I can’t believe I’m typing “2023” in a sentence when I’m still mentally processing 2022. Well, I’m sure many of us feel the same way too. Last year went by so fast! The year 2022 has come to an inevitable end, and as expected, there are two types of people right now: the ones who already have a plan and strategy for this year 2023 and those who are not worried about their future.
Towards the end of last year, the Cowrywise RoundUp 2022 went live and we saw a lot of people share their badges across social media. A number of people showed off their much-coveted Fiery Fox badges, while some others echoed “God when?”
If you’d like to chill with the big boys this year by showing off your Fiery Fox badge, let me show you how to ace your finances this year. Here are 4 things you need to keep in mind:
1. Create long-term savings plans
Not only do long-term savings plans give you an opportunity to accumulate small amounts into huge sums over time while earning returns. They also help you build a habit of setting money aside at regular intervals. Over time, not only will you boost your savings score on Cowrywise, but you also build a personal savings habit. Win-win.
2. Create automated, regular top-ups
The icing on the cake of your long-term savings plan is automated savings. At the core of it, the difference between a Butterfly and Fox is the mindset and discipline. Why set up manual savings when you can just have it automated and use your time for other activities? It takes the hassle away from saving and instils a level of discipline that keeps you away from excuses. That’s the number one secret of the Fiery Fox.
3. Create an Emergency Fund
There’s no telling how important emergency funds are if you’re trying to build a healthy financial habit. Having emergency funds not only gives you access to funds in case of emergencies. There’s more to that. Having these funds makes it a lot easier for you to not tamper with your main savings for any reason. You know that feeling you get to “just withdraw part of it and replace it later”? Having an emergency fund helps you overcome it.
4. Get started on investments
If saving is a danfo, investing is a private jet. Okay, I might be exaggerating just a little bit, but I’m sure you get my drift. There’s a place for saving in wealth-building, but it’s at a primary level. The entire point of saving is to accumulate funds that would be used for even bigger money moves. Nobody gets rich by saving only. If we lived in a fancy world where inflation and other economic factors didn’t exist, then maybe. But, in our current reality, investing is where it’s at. Cowrywise has a range of naira and dollar investment products suited for your risk appetite and even your lifestyle choices. Dear Budding Butterfly, start investing today.
In summary…
These are considerations you have to make if you’re trying to gift yourself a financial upgrade this year. At the end of this year, there would be a Cowrywise RoundUp 2023. Do you still want to remain at the spot you were last year? Or do you want to go a step or two further?
These apply to other badges too, not just the Budding Butterfly. If you’re trying to make a move from Macaw to Cougar or to Fiery Fox, this applies to you too. This year, let’s challenge ourselves to do even better than we did last year. Not just in our finances, but in every aspect of our lives. Remember, every 1% counts. I’m rooting for you!
Please share this post with a friend who is looking to build a healthier financial lifestyle this year. I’m sure they’d appreciate you looking out for them.
I really want to control my finances. I envisage that I have a great tendency of making money and mismanaging funds. Most times I run out of money before the month ends and I feel terrible about it.
Hi Sonia.
Thanks for your vulnerability.
We provide a lot of financial education guides on our blog that can help you better control your finances.
Take it step by step and you’ll do better in now time!
What about school fees, health , charity and insurance.
school fees, insurance, and health can be placed in that friend’s wedding column as talked about in the article, t its all about understanding the main idea, looking within yourself where does this item fall, it’s about been creative and manageable with your money, i.e how long money stays in our hand using it effectively.
thanks a lot,Ope.really helpful,sometimes we outline the fixed and forget the discretionary ,and wonder how alll the money disappeared .This is very insightful
I look forward to more articles from you guys, random articles on various life topics. I love the active voice you used in writing and that sacarsm part too?
Thank you! We look forward to having you back here too ?
This is really amazing and educating! Keep it up and thank you so much for THIS ARTICLE ?
Our pleasure ?
Hello Ope,
This piece is quite insightful and helpful. Thank you. I Read the part where you advised to not document budget on a book as one can lose the book. Can you recommend an app on playstore one can use?
Yes. I’m seconding this comment. I believe an accounting application can help. I actually document my expenses daily but combining them into a general heading is a big task.
Please help us, Ope.
Hi Glow, I can’t recommend any tool off the top of my head right now, but creating a simple Google sheet or excel file for your budgeting can work.
