Happy 2022 Ho-Ho-Ho- lidays

It is now December, the month of festivities, This is also the month of one of the biggest world-wide holidays in the year, especially for members of the Christian community. This is the time that is meant to fuel the spirit of laughter, joy and all-round happy moments for all people.

As we celebrate, I would like for us to also think of our plans for the new year. There is a saying that goes: ‘if you fail to plan, you plan to fail’. It basically means we must try as much as possible to plan our lives so we are caught neither off-guard nor unprepared by the things that happen in our lives. So in this last article of the year, I would like you to incorporate personal finance planning in your overall plans for 2023.

• What amount would you life to earn in the year 2023?
• Do you already have means to earn it? Or, have you started thinking about how to ensure that you are able to earn the amount?
• Out of the money that you will have in 2023, what is the percentage you plan to save? If you have a copy of the Money Champions book, you can also refer to our suggested savings plans included in the book for this step.
• What is your targeted savings amount for 2023?
• Will you be starting from zero or will you have money that you can rollover from this year (2022) and make part of your 2023 financial goals? N.B: Nothing wrong with starting from zero.

The questions above are some of what you can ask yourself in preparation for your 2023 perosnal financial goals. The answers to the questions can be written down somewhere safe, where you know you can always refer to, to take stock and remind yourself of what you intended to achieve for the year. Personally, I truly believe in writing important things down, because amongst other things it help you be accountable.

Also, you can challenge yourself to take part in a family group savings plan. This could be with your siblings or even with your parents or guardians. I have not tried it myself, but I recently had a chat with a friend of mine and she told me of how herself, her mom and her sister started a family savings initiative a few years ago and it have been such a stress reliever for them. They specifically agreed on a set amount to contribute money and each of them borrows from the funds whenever
they have emergencies that they are not able to afford or cover on their own. The money that is
borrowed has to be returned, without the interest though. The brilliance of this idea is in the power
of numbers as well as getting a loan, without being charged interested. Also, when she told me how
much the three (3) of them have managed to save over the years, I could not believe my ears. I think
I also want to try this out with my family.

May we all have a blessed and safe holidays and come back in 2023 ready to smash our goals.