investing? It’s easy to lose track of funds especially when spending on leisure. Take note of what you spend your money on.
What is most important to me at the moment?
Always find time to set my priorities right using a scale of preference, and sorting your needs from wants.
The future or now?
You are responsible for your future. Don’t rely on anyone else to help you, because the only person you can ever really count on all of the time is yourself. When you learn to be your number 1 financial helper, your approach to financial matters changes! (You really should highlight this)
How can I maximize the now to ensure the future is better?
Plan your S.M.A.R.T. financial goals now.
Specific: Be clear about what you want to save for or what you’re aiming to achieve with the funds. When you’re clear, you will be able to plan how to attain it and how committed you will be to it. The goal can be “school fees”
Measurable: Find time to check your progress towards achieving your set goal. This process allows me to measure how close I am to achieving my set goals.
Achievable: It will make sense to set financial goals that you can meet. Always consider your sources of income when planning your financial goals.
Realistic: Be true to yourself. When it seems like it’s not working remodify your financial goals. Setting unrealistic goals can only lead to disappointments.
Time Frame: Having a time for all your financial goals in the icing on the cake. It gives me something to work towards and build excitement cause I’m closer to achieving my set goal and I’m close to utilizing the money for what I’ve planned for.
Never forget to plan for my leisure
Always set funds aside for fun activities and hangouts.
To save might be really difficult when you start and can be such a killjoy especially when you’re craving some really amazing unnecessary stuff but fast forward to the future you will be grateful that you saved.