Festus Hangula
Today 31st October is world savings day. It’s the festive season and this the season when many people make financial mistakes. This is the season when people get their bonuses and get overwhelmed, excited, and go on a spending spree and unplanned trips which then results in brokenness.
It’s really important that we plan ahead and if you plan to travel end of the year start saving from the beginning of the year and it’s all because of these mistakes that we end up not having money in January, which is known as “Januworry”. Note that November’s salary is for December and December for January. The mistakes you make in November/December are the price you pay in January and February.
I appeal that we instil a budgeting culture which is a financial plan for your expenses. Either individually, or as a corporation, you wouldn’t want to spend your resources without planning. It’s you understanding your income and spending habits. Budgeting is really important because:
1. It keeps you out of debts.
2. Creates a way for you to keep out of debts if you currently into debts.
3. Helps with cash flow, planned investment.
And most importantly you know where your money is going to other than spending and not knowing where you have spent.
It’s really your responsibility to try and have a healthy financial status by managing your finances and setting your priorities right.
Many people say rich people are stingy. I won’t really say they are stingy but rather say spend less on expenses and accumulate wealth. If you earn N$5,000 and you spend N$5,000 you are broke. Note that the more you save the more interest you earn.
If you fail to plan, you are planning to fail.
I advise people to visit the Financial Literacy Initiative or their financial manager for more money matter tips.
* Festus Hangula can be reached on festushangula@yahoo.com