Adulting comes with the need to build financial fitness. That process is literally no child’s play. It comes with various challenges and trying moments that might get you wishing you could relive your childhood days forever. Braving such days is tough if you have to combine them with financial worries. Wouldn’t it be better to just get started on the right footing? Let’s help you get started.
To Build Financial Fitness, Calculate Your Net Worth First
You cannot be having daydreams of becoming Nigeria’s Farrah Grey when you have no clear description of what your financial worth is at the moment, and how you plan to build up to the dream point. To identify your worth at the moment, you have to value all your assets and subtract your debts — if any — from that value. After which you can set a target net worth for the next 10 years. Don’t be scared that you won’t meet up, even if you don’t meet up with it then — though we believe you would — you would be better off than not working towards it at all.
Make Savings Work
A night out sometimes, a vacation at some point and the likes are advised to maintain a balance as you progress in life. But all these must be done smartly. You would need to always have a budget and target how much you expect to come in, spend and plan to have in your savings for specific periods — monthly perhaps. The best way to keep up with your savings target is to automate them.
“There should always be extra for savings. If there isn’t, cut down your expenses or try freelancing opportunities to shore up income.”
Retirement? Start Now.
With a savings commitment, the next step is to decide what to save for. One important thing you should save up for is your retirement, and it’s never too early to start. In addition to the regulatory Pension Scheme, you can start by saving a percentage of your income, say 10%, for this and increase it with time. Also, discipline yourself not to borrow from this plan to service emergencies — set up an emergency plan for that. Locking up your retirement plan for the next 30 years wouldn’t be a bad idea right? That way, you can retire rich as a baby boy or girl.
Flatmates As Money Savers
Getting a place can be another form of expense while starting up your life as a new graduate. Though you have the desire to admire the beauty of life from the balcony of your own home, it would take building up to get there. Settling to rent comes up as the next option; doing so with a flatmate(s) can save you not just rent costs but day-to-day household expenses. Freeing up some of your income gives you more to save and invest. Check out our article about how to save up for your house rent.
Improve Your Credit Score
Though credit ratings are not quite popular in Nigeria, they are an important way of assessing your financial strength as an individual. One way to assess this is to take up only necessary loans you can pay up for, and commit to paying them on the agreed date. Also, you can monitor this better by tracking how well you service your contributions towards your financial goals just like we help users do with the Cowrywise Savings score.
Starting up your adult life on a strong financial footing is the first step to enjoying a baby boy/girl life as a young adult or retiree. You can start saving and investing here.
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Does Cowrywise have 2FA on its app?
Yes Deji. https://cowrywise.com/blog/two-factor-authentication/
This is an amazing article, Cowrysiwe. Kudos to everyone who worked on it.
Really nice article, keep it up Cowrywise and thanks for the awareness.
Thanks for these eyes openers.
Guys you are the best always
But,you should have resolved Funmi’s complain before she made it public.so,was the court order gotten?If it took forever for a funmi to get her funds back, what happens to people without clout?
Let me explain. While Obama was at a rally, someone from the crowd shouted at him about how immigrants were been deported. The issue was that these were illegal immigrants who were working honestly but contributing to America’s workforce, and hence it’s development… But it was tough, they are still illegal immigrants, right? So Obama replied: We [America] are a country of immigrants, yet we are a country of law. How do these two things cohabitate? The answer is: reasonable compromise.
It might be hard to explain to you that it wasn’t the clout that made her get her money, it was months of hard work in tracing the suspected thieves and following the law. The funds were transferred in a normal way any funds will, and the best thing was to work with Funmi to get the money back… By following the law. Unfortunately it took more time than Funmi’s patience, but eventually.
As a Software Engineer myself, one requirement is to always think and be ahead of the intruders… But you’d be surprised that as much as we try to make things for consumers that make their lives easier, there are people somewhere who’s purpose is to destroy that work. It’s tough but possible. We can stop them, or at worse, recover our stolen funds or losses… Even Twitter and other famous website gets gamed or hacked. Is this a justification for Funmi’s case, no. It’s just a point to help you understand, these things are tough. And we all have a role to play.
But we’d hold your hands all through. Trust us.
Impactful and mind opening
Funmi made our cowrywise even stronger?
Thanks for the eye opener. Does cowrywise have 2FA.
Yes we do now, Ifeoma https://cowrywise.com/blog/two-factor-authentication/
Nice one
My account was flagged because of a transaction I made and my 2000 is hanging. How do I get it back????
Thanks for your patience. A flag is initiated when we suspect a transaction, and it is designed to keep you safe. Have you filled out the verification form we sent, please?
My account was flagged I don’t know why and my 90000 is hanging. How do I get it back????
My account is flagged ?and I send a send to be open back I fill the forms and everything? It a week now till eating ,I need the money for business pls u guys should help me ,I can’t even send massage for help ,it only show before massage and she is not reply am getting scared already
This is enlightening. Cowrywise, thanks to your team.
Thanks cowry wise. For a more detailed information on this issue. Thank you.
Insightful and Enlightening. Thanks
Why do I need to my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
Why do I need to add my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
With your BVN added, we can ensure that withdrawals only go to your bank account.
how do i unflagged my account?
This is a very insightful article. Thanks.
Thank you.
Please I have been asking and begging to unflage my account and no attempt from you please I will still be pleading again unflage my account so I can top up my savings I have sent emails upon emails chart on charts but no attempt to unflage my account was made please unflage my account
un flagg my account why is that flagging thing just common. now i cannot withdraw my saving when i have plannned to use to t
o buy a system
Good insight from Cowrywise team
More win ?
Is it working
Hi ope, I want to withdraw my savings but I am finding it difficult because they keep asking me to put another maturity date which I don’t want to extend that very savings. This is my first time of withdrawal on cowrywise.
This is super enlightening. Thank you Cowrywise ?
I learned a lot from this kudos to the writer