{"id":1153,"date":"2018-05-31T13:00:26","date_gmt":"2018-05-31T12:00:26","guid":{"rendered":"https:\/\/cowrywise.com\/blog\/?p=1153"},"modified":"2023-02-23T14:45:01","modified_gmt":"2023-02-23T13:45:01","slug":"build-financial-fitness","status":"publish","type":"post","link":"https:\/\/cowrywise.com\/blog\/build-financial-fitness\/","title":{"rendered":"How Young Adults Can Build Financial Fitness"},"content":{"rendered":"\n

Adulting comes with the need to build financial fitness. That process is literally no child\u2019s 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\u2019t it be better to just get started on the right footing? Let\u2019s help you get started.<\/p>\n\n\n\n

To Build Financial Fitness, Calculate Your Net Worth First<\/h3>\n\n\n\n

You cannot be having daydreams of becoming Nigeria\u2019s 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 \u2014 if any \u2014 from that value. After which you can set a target net worth for the next 10 years. Don\u2019t be scared that you won\u2019t meet up, even if you don\u2019t meet up with it then \u2014 though we believe you would \u2014 you would be better off than not working towards it at all.<\/p>\n\n\n\n

Make Savings Work<\/h3>\n\n\n\n

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<\/a> and target how much you expect to come in, spend and plan to have in your savings<\/a> for specific periods \u2014 monthly perhaps. The best way to keep up with your savings target is to automate them.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n
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\u201cThere should always be extra for savings. If there isn\u2019t, cut down your expenses or try freelancing opportunities to shore up income.\u201d<\/p>\n<\/blockquote>\n\n\n

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\"adulting-101-finance-management-new-graduates\"<\/a>
TAP THE IMAGE TO AUTOMATE YOUR SAVINGS TODAY<\/figcaption><\/figure><\/div>\n\n\n

Retirement? Start Now.<\/h3>\n\n\n\n

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\u2019s 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 \u2014 set up an emergency plan for that. Locking up your retirement plan for the next 30 years wouldn\u2019t be a bad idea right? That way, you can retire rich<\/a> as a baby boy or girl.<\/p>\n\n\n\n

Flatmates As Money Savers<\/h3>\n\n\n\n

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<\/a>. Check out our article about how to save up for your house rent<\/a>.<\/p>\n\n\n

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<\/span>Guides<\/span><\/a><\/div>\n

The Spicy Suya Investment Guide for Nigerians<\/a><\/h3>\n
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<\/div>\n <\/a>\n <\/div>\n <\/div>\n \n
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<\/span>Guides<\/span><\/a><\/span>Money Tips<\/span><\/a><\/div>\n

Major Money Tips Every Millennial Should Know<\/a><\/h3>\n
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<\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n\n

Improve Your Credit Score<\/h3>\n\n\n\n

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.<\/a><\/p>\n\n\n\n

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.<\/a><\/p>\n\n\n

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\"beginners-guide-to-adulting\"<\/figure><\/div>\n\n\n

ALSO READ:<\/strong><\/p>\n\n\n\n

Why Mutual Fund Investing is a Good Idea For Retirement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Adulting is no child’s play. Wouldn\u2019t it be better to just get started on the right footing, especially financially? Let\u2019s help you get started.<\/p>\n","protected":false},"author":1,"featured_media":6424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[134],"tags":[254,243],"coauthors":[463],"class_list":{"0":"post-1153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-money-guides-and-tips","8":"tag-financial-goals","9":"tag-planning"},"yoast_head":"\nHow Young Adults Can Build Financial Fitness -<\/title>\n<meta name=\"description\" content=\"Finding adulting difficult? Learn how to build financial fitness as a new graduate. 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