Money Problems? Here’s how to fix it.

Sola stood staring at the calendar; she could hardly believe her own eyes. Just some days ago, when she received the alert, she was so excited. Sola had a list waiting and immediately she started her execution plan. But today, just about 6 days later she was back to being broke and sadly she was still yet to settle some other bills. “Where did all my money go?” she thought.

To be frank, Sola was tired of being so broke and living from one pay check to the other. Her 9-5 job was taking so much time and wasn’t yielding much either. Business on the other hand, was quite drab and too competitive. “How was I going to survive the remaining days of the month? Guess I will have to do what I always do, “borrow a quick loan from a friend”. But wait oh, this friend how was she coping. After all I even earned more than her. “A ka Gum” we called her. By the way “A ka Gum” is the Nigerian parlance for a person who spent sparingly. Sola thought out loud again.
Yes, she was tired of this life and was not just tired but ready to take the bull by the horn.

Just like Sola, many people are faced with similar situation; money problems here and there.
I also had to fix my money problems.

So, if you are like Sola, then today’s blog post is for you.
You can fix your money problems.

Here's how to fix your money problems.

ALWAYS PUT ASIDE SOME PERCENTAGE OF ALL YOUR EARNING:
Yea, I know this advice sounds funny especially for someone who is thinking of solving his money problems. But ancient wisdom as recorded in the book “The Richest Man of Babylon” supports this statement with the caption “start thy purse to fattening? What would happen if, every day, you added 10 coins to your purse but only spent nine? To be frank, nothing will happen and you will have saved a portion of your income.” So always put aside something atleast 10% for the raining day.

LIMIT YOUR EXPENSES
With the global economic situation most people hardly make enough money to cover their bills. And these bills are priority from electricity bills, water/utility bills, cost of transportation, feeding, clothes amongst others, family responsibilities, the list is endless. To fix your money problems is to spend less than you earn.
The question is how do you spend less than you earn? Always bear in mind that there is scarcity of resources so you have to make a scale of preference. Distinguish between your wants you’re your needs. Usually I ask myself, is these want or a need? Lets face it people, some needs can wait and you can do without some wants? You don’t always have to buy every aso-(aso-ebi is the Yoruba parlance for a kind of uniform outfit people wear to parties or occasion in Nigeria) or gadgets. Some gadgets or clothes can serve dual purposes. A statement I am not shy to say is “am sorry, I can’t afford it for now”.
To fit your money problems, Get on a budget and stick to it. Truth is expenditure will always rise with your income but you must beat that. I use this formula to limit my expenses.
For all/ any of my earnings I divide into four parts. Part one is 10% for tithe ( I belong to a religious sect that believe that its important to pay tithe, its okay if your religion does not believe that). Another 10% is for short term goals/emergency fund. Then 20% is for long term goals while 60% is for my expenditure. So I make sure, I limit my expenses to the 60%.
You have learnt to practice delayed gratification. Note the word delayed. That’s means you will still have the gratification but delay it; all things are important but not all things are HELPFUL. They is always a constant need to get the luxuries and comfort of life but you have to ask yourself. Can this wait? For example, i like a very expensive brand of ice cream alot but i’ld rather buy a cheaper one to satisfy my regular ice cream craving.

INVEST
Usually most people don’t have a problem with saving but what they have a problem with is investing. After the money has been saved what do you do with it. There are a lot of investment opportunity that you can invest in. You can also invest in acquiring knowledge. Because your earning power is equally to your knowledge base. Then when you start to make profits, reinvest part of the profit. But be wise with your investment options. Acquire as much knowledge as possible about what you want to invest in.
Remember that its easy to lose money than to gain it, so guard your investment from loss.
Avoid all the quick fix money schemes. Don’t be stupid!
As the richest man in Babylon Arkad says,
“Guard thy treasure from loss by investing only where thy principal is safe, where it may be reclaimed if desirable, and where thou will not fail to collect a fair rental. Consult with wise men. Secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure from unsafe investments.”

INCREASE YOUR EARNING POWER
No matter what business you are in, you have the ability to increase your ability to earn. This is the final lesson Arkad, the richest man in Babylon, shared with his students. (I’ld recommend you read the book). Its an old publication but the truths in it are timeless.
Even if you are on a 9-5, why do other employees make more money than you? Increase the value you bring to the table. For full-time entrepreneurs, you can diverse or have a product/ service extension offer. Be creative. There are several opportunities flying around.
Note, lasting wealth is not made in a rush, it is build on the altar of discipline, wise investment, hard-work and delayed gratification.

This is no quick fix, but you also have to be Disciplined to fix your money problems. Follow these steps religiously and in a few months, you are on your way to being financially independent.

Did you find this post helpful, if it was, please tell me in the comments segment below.

Thank you.
Live Life Fabulously Inspired.

written by me (Hepzibah Olokode)