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6 steps to becoming financially stable



How to get started with saving and investing in your future

Financial stability is one thing everyone desires. The lack of basic financial education leaves many people especially young adults clueless about how to manage their money, apply for loans, and get or stay out of debt. Having good knowledge of it keeps you financially stable and not go broke on time.

For everyone who want to be better financially, let’s take a look at six important things to understand about money. These financial tips are designed to help you live your best financial life. It would also help you take advantage of the fact that the older you get, the more time your savings and investments have to grow.

1. Learn Self-Control

The number one thing to learn is self-control. keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your personal finances in order.

You are most times moved by impulses to purchase things you don’t really need which in turn affects your money. This first effective step towards this is learning and mastering how to say “NO”

2. Control Your Financial Future

If you don’t learn to manage your money, then other people will find ways to mismanage it for you. Some of these people may be ill-intentioned, like unscrupulous, commission-based financial planners.

Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you’re armed with knowledge, don’t let anyone catch you off guard. Whether it’s your partner who slowly siphons off your bank account or friends who want you to go out and blow tons of money with them every weekend.

3. Know Where Your Money Goes

Once you’ve gone through a few personal finance books, you’ll realize how important it is to make sure that your expenses aren’t exceeding your income. The best way to do this is by budgeting. Once you see how the cost of your morning coffee adds up over the course of a month, you’ll realize that making small, manageable changes in your everyday expenses can have as big an impact on your financial situation as getting a raise.

In addition, keeping your recurring monthly expenses as low as possible can save you significant money over time. Even if you can swing a utility-packed apartment now, picking something plainer could let you afford to own an apartment or house sooner than you otherwise would. 

4. Start an Emergency Fund

One of personal finance’s most-repeated mantras is “pay yourself first.”

No matter how low your salary may seem, it’s wise to find some amount—any amount—of money in your budget to sock away in an emergency fund every month.

Having money in savings to use for emergencies can keep you out of trouble financially and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non-negotiable monthly expense, then pretty soon, you’ll have more than just emergency money saved up—you’ll have retirement money, vacation money, or even money for a down payment on a home.

It’s easy to put your fund into a standard savings account, but this earns almost no interest. Put your fund in a high-interest online savings account, short-term certificate of deposit (CD), or money market account. Otherwise, inflation will erode the value of your savings. Just make sure the rules of your savings vehicle permit you to get to your money quickly in an emergency.

5. Guard Your Health

If you’re uninsured, don’t wait another day to apply for health insurance.

It also pays to take daily steps now to keep yourself healthy. Such steps include eating fruits and vegetables, maintaining a healthy weight, exercising, not smoking, avoiding excessive alcohol consumption, etc. All these behaviors can save you on medical bills down the road.

6. Protect Your Wealth

To make sure that all of your hard-earned money doesn’t vanish, you’ll need to take steps to protect it.

There are a variety of vehicles in which you can invest your savings. They include high-interest savings accounts, money market funds, CDs, stocks, bonds, and mutual funds. The first three are relatively free of risk, while the remaining three carry greater possibilities for financial setbacks. They also carry greater possibilities for monetary rewards. Learning about investing is an important skill for building up your savings—and, eventually, building wealth.

The Bottom Line

Remember, you don’t need any fancy degrees or special background to become an expert at managing your finances. If you use these financial tips for your life, then you can be as personally prosperous as someone with a hard-earned MBA in finance.

Download the StashBox App from your mobile phone app store via the link below:

Android or Apple store.

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How to Stop Being Broke



how to stop being broke
If you’re sick of being broke, it’s time to take control of your finances! Whether you need to work on your spending habits, learn how to save, or find ways to earn more money, you can find a way to stop being broke.

Follow these steps to start working towards financial freedom and better peace of mind.

1. Set goals. 

If you want to change your financial situation, you need to get specific about want you want to accomplish. Think about exactly what you want your finances to look like and what you can do to achieve those goals.

  • Setting short-term goals in addition to long-term goals can help keep you motivated by providing you with a sense of accomplishment.
  • Create a budget for non-essential items and hold yourself accountable for it each month. If you go over-budget one month, tell yourself that your budget for the next month is reduced as a result.

2. Stop comparing yourself to others. 

If you’re spending beyond your means because you feel that you need to keep up with your friends or show others that you can afford a certain lifestyle, you’re not doing yourself any favors. Stop worrying about what others can afford and think about how you can live within your means.

  • Stop equating your self-worth with your ability to buy things. This kind of thinking will make you extremely unhappy in the long run and will probably get you stuck in debt forever.
  • Change your attitude on consumer goods. Stop reading fashion, home style, and consumer technology magazines and watching flashy TV shows that make you feel bad about not having the latest designer item, gadget, or home improvement item.
  • Choose quality products that will last a long time, but don’t pay more for brand-name items just because they are fashionable.

3. Track your expenses. 

To understand exactly where all your money is going, keep careful track of every dollar you spend. You can do this with a pen and paper or electronically if you use a card for everything, but make sure to account for everything. This simple habit will help you spend more wisely.

