Fortunately, this does not have to be a hopeless situation for you.
The following tips will help you regain your financial strength, help you improve and maintain the strength you have or in the case of those just stepping into the financial world, this will help to guide your decisions:
- Save money every time you get paid, no matter how small.
- Make a budget for the week or month and stick to it the best you can.
- Prioritize your needs versus your wants; avoid impulsive spending!
- Plan your family; space children and plan your family size based on your income.
- Build your net worth by obtaining tangible assets like; motor vehicle, house, and land. These can be used to generate cash.
- Avoid too much debt.
- Start planning for retirement from the moment you start working and revise your plan regularly to keep it up to date.
- Set short, medium and long-term financial goals.
- Stay optimistic and motivated about saving.
Good money management means a better life for you.