Managing Your Personal Finances

Managing Your Personal Finances

A calculator, pen, and financial statement.

Managing Your Personal Finances

Do you always run out of cash before the month runs out?. I have been there and still

working towards never getting there again. Below are some habits, routines or if you like rituals you must imbibe, perform to ensure that you’re always in control of your money.

  1. Make a budget and stick to it.

Have a dream board or a lust list, where you always write down things that you need. Immediately you get notification of payment of your salary, take a few minutes to reflect deeply and from the list you’ve been making all week long, Prioritize. If you wait to make your budget when you have received your salary or pocket money, chances are that you will spend them on things that appeal to your senses at that time.

      2. Pay yourself first

Have you read the RICHEST MAN IN BABYLON by George Samuel Clason. If you haven’t please join the Kamdora Book Club (send an email to to join) This book taught me the value and importance of paying myself first. How do you pay yourself? Open a new bank account and do not sign up for a debit card. Get a standing order from your salary account officer to pay at least 10% of your salary every month into the new account. This money is only spent on investments and emergencies. Now a vacation or a new pair of shoes for an Aso Ebi is not an emergency.


   3. Reduce your expenses

Compare prices at grocery stores and find out where you can get what at a cheaper rate. Reduce the number of times you eat out. Cook more. Reduce the number of beef you buy everyday at lunch. If you buy 3 pieces of meat at lunch every day for N100 each. reducing it to 2 would save you N500 at the end of the week. Bargain! he he. There’s no shame in this. Big girls bargain okay? You would be surprised at how much you would be saving if only you can summon the courage to ask for a price reduction. Never increase your expenses because your salary or pocket money has been increased.

   4. Create multiple streams of Income

Track your expenses. take note of every single thing you spend on. Even the most trivial. Over time, this will help you discover the unnecessary expenses you make and help you curb them. There are several apps you can download on your phone or PC that would make this easy. I use Spending Tracker This app would even show your expenses in a pie chart or graph.sending tracker

5. Create multiple streams of Income

There’s always always an opportunity to make some extra cash (the clean way). If you can write, find a website or a magazine to write for. Some of them pay. If you are always on FaceBook and Twitter, ask to help manage a small business owners social media for some cash. I like to read. Every time I enter a book shop I leave with my bank account in RED. So I decided to start selling books, That way I can have all the books I want to read and make money from them too. There’s always always a better way!

Managing your personal finances will require discipline, a lot of it. Find a friend to keep you accountable.

Has this been helpful? Type YES is in the comment box below and share with your friends…xoxo!

Nkechi Ubakaeze
I am a Communications Strategist with an FMC by day. A Kamdora Content Contributor every time I'm inspired. I am very passionate about helping women achieve their personal, professional and fashion goals. I love to read, write, dance, watch movies, shop, style hair.

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  • Folaranmi August 3, 2015 5:06 pm

    Your Comment I love this, I’ll really love it if you can send me the pdf file of the richestman in babylon

    • Nkechi Ubakaeze August 3, 2015 5:42 pm

      I don’t encourage piracy girl!!!! 🙂 Buy the book

  • Esther August 4, 2015 10:40 am


  • lucky August 4, 2015 11:14 am

    Thanks…those tips were helpful.

  • Temitope da-cantra August 4, 2015 10:50 pm

    I really find this helpful because am someone who spends lot on unnessary things but can’t help it.
    I really like it.

  • Sharon-Rose May 25, 2016 4:03 pm

    I love all your write ups

  • joan mbanisi March 29, 2019 6:28 pm

    yes….this will help me

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