  • Try categorizing your expenses and adding them up on a monthly basis. For example, you could create categories for food, housing, transportation, utilities, insurance, entertainment, and clothing. Then calculate what percentage of your income you are spending on each category. You might realize that your expenses in some of these categories are way too high.
  • When purchasing a non-essential item, try thinking about how many hours you would have to work to pay for it.
  • Make sure to plan for large expenses too. For example, if you pay 600,000 Naira for car insurance twice a year, calculate 100k/month into your expenses.
  • To understand how much you can afford to spend each day, subtract your fixed expenses from your monthly income and divide the remaining amount by 31.

4. Make a plan for getting out of debt. 

If you are broke because you have credit card debt, a car payment, or student loans, think about what you can do to pay off these debts faster.

  • Making even a few extra payments each year can help you pay off your debts much faster.
  • While making extra payments towards your debt might make your budget even tighter in the immediate future, it will pay off in the long run because you will be debt-free much sooner.
  • Make sure you understand how long it will take you to pay off your credit cards if you only pay the minimum amount due and how much you will end up paying in interest.
  • You may be able to renegotiate the terms of your loans to get better interest rates. It doesn’t hurt to ask!

5. Start saving.

This may seem impossible if you are always broke, but planning for the future will help you get out of this cycle. Start small by just putting a little amount in an emergency fund each month.

  • Saving money is much easier if you set up automatic withdrawals from your paycheck or your checking account so you never have to think about it.
  • A good place to start saving automatically is on StashBox. (Available on Android & iOS)
  • Don’t forget to save for retirement! Take advantage of the 401k offerings at your company or open an IRA account.
  • Never deplete your savings for whims.

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5 Reasons Why You Need a Budget



Below are five good reasons why you need a budget. You should create and stick to it.

5 Reasons Why You Need a Budget

1. It Helps You Keep Your Eye on the Prize

A budget helps you figure out your long-term goals and work towards them. If you are carefree about your financial decisions, tossing your money at every pretty, shiny object that happens to catch your eye, how will you ever save up enough money to buy a car, take that trip to Aruba, or put a down payment on a house?

A budget forces you to map out your goals, save your money, keep track of your progress, and make your dreams a reality.

OK, so it may hurt when you realize that the brand new iPhone 13 or the gorgeous cashmere sweater in the store window doesn’t fit into your budget. But when you remind yourself that you’re saving up for a new house, it will be much easier to turn around and walk out of the store empty-handed.

2. A Budget Helps Ensure You Don’t Spend Money You Don’t Have

Far too many people spend money they don’t have—and many factors come to play here

Before the age of plastic, people tended to know if they were living within their means. At the end of the month, if they had enough money left to pay the bills and sock some away in savings, they were on track. These days, people who overuse and abuse credit cards don’t always realize they’re overspending until they’re drowning in debt.

However, if you create and stick to a budget, you’ll never find yourself in this precarious position. You’ll know exactly how much money you earn, how much you can afford to spend each month and how much you need to save.

Sure, crunching numbers and keeping track of a budget isn’t nearly as much fun as going on a shameless shopping spree. But look at it this way: when your spend-happy friends are complaining “sapa dey”, you may be acquiring that new car or new house you saved for.

3. It Helps You Prepare for Emergencies

Life is filled with unexpected surprises, some better than others. When you get laid off, become sick or injured, go through a divorce, or have a death in the family, it can lead to some serious financial turmoil. Of course, it seems like these emergencies always arise at the worst possible time—when you’re already strapped for cash. This is exactly why everyone needs an emergency fund.

Your budget should include an emergency fund that consists of at least three to six months worth of living expenses. This extra money will ensure that you don’t spiral into the depths of debt after a life crisis. Of course, it will take time to save up three to six months’ worth of living expenses.

4. It Helps Shed Light on Bad Spending Habits

Building a budget forces you to take a close look at your spending habits. You may notice that you’re spending money on things you don’t need. Do you honestly watch all 500 channels on your costly extended cable plan? Do you really need 30 pairs of black shoes? Budgeting allows you to rethink your spending habits and re-focus your financial goals.

5.A Budget is Better Than Counting Sheep

Following a budget will also help you catch more shut-eye. How many nights have you tossed and turned worrying about how you were going to pay the bills? People who lose sleep over financial issues are allowing their money to control them. Take back the control. When you budget your money wisely, you’ll never lose sleep over financial issues again.

Of course, this is just the tip of the iceberg. There are countless other advantages of following a budget. So what are you waiting for? Time to start budgeting!

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How to get started on StashBox



Wondering how to get started with using StashBox? Or you are just want a hang of what the whole concept is about.

We got you covered!

This video will walk you through all you need to know and how to get started

Stashbox explainer video

More Than Money.

StashBox is designed to give you a transparent end-to-end process of saving and investing your hard-earned money for a guaranteed return on your investments.

Earn competitive returns on your savings and investments while your funds work for you. You can save or invest in Naira (NGN) or USD from anywhere at anytime.

With StashBox, you can achieve your savings goals, either long term or short term.

Download the StashBox App from your mobile phone app store via the link below:

Google Play store

Apple store

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