I have a challenge, am the one catering for the house so most times I run into debts because expenses are higher than income . please how do I work on this.
thanks
Okay, Ope, you got me on with this one! ?
I know I make a lot of money as a full-stack digital marketer, but after some time, I’m broke and I’m wondering how come? As you said, I’m wondering “where did all the money go to?”
Sha, this post is very helpful and I’ve just downloaded this app I want to make use of in listing out the entire process… but quick ??
Which app or tool would you recommend for proper budgeting and evaluation?
Regards,
Sam
Hey Sam, happy to hear you found this helpful! ?
For the tool to help with budgeting, I highly recommend that you get down to do the “dirty work” first by yourself. Create a sheet on Google Sheets or Excel to input and track your spending to give you a raw idea, and then you can use other tools for lighter budgeting work based on the idea you now have from your sheet.
Hi Glow
You can download money manager on playstore, that’s what I use. There are others there too
I spend close to 38,000 only
Hi Sam,
I found it fascinating when I had to keep track of my sister’s account, but tracking my own expenses or developing a personal budget appears to be an impossible feat.
I mean… I don’t have a stable source of income yet so it seems almost hard to do but then after going through your write up I wrote a few ways in which I get money and am hoping I’d be able to get an hang of it soon.
Thanks for the detailed explanation.
Ope rather not Sam, sorry.
Wow! This is great, learnt a lot
Thank you so much for sharing this, Ope.
I have a question though. How can I budget as a student?
Because it seems like I can’t apply the whole concept of budgeting in my life at the moment.
I mean, I am a student, I don’t have a fixed source of income; I receive allowance from my parent and sometimes from relatives. I also do not work and I have no investments.
Sometimes, I feel like financial plans and budgeting is just not for me, even though I’m quite interested in them.
Like when I even receive my allowance, the rate at which the money finishes fast, makes me ask myself, “How?” “Where did all the money go to?” and “What did I spend the money on?”
I want to know how to track my expenses, save effectively and if possible invest and then build a financial plan, even as a student but I don’t know how to go about it neither do I know what to do.
So, if there’s any advice you could give me, please do. I’m very ready to learn.
Also, thank you so much for your financial lessons. I am always happy when I see your blog updates in my email. Thank you!?
This is very insightful and educative. I will make a do with this tips immediately. Thanks immensely Ope.
This is helpful I learnt a lot as a young graduate budget helps in build Future occurrences coming in the future also helps to pridict a lot of plan that u ought to achieve
Thanks Ope for this rich enlightenment.
But I got to ask you a question.
What if you don’t get an income per say but, a kind of allowance that’s not stable that you’ll have to ask before its been given to you. How then do you plan a budget given such instance?
Thanks for this wonderful post of yours.It is more encouraging.
Dear Ope,
Thanks for this insightful write up. I am definitely practicing this starting now. This is just what I needed to hear at this time. Thanks again
Really amazing thanks alot for this
I need withdraw
Thank for this wonderful post of yours. It is more encourage
I need withdraw
This article came in on time. Am guilty of many of the bad money management stated in the article. Not withstanding, it is not too late to start. I will be better equipped for the remaining part of the year and next year as well. Thanks Ope
Alisabiu744@gmail.com
This article came in on time. Am guilty of many of the bad money management stated in the article. Not withstanding, it is not too late to start. I will be better equipped for the remaining part of the year and next year as well. Thanks Ope
Ope thanks for this powerful awareness, pls if the is an app I can use for something like this let me know. I should start taking records this month
Mohammed
How can I do this
Thanks very much Ope. I always enjoy your post they are enlightening.Talking about budgeting how can one who’s money doesn’t come in bulk monthly go about making and achieving his or her budget.
I can control my financial status on my own. Because I really feel to be financially independent, on the basis of personal interest, and growth. Thank you so much.
Hi Ope,
Thanks for the blog,
I am currently working and I don’t earn enough. Also, I have to settle bills at home and help the family.
I find it hard to save, any advice on this?
Thanks for this piece, I really needed it to start my next month.✨
Thank you so much Ope. We shall do this
Cowrywise has really helped me to everyone more and spend less
I wish it will not crash
Thanks so much. This is an eye opener. I always wondered why I’m left with nothing at the end of the week/month/year after making so much money. Please, do cowrywise have a budgeting app that could be helpful.? It’s important