Smartvest with Adunola Agboola

3 REASONS WHY BUDGETING IS KEY.

Budgeting is not only done by firms or government, but should be one of the things taken into consideration by individuals as well.

Budgeting is planning and managing your finance, assigning task to your finance.

What budgeting helps you to achieve:
Firstly, it gives you an oversight over your finance, you know what you are working for.

Secondly, it makes you track your spending, you know what you are spending your money on.

Lastly, it makes you plan ahead.

Budgeting should be done in this format:

50/30/20.

50% of your income is allocated to your living essentials, such as rent, utilities, groceries, transport, etc.(include yours).

30% of your income is allocated to your lifestyle expenses such as dining out, shopping for clothes, accessories, etc (our lifestyle expenses varies, include yours).

20% of your income is allocated to the future: paying down debt, saving for retirement and for emergencies.

Yes, you saw that retirement, it's never too early, it's never too late. It is the best.

Your income should not only meet your today's need, but also your future need.

For instance your total income is N15000
50% ~ 15000×50/100 = 7500
30% ~ 15000×30/100 = 4500
20% ~ 15000×20/100 = 3000

It’s never been easier to manage money, thanks to a growing number of personal budgeting apps for smartphones that put day-to-day finances in the palm of your hand.

One thing we should all learn is that, it not just about how much we earn but how we manage our earnings.

Remember financial knowledge is Key, acquiring the knowledge is good applying the knowledge is the best.

Hope you got value?

The pictures below are a budget plan made by a client VS budget plan made by SMARTVEST.

Let's help you create a budget plan. The first three will get a discount.... Let's go!

Money Africa MONEY MoneyGram Aloma isaac Junior Teaching Taaooma Tee_kuro

We wish you all a HAPPY NEW MONTH from SMARTVEST.

It isn't too late to wish you a HAPPY NEW MONTH. We love you❤

It's not too late to wish you a HAPPY NEW MONTH! We love you❤

Some people: These financial coaches will keep talking about budgeting as though it's the main thing.

Making money is the first thing, spending the money the way you like shows you're a boss.

Me: True! But budgeting makes you a better boss over your income.
Your money doesn't control you, you control it.
You don't ask yourself "where did my money go", "how did I spend this money" but you say to yourself "I know how I spent my money", I know what I spent it on"

There is sense of maturity you have when it comes to dealing with money all thanks to budgeting.

Some people : All na scam jare

Me: 👇👇👇





Salisu Lateefah shot it

HOW TO GROW YOUR INCOME OR WEALTH.

You're on this ride with me because you saw the post title and you feel like, "I need to know how to grow my income, I seriously need it". 😫😫

Anyway, you're on the right track. Do well to read to the end and follow all that is said.

It isn't just about having diverse source of income, or getting more than enough income daily, weekly or monthly but it's about GROWING IT.

Think of a farmer who worked hard, planted, watched it grow, harvested, got alot but stopped doing what he did the first time, 'PLANTING'. Well, at the long run, things might work out for him well, but what he failed to know is that he would have made MORE from what he has.

The way to grow your income or wealth hasn't changed, it's still the same method, SAVINGS.

It doesn't just end in SAVINGS, It's SAVING to INVEST.

INVESTING is the way to grow your income or wealth.

You're making that excess income multiply itself, not just staying idle.
You're making it pay you.

The differences between the rich and the poor, or the difference between workers, is not the difference in their job, though this can be, but not the major factor.

The difference is how you make your money work for you, how you grow your wealth. Some invest, while some stops at savings.

That's why you can't endeavour to keep your money IDLE. It should also work for you.

DON'T FORGET: Investment is not a get-rich-quick scheme, but rather a way to consistently grow the wealth you already have.

The goodnews is that, though investing is a way to grow your wealth, you don't have to have a lot of money to get started. Compound Interest dictates that even small sums of money can be turned into fortunes over time, provided you select the right investment.

I'd continue from here in the next post.

STAY TUNED.

I hope you got value.

I sat on the couch with a pen and a jotter, ready to put my budgeting skills to act, with the help of my budgeting app, 1money🤗.

Ohhhh, what Joy to see your money work for you. Oh finally I can see what I use my money on...at last🙌.

50% Needs ☑️
30% Wants ☑️
20% Savings 🤔🤔🤔

Oh my 20% can't be left idle😏😏
20% Budget
▶️ Saving for Emergency
▶️ Investment
▶️ Savings


Let's talk about investment.

UNDERSTANDING INVESTMENT.

Investment is a form of savings.

Investment puts your savings to work and yields more income.

Investment is also allocating money in the expectation of some benefit in the future.

Investment helps you to acquire wealth.

Investment puts our enough cash to wealth ~ Warren Buffet.

Investment caters for the future.

How well are you Investing?

Hope you got Value.

FINANCIAL EMERGENCIES!
HOW DO I CARE FOR THEM?

Ade: The screen of my phone just got broken. My phone is damaged, and I'm currently doing a lot with my phone. Because of this damage, my business will be affected, my education, my social life.....oh my God!

This should not be happening to me right now! 😭😭😭.

That is what we call Financial Emergencies. They don't get our permissions before they show their ugly faces 🌚🌚.

They don't care if we are ready or not.

One thing with financial emergency is you can't stop getting it.

One thing or the other just shows up and you need to cater for it.

In order not to be devastated or stranded when financial emergencies show up, you prepare for them.

How? Make funds available through savings.
20% of your income is apportioned to savings.
Take a portion of savings and save for emergencies.

NOTE: No matter how small it is, please, save.

With this you are able to stand in the face of any emergency, and say to it, 'you no reach' (lol).

I hope you got value.

RAT RACE NOT AGAIN 😭😭

Ade walked in feeling destabilized (soliloquizing)

What happened to me? I don't spend my money recklessly. I do save, I have cleared all debts.

(Speaks out loud) Something must be going on. 🤔🤔

Seyi: Exactly! I know I do a lot of spending. You know naa! Why will I be working and not spend? It's not possible joor. I usually save, but before the month runs out, both the cash-at-hand and cash-in-the-bank are no where to be found. 😑😑
What on earth did I use my money for?
I don't understand this anymore. 😔😔

Both: 🥺🥺
What are we going to do?

Seyi: I know a finance coach. Let's explain all of these to her.

(At the coach's)
Finance Coach: I'm so sorry about the loss and all. Can I see your budgeted transactions?

Both : What is that? I don't understand what you are saying ma.

Finance Coach: Do you make budget?

Both: Budget? 😏😏 Is it necessary?

Finance Coach: Of course, it is. How do you want to track your spendings? That is the reason you don't know how you are spending your money or what you are spending your money on.

All you know is that your needs are met, but your wants are partially satisfied. Do you know the difference between your needs and wants?

A need is something required for a safe, stable and healthy life (e.g. food, land, shelter, clothing) while a àwant is a what you desire or wish (this varies).
Your wants and unlimited.

That is the reason budgeting is so important and necessary.

🔸 It helps you allocate your resources (income) properly.

🔸It helps you track your spendings.

🔸It manages your expenses.

🔸It takes care of your emergencies.

You can't do without budgeting, you need it.

Have you heard of the 50-30-20 approach?

Both: Ehhrrrmm. Yes/No.

Finance Coach: Your income should be budgeted with this approach.

50% to your needs
30% to your wants
20% to the future (savings).

Both: I know better now.😊😊😊😊
Thank you so much ma.

Make your budgeting plans now.

Hope you got value.

It's a New Month 💃💃💃💃