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How to end the year on a financially sound note, even from September

The end of the year is a time for reflection and setting goals for the future. But for many people, the thought of getting their finances in order can be daunting, especially if they’ve fallen behind in the past few months. However, it’s not too late to make a fresh start and end the year on a financially sound note.

Here are 7 key points that can help you get started:

1. Take stock of your finances. This means reviewing your income, expenses, and debts. Once you have a clear picture of your financial situation, you can start to make a plan for improvement.

2. Revamp your budget and create a budget that works for you: Begin by revisiting your budget, but this time, think Naira-smart. Take a detailed look at your income and expenses and identify areas where you can cut back or allocate funds more efficiently. Setting a clear budget will help you navigate the economic terrain with finesse. A budget is a roadmap for your money. It helps you track your spending and make sure you’re not overspending in any one area.

3. Set new financial goals or revisit the goals you set at the beginning of the year: Establish clear financial goals for the remainder of the year. Whether it’s saving for a specific purchase, paying off debts, or building an emergency fund, having well-defined objectives will keep you motivated and on track.

4. Review and adjust investments. Take a closer look at your investment portfolio. Ensure it aligns with your long-term goals and risk tolerance. Rebalance your investments if necessary to keep them on track. And if you haven’t stated investing, include starting your investments as one of your goals for the remaining part of the year. You can start with low-risk investments, such as opening a money market mutual fund.

Read also: Here’s how hikes in MPR affect your finances

5. Get rid of unnecessary expenses. Take a close look at your expenses and see where you can cut back.

Every little bit helps.

Are there any subscriptions you can cancel?

Can you cook more meals at home instead of eating out?

Can you find cheaper ways to get around?

Following these tips can help you end the year on a financially sound note. And who knows? You might even be able to start the new year on a great note and with more money in the bank than you have ever had!

Here are some additional tips to make your financial journey even more endearing and creative:

6. Find a financial buddy or join a financial support group. Having someone to talk to about your finances can be helpful and motivating.

Find a financial buddy who shares your goals and values. This person can help you stay accountable and motivated.

7. Make financial education a lifelong journey. The financial world is constantly changing, so it’s important to stay up-to-date on the latest trends. There are many resources available to help you learn about personal finance.
Take a financial literacy course or read books and articles about personal finance.

Remember, financial success is not just about making money. It’s also about living a fulfilling and creative financial life.

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