It has been a wonderful time sharing with you in this Financial Literacy Month some tips that we think will challenge and encourage you to achieve your financial freedom.
Putting it all together! How has the series been so far for you? Anything you didn’t’ understand that we could elaborate on? Let us know in the comment box below.
This week, being the last week, we would like to recap on everything we have talked about since we began this series.
In week 1, we talked about Setting Some Goals. We concluded that achieving your financial freedom or success has nothing to do with luck – it’s a matter of setting smart goals and having a good plan to follow and we challenged you to Set Some Financial Goals and to do that;
- Write down every goal you can think of and be specific. Instead of just writing down the word “travel”, put “travel to Kumasi”.
- Categorise your goals by length of time to accomplish – immediate (within three years); intermediate (next three to seven years); and long-term (seven-plus years).
- Set priorities. Which of your goals do you want to accomplish first, second and so on.
- Figure out a plan for achieving that goal and the others on your list.
Week 2: Saving Money vs. Spending Money.
In week 2, we talked about Saving Money vs. Spending Money, how to strike a balance between the two and how to prioritize what is important to you and at what time. We also talked about how tracking your expenses can save you a lot of money.
Again, we issued a challenge to help you get your personal finances in shape. We encouraged you to look at your spending and saving habits. Track all of the money you spend (essentials/needs and wants) and how much you save. In order to get your finances in tip top shape, you have to know what money is coming in and what’s going out.
- Record and categorize (as a need or a want) all your spending
- Eliminate any items that you can do without
- Determine how much you want to save each day to hit your goal. Make adjustments to your spending to increase the amount you’re saving
Week 3: Set and stick to a Budget.
In week 3, we talked about setting up a Budget and sticking to it. We asked you to track where your money is going and with that information, we gave you the week’s challenge – creating and sticking to a budget.
- Now that you know where your money is going, it’s time to write out a plan – a budget – for where it should be going.
- If you don’t have one, set up a budget.
- Make any necessary adjustments to your budget to keep on track to achieving your goals.
- Put your budget to work for you, so you can reach your goal.
So for week 4, which is the last week, we’re Putting it all together.
We understand achieving successful financial freedom is not an overnight work. It takes a lot of courage, strong saving decision making, and good spending habits. So, from what we have learnt through the past weeks, we would once again, challenge you to;
- Establish a 5-year financial game plan for achieving your goals.
- Set benchmarks that you can hit and will keep you on track.
- Attend financial education camps and seminars. This will grow your financial knowledge.
- Always review your goals and budget and make any necessary course corrections to increase familiarity with your own finances.
- Use financial management tools and read about finance regularly
We hope you have learnt a lot from us as we have putting this series together. The series is over, but we will continue to provide you with the information and resources to challenge and encourage you to succeed. We are happy to answer any questions to help you improve in areas where you find yourself short. We encourage you to take part in our Financial Literacy programs to broaden your knowledge and better manage your finance.
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