Money tips for single men -Nigerian

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It's nice to know that the International Men's Day is celebrated on 19 November. "He celebrates the positive value that men of the world, their families and communities bring to the world." Here are 12 money tips for single men:

1. Set SMART destinations
It's so easy when you're young and alone to be "free and free from fantasies". The truth is that you can not go anywhere without a plan, more like a ship without a rudder. Look at your life. how do you want to be? It takes concentration, effort and a plan to make those big dreams come true.

2. Live with a budget

Budgeting is boring, but a budget is an invaluable tool that allows you to prioritize your spending and manage your money, no matter how much or how little you have. Can you explain where your money goes? Do you spend everything you deserve and more? The truth is, if you stick to a budget and redirect part of your income to long-term financial goals, you'll soon have financial freedom.

Do you have to eat out every day? Learning to cook is a great way to save money. Let your mother teach you! The cost of the food seems affordable, but it does matter a lot.

3. Start by saving

Saving as a single man is easier said than done. Social expectations tend to spend too much to keep up. Without being disciplined and focusing on one's own goals, unlike what society expects, it is easy to get lost in a debt cycle and go bankrupt.

Those who start saving in their 20s and 30s have a great opportunity to secure themselves financially at an early stage. Automate your savings and try to save at least 20% of your income. Make enough money for an emergency fund to pay at least 6 to 12 months of your expenses on an easily accessible savings account or money market account.

4. Do not let yourself be consumed by debt

We all have to borrow from time to time. But if you borrow, you should pay it back. Especially if you are young and you are starting out, getting a loan from your bank can be difficult. The main source of credit will usually be from family and friends. Many people abuse this opportunity. Do not be this friend who does not repay any loans.

Credit can be a powerful tool that can help you create wealth. It can also be devastating for your finances. Use credit wisely and above all for things that are meant to add value and add value to your life. Real Estate, Education e.t.c.

5. Where will you live?

One of the biggest cost of living is living. While it may seem a little unworthy to continue living at home, it makes sense to build your independence and save for your own accommodation. Instead of renting alone, you should share an apartment with roommates. By sharing costs between two or three people, you can save large sums every year.

The transportation costs can be another shame. Discover opportunities for carpooling, remote work, etc. that can significantly reduce your transportation costs.

6. Talk about money early

Choosing a life partner is one of the most important decisions you will ever make. You have to do it right; It has a huge impact on your full potential. If you are in a serious relationship, the money talk does not have to wait for marriage. Money talks should start before you go down the aisle and then continue as your relationship develops. and your life and finances are changing.

When you look at how someone deals with your money, you gain insight into the type of financial personality you have and whether you want to do so for the rest of your life. Look out for the opportunities that arise from time to time when you go out together.

Be aware; Maybe she insists that you pay your designer bags for your meager salary or insist on eating out every day. Maybe you have to pay for them every weekend. If this is a problem for you, look for a partner who believes in you and your prospects and is not too impressed by short-term excesses and outward appearances.

7. Club life

Of course, for a young, single man it's fun to get in touch with friends every night at the club or in the bar. Imagine, however, what you can save when you go with the guys in bars, restaurants, night clubs, etc. money, and you want to flaunt it. But if you regularly ramp up huge bars and always buy the latest device without accounting for your revenues and expenses, you will ultimately be broke. You may skip a few and invite friends who bring something. If home is not a place to talk about safely, there are affordable options like the beach for fun, if everyone contributes to it.

8. Invest in yourself

They are your biggest asset. Investing in yourself is the best thing you can do. Each of us has unique gifts, marketable skills or talents. Discover yourself. What is your passion? What can you do exceptionally well? It is your responsibility to identify, cultivate, promote and use your talent. Seize the potential for these effortless skills to earn income.

9. Take care of your health

Health is wealth; The choices you make today regarding the way you treat your body can have a significant impact on your future health and financial security. Be cautious with the pressures of your generation's excesses: cigarettes, alcohol, prescription drugs, hard drugs, unprotected sex, etc.

10. Invest in the future

It may seem absurd when you are young and retire from the beginning. Even if the future seems so far away, you have an exciting opportunity to build considerable prosperity when you save and invest when you are young. It is tempting to take a big risk. Interdenominational and inexperienced young investors sometimes approach gambling and often fall into cheating.

Investing instead of speculating; Carefully consider the risk and create a diversified investment portfolio that includes cash, bonds, mutual funds, equities, real estate and business interests. Get on the property ladder as early as possible.

11. Protect your assets with insurance

Do you have adequate insurance for your car, your home, your health or your life? As an adult, you are responsible for protecting yourself and your property. Do not wait for an accident, fire, flood or serious illness before realizing the importance of considering insurance.

12. Pay attention to the company you keep

"It's better to be better with people than you. Choose employees whose behavior is better than you, and you will drift in that direction. "- Warren Buffett.

The phrase that you're the average of the five people you spend most of your time with is scary, but true.

Now is the time to lay the foundation for your financial future. They are young and have the advantage of time. Do not waste it. Get professional advice and remember that you are in the right place at the right time.

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