Are you in debt?
If yes this is for you! Stay connect and please comments will be appreciated and questions will be treated.
Below are the tips shared by Sola Adesakin
1. Do an analysis of where your money goes. Having a budget is the best place to start. You need to figure out where your single kobo, cent, pence goes. What are the necessary and unnecessary expenses?
It’s about time you cut down on the unnecessary expenses. I’ll call them the variables. Cut out things you can do without.
2. Reduce the fixed (necessary) expenses if possible. Now I know some expenses must definitely be incurred but sometimes, there are smarter ways to go about it. If you are keen on reducing your debts, then maybe you can consider packing lunch to work (instead of eating out always), you can ride with a friend for a week and save funds on fuel. You can ditch that Christmas vacation and pump the money into your debt-repayment plan.
4. Consider increasing your income. Have you considered making more money? Oh yes, it is very possible to have multiple streams of income. Look around, what void can you fill? What products can you RESOURCES
ervices can you offer? What skills can you learn? Trust God for inspiration! (Inbox me for ideas!)
5. Make a list of your debts. Now, write out ALL YOUR DEBTS, FROM THE SMALLEST TO THE HIGHEST. Now from your budget in step 1, what extra do you have to toss into debt-repayment (ensure there’s a little to save no matter what)
6. Transfer high-interest balances. For those with credit card balances, think about moving the credit card with high interests to a card with a lower interest. Work at finishing up your credit card debts. Honestly, avoid the word credit as much as you can. Keep it DEBIT.
1. Move down the list. Now start paying your debts from the smallest. You know why? As you move down the list by paying off the smallest, it gives you a sense of fulfillment and motivates you to continue.
8. Always be in touch with whoever you are indebted to. Don’t go quiet on them; be it an individual or an institution. Let them know you are doing your best to pay off your debts.
9. Avoid buying things on credit. If you can’t afford it, then avoid it.
I culled this from his website "—list your debts smallest to largest by amount owed. Don't worry about interest rates. We don't care if one debt has a 2% rate and another one has a 22% rate.
Now it's time to make progress.
Pay minimum payments on all of the debts except the smallest one then attack that debt with a vengeance. We're talking gazelle intense, sell-out, get-this-thing-out-of-my-life-forever energy. Once it’s gone, take the money you were putting toward that debt, plus any extra money you find, and attack the next debt on the list. Once it’s gone, take that combined payment and go to the next debt. Knock them out one by one".
1. BEING INDEBTED IS AN ATTITUDE AND YOU CAN CHANGE YOUR ATTITUDE
2. EMBARK ON AN INTROSPECTION AND DECIDE TO PUT YOUR FINANCES IN SHAPE. DONT FORGET DEBT IS NOT A LONER; IT HAPPENS WHEN SOME BASIC THINGS HAVE NOT BEEN PUT IN PLACE
3. PLEASE LIVE WITHIN YOUR MEANS PER TIME. DONT TRY TO KEEP UP WITH THE JONESES. THAT YOU CANT AFFORD SOMETHING NOW DOESNT MEAN OU WONT AFFORD IT FOREVER. IF YOU BORROW MONEY FOR THINGS THAT DO NOT HAVE VALUE OR LOSE VALUE EASILY, YOU ARE JEOPARDIZING YOUR FINANCIAL FUTURE
4. OKAY, HAVE A FINANCIAL TARGET. FOR YOU, FOR YOUR FAMILY. THE CHILDREN ARE GROWING UP; YOU DONT WANT TO PASS OVER DEBTS TO THEM
5. MAKE PLANS TO REPAY YOUR DEBT, BE IN TUCJ WITH YOUR CREDITORS AND IN ALL, PRAY TO GOD FOR HELP AND MORE RESOURCES.
Sola Adesakin, the Host Steward at Smart Stewards, Managing Consultant at BookSmart Financial Solutions Ltd; has a BSC degree in Applied Accounting from Oxford Brookes University, United Kingdom, she is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and also a Fellow of the Association of Chartered Certified Accountants of the United Kingdom (ACCA). She has recently finished an MBA Program at Edinburgh Business School, Scotland, United Kingdom.
Sola is an experienced and versatile Chartered Accountant with about 12 years hands-on experience in setting up of Accounting Solutions for Small to Medium size firms and in addition, she is a personal finance coach . She is versed in developing and implementing of Internal Controls, Preparation and Implementation of Budgets, Preparation of Management Accounts, Business Plans, as well as Receivables and Payables Management. Plays advisory roles in Equity Financing and Business Process re-engineering.She has an appreciable experience in Strategy and Business Development; vis-a-vis creating Social Media awareness.
