We should all strive toward being financially responsible. We have identified four key factors that make financial responsibility easy to achieve.
Learn to Earn
The key driver of being financially responsible is the capacity to earn. You cannot manage what you don’t have. Hence, it is very important that you build a channel to generate income. You need to harness your skills so you can have an earning chance.
If you struggle to earn enough, you need to look for ways to improve either by asking for a raise, learning new skills, putting in additional hours of work, taking on another job or starting your own business.
Learn to Budget
The next stage after earning is spending! You need a plan on how to spend your earnings. The ultimate answer to managing how much you spend is budgeting. You need to set up your budget for what you need and also your goals.
Needs are the essentials for your day-to-day life which include housing, clothing and food. Goals are medium to long-term financial targets you dream of. They include retirement, owning a home, vacations and education.
You can make a spreadsheet that can help you start budgeting. Once, you follow your budget religiously, you are on your way to being financially responsible.
Learn to Save
Saving money is the biggest of all the components of being financially responsible because it is the bedrock to good financial management. Having a good saving culture won’t only serve as a tool for reaching your financial goals but also as a good arsenal in case of an unforeseen expense or emergencies.
Your savings determine how fast you can build your wealth. It is also what determines your access to investment. Hence, it is important that everyone imbibes a healthy saving habit on their journey to financial freedom.
If you find you don’t have enough leftover at the end of each month to save, take a second look at your budget making sure you include savings as a line item under the necessities. It should be built into your monthly spending plan.
One great savings strategy is to attach a dream or goal to different savings accounts. Sites like Cowrywise allow you that kind of customization and tools to go public with your savings goals while you enjoy good returns.
Learn to Invest
The importance of investing wisely in building wealth cannot be overemphasized. Sound, smart investments serve as a tool to grow the money you earn in ways that outpace inflation and put you on track for retirement much earlier. Always try to read up on investing wisely on blogs and tabloids like Investopedia and Bloomberg, and make sure you ask questions about what you don’t understand.
Don’t make investment decisions because every other person is making them. Take your time, study every investment, ask professionals for help if confused because it only takes a slight investment decision to make or mar your financial journey.
Cowrywise offers seamless savings and investment tools; we would love to help you take your big investment step. Get started here and set up a plan that suits your financial capabilities. You are on your way to financial responsibility.
You can also contact us to get professional counsel, we would be more than glad to help.
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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