Monday, February 3, 2014

Monday Musings ( Money Woes)

Hi Guys,

How was the weekend? Mine was a good one. I managed to get quite a bit done and spent quality time with loved ones. However by Sunday evening, reality was creeping in because i started worrying about my finances and the amount of money i need to take care of some impending expenses. You all are probably wondering ' Girl its a new month, you just got paid salary now' and you are right. Am i the only one that feels that my salary is already finished by the time i get it?

Let's be real, no one's salary is never enough and many people try to do stuff on the side to augment their income but the sad reality is that, the option of having a business on the side is becoming even difficult because of the unfriendly business climate of Nigeria. Almost everyone i know, has a side hustle and they still complain about money issues.

The standard of Living keeps increasing and your income does not. As a popular musician sang in one of his hits ' Money slow to enter, Money quick to go' it just depresses the hell out of me. As a young woman who plans to have a home one day, i literately wake up in a cold sweat worrying about how i and my husband will be able to 'have a home' and give our children the best based on our current income. I am always planning and discussing finances with 'Lee Boo'because i am not so caught up in the ' romance' and forget the 'finance'. In every serious relationship that may lead to marriage ' Money Matter's' must be addressed and ironed out for the sake of peace in the future. I believe that the greatest challenge a marriage may face is not ' Infidelity' but 'Finances' at least in Nigeria.

So in my never ending quest for Knowledge on the internet while reading, I stumbled on an article in  ' Money Problems Young people Have' and here are some of the mistakes, they highlighted that young adults make with their finances:

  • Choosing Liabilities over assets: For example getting the latest gadgets that will depreciate over time. I guess my wanting a new Android phone does not sound smart. 
  • Ignoring discounts: This definitely does not apply to me because i am the queen of ' Bargain Hunting'. I always want it cheaper and am not afraid to haggle and if there is a discount? better!. 
  • Renting Expensive apartments: I believe that ' accommodation' is one of the biggest challenges of living in a city, any city and Lagos is not any better. Landlords know this and capitalize on it big time and ruin the finances of many struggling young couples because most of the money you make, is used to pay house rent. #sad 
  • Not planning for emergencies: Many of us are guilty of this and i am no exception. 
  • Disregarding details: Who really reads the fine print? I don't but i intend to. 
  • Not taking care of their health: Part of my new year goals. Taking better care of my health. It costs less to take care of yourself as preventive measures than going to the hospital to treat yourself, when you break down. 
  • Paying avoidable fees: What are they exactly?
  • Planning just for today: i.e start saving for the future. 
Are you guilty of any of the above? Let's try to be be smarter in our finances everyone, so we can actually enjoy our lives and not just exist. Have a fab week ahead and Happy new month. 

PS: Its the season of love again * rolling eyes*

Live Love and Laugh

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