Topic: Reassess your finances (Read 77 times)

The economy is already in shambles and if you really want to make a difference and not been affected really by the bad economy, you have to make a lot of adjustment to your finances. How you spend has to be limited. Having a scale of preference will really help and you shouldn’t over spend beyond your means you’ve allocated for a particular time in order to fulfill your needs faster, it becomes more easier for you to have a more sustainable lifestyle than before without been affected a lot by the bad economy. Finances are made to be adjusted to suit the condition of the economy at every time and if you are able to adjust according to that means, you’ll find it easier and more efficient to keep moving even through the hard times the economy could be displaying at that time.

In financial matters it is very important to periodically asses how we stand financially, whether it is good or if there is any need to make adjustments, in other words it is good to evaluate how we spend money and make necessary adjustments if there is need for it. In this time of inflation in our economy, we need to readjust how we spend money if our salary or income is not increasing with the high cost of living, otherwise it will not be easy to survive, meaning that some expenses have to be cut off. If somebody can afford to have some leftover money after very important expenses like food, it is better to invest it in a reputable asset like Bitcoin instead of leaving the money in the bank. If you find out that your income is never enough to take care of your important expenses, it is better to get another job or get a side hustle to support your income, that is why it is also important to learn a skill that is in demand.

And how will the stability come when the economy is not in a friendly state? Stability can only be achieved in an environment where the economic system is stabilize as well because if you keep waiting to stabilize yourself before starting up a project or a business, it may take you longer time to achieve and since the cost of living is becoming higher, waiting for stability will also cost you spending a lot of money at a time when you feel you have gotten to that stage where you feel you can handle everything without any financial stress. It is better to strike a balance between meeting your daily needs and venturing into businesses or projects that will enhance a better future for you. Don't forget, no body get enough of what they want in life, therefore it is better to start with the little you have and achieve your goals than waiting for stability which may not even come.

na even based on say the economy no de stable na why e de very necessary to de checkmate our financial lifestyle regularly so the instability no go way us down as him be say the economy no look like wetin get any tendency of getting better anytime soon.

currency devaluation don already de like a constant thing when don de progress negatively overtime and if you de hold that one as an excuse for not trying to ensure that you make adequate decision when go balance you financially, the currency devaluation go continue to lose it value while the economy go de tell on you massively. the most important thing to do for this economy as it regards long or short term goal na to create system when go de bring you income on a regular outside of your job. as long as the system de on ground, you fit comfortably take any investment risk you wish to knowing that you already have a back up plan.

It is very unlikely for you to be stable in an economy that has its currency devalued against the dollar and very unstable, don't forget that finances in this part of the world for those that are working is always stable but the currency instability makes a lot of decision unattainable especially when it comes to finances. So reassessing your finances sometimes doesn't fit in because your expenses at every point in time goes beyond your income, so instead of saving more, you find yourself spending more because the currency doesn't give you that preference. Must pontifications just like your own OP, works in an economy that has some reasonable amount of stability.

Savings can be done in different ways, there are types of savings that are meant for investment purposes while some are basically to serve as back bone when the crisis days begins. The twist happens when there is a mix up somewhere, when the person takes the particular amount that should have been invested into locking up in banks which completely wouldn't yield any profits. Just in the same direction, we also don't need all of our savings to be used in investing into any assets, neither Bitcoin particularly.

I feel the need of not even calling money used in making Bitcoin investment our savings, i prefer using investment capital because even not in a rush we still need profits from them unlike what we expect from our savings.

People who do not create this balance always have it to suffering, the first step to this adjustment which lot's of people hardly know about is living beyond budget, most people wants to live above their income and will find it difficult trying to balance their financial lives which will also create imbalance if they attempt into investing in any asset. The stability has to come within, from our overall earnings to how much we spend out and what is left for other purposes, keeping this in mind will give a clear picture of how to proceeds into any financial structure still remaining profitable and not always in a tight space for progress.

adaptability is a very essential element when it comes to adequate financial management and for an economy that is this unstable, it is what will help you navigate through the ups and down that you will be required to navigate through. having an income source is one but the greater thing is the ability to manage your needs, wants, savings and investment. failure to access and define what falls into the category of your needs and what falls into the category of your wants and staying disciplined not to get dragged into spending on things you can do without helps you meet up whatever long-term plan you have.

savings might look like you are tying down your finance, but it also has it importance, especially if you are keeping it as an emergency fund that will protect you from always deeping your hands in your investment. some financial motivational speakers will say, "income don't create wealth but what really does is what you choose to do with the income" and certainly that's so true. regardless of how much you earn, without proper planning on how to make use of that income, you can earn so much and yet have little or no investment at the end.

The savings has always been one that comes with a twist to me. Saved money don’t make no profit. Don’t get me wrong, saving is in fact a good idea as, I don’t find it a best idea that you should have all your money invested and by all means, you’ve got to have some money you would use with you, even an emergency funds either but, it’s important to save in the right currency and that currency isn’t the naira.
Recently, naira tends to have appreciated but, that’s too shallow to be considered good. Be reminded that naira to dollar have been in a constant battle of which, the dollar is obviously winning. When you save to battle inflation and you do this with a currency like naira, your like a snake eating its own tail.
I would advise Bitcoin to anyone who would like to save. You have all in one, a currency an asset/investment. With exchanges and P2P, you could always swap to whatever currency you want, in any jurisdiction.

Reassessing your finances doesn’t mean overhauling everything overnight. It’s about making small adjustments that add up over time. And most importantly, it’s about staying adaptable. The economy is unpredictable, but you can control how you respond to your needs and wants. In my opinion it is all about creating balance for our financial needs. In a tough economy like this, covering needs, building savings and starting a project can be very difficult. Unless we first focus on stability and after we have it under control, we can chip in our short and long term goals gradually till they comes to play.