Stock QuotesEurobonds ($)
NIGERIAN EUROBONDS February 24  20215.625% US$300M JUN 2022-104.403/2.258%,  6.375% US$500M JUL 2023– 109.065/2.427%, 7.625% US$1.118BN NOV 2025– 115.289/4.043%,  6.500% US$1.5BN NOV 2027– 107.850/5.109, 7.143% US$1.25BN FEB 2030 – 107.396/6.064%, 8.747% US$1.0BN JAN 2031 – 116.581/6.454%,  7.875% $1.50BN Feb 2032 – 109.336/6.662%, 7.696% $1.25BN Feb 2038 – 104.703 /7.211%,  7.625% $1.50BN Nov 2047 – 104.112 /7.273%, 9.248% $750M Jan 2049 – 116.690/7.784%.
Business Finance Info & Updates

How to plan against financial shocks in 2021

In 2020, the world experienced one of the most challenging financial setbacks across critical socio-economic sectors. As with the global scene, Nigeria was no different. According to the World Economic Forum (WEF), Nigeria, whose 27% of her productive population (over 21 million Nigerians) are unemployed was further battered by an economic recession as crude oil, her primary source export, slumped to international oil market glut and price cuts.

Reports from Nigeria’s Bureau of Statistics showed that the country’s economy contracted by 6.1% year on year in the second quarter of 2020. A lot of us went through a great deal of financial difficulties. While some have bounced back, others are still recovering, and a considerable number are still in despair, unsure how to approach the new year.

At every phase indicated above, one crucial decision that should guide our approach into the new year is deliberately choosing to develop smarter financial planning habits that insulate us from unforeseen circumstances.

Firstly, you need to identify costly financial habits and understand how to avoid making the usual mistakes. These habits include not having an expenditure budget, impulsive spending, overexposure to debts, to mention but a few. It might take a lot of practice and experience to develop good financial habits, but the benefits of being responsible with your spending are well worth any effort it takes.

When you have your finances under control, living becomes a lot more manageable because you will be able to keep yourself and your family debt-free, maintain the lifestyle you want and achieve the financial security to guarantee a cushion in a sudden economic situation.

Read Also:  This is a list of 7 African billionaires whose net worth dropped in 2018

The question now is, how do you make this happen? You could put a few things in place to help you achieve a healthy financial life, consistently and they include the following:

Live within your means: This is the foundation of all good financial habits, and it is not a difficult one to adopt. Do not borrow to purchase liabilities – if you must borrow to make that simple buy, it is perhaps outside your affordability threshold and probably do not need it. Avoid schemes that end up stretching your paycheck and always stick to your limit. If you do this religiously, you will experience a dramatic change in your finances.

Track your spending: If you do not have a budget, you probably do not have even a remote idea of where your money is going. If you are looking to adopt a healthy financial habit, you must know that budgeting is essential. It is the only way you can track your expenditures to proactively identify the areas of excess and map out solutions, accordingly.

Start saving: An established savings habit will protect you in the event of a financial emergency, help you pay for large purchases, reduce your financial burden, and provide you with a good sense of financial freedom. Whatever your reason for saving- for a specific goal, emergency fund, retirement, education, property purchase, you need to have a reliable and efficient means of doing it. A good example is the Leadway Savings Plan. A plan designed to meet rewarding savings needs, underpinned by a life protection clause that assures a lump sum benefit in the event of the policy holder’s demise from contracting a covered illness or an accident, during the policy term. It is a perfect plan to adopt this year to scale your financial habits.

Read Also:  What is your monthly cash flow?

Get help: If these seem too much for you to execute all by yourself, you can always seek the help of financial experts, that will put you through, and help you in your journey to developing healthier and productive financial habits. Leadway Assurance Company is one, with five decades of experience in financial literacy advocacy. They are the ideal financial partner to journey with, this year.

So, to get started, call their professional advisors now for further information via the virtual communication channels – 012800700, Social Media handles @LeadwayAssurance on Facebook & Instagram and @Leadwayinsure on Twitter or send an email to Lcs@leadway.com. You can also request a call back from our experienced advisors by visiting www.leadway.com/call-me

Punch

Leave a Reply

Your email address will not be published. Required fields are marked *

CAPTCHA ImageChange Image