A Good Maintenance Habit Saves You Money, A Poor Maintenance Culture Costs You More

Unless you are not Nigerian, it is common knowledge that we have a poor attitude to maintenance. In fact, some believe that Africans generally suffer from this bight in attitude. And this a major reason why many are poor in life.

Nigeria (and Nigerians) lose money annually due to a lack of good maintenance of systems and processes, and a general apathy to conserving resources and recycling.

When you neglect to change the oil in your engine promptly; when you refuse to polish your shoes; when you wash your expensive clothes with any kind of detergent; when refuse to read when you should even though you have paid the exam fees, when you do all these and more, you are preparing to spend more money than you ought to.

Credicoins Network Ltd Financial Education Articles

This blog has really suffered because of the offline work I am doing for the new company Credicoins Network Ltd. My budget is in millions of dollars (billions of Naira) as I am targeting the whole continent, so you know I have to be on top of my game, research-wise, as I don’t want to lose or waste investors’ money. I also don’t want this dream to fail.

Below are a few samples of the personal financial articles our network marketers (to be called PF Coaches) will be using to sell a savings culture. They are all topics I have covered fully in the last 5 months on this blog. At the outset, we'll print them into foldable leaflets, and translate them into the four major Nigerian languages- Pidgin, Yoruba, Igbo and Hausa.

The graphics artist and our cartoonist will be working together to bringing them to life with ample pictures/cartoons. And you know Nigerians don’t like to read long articles, so I have kept them short unlike my blog posts.

Hopefully, they are concise enough to drive home our simple message, and help us effectively get probably just one African living under $2 daily to SAVE REGULARLY BY PAYING HIM/HERSELF HOURLY for life- taking him/her and the family from poverty to wealth.

I must confess that the book ‘Poor Economics’ has really, truly enlightened me more about poverty, and broadened my horizon with its true-life stories, researches and facts. I wholeheartedly recommend it.

2 Videos -On Saving, and Investing -That Have Inspired Me (And Countless Others) Recently

Hello, I want to share with you two videos I came across recently that inspired me greatly.

The first is of a washer woman who shook the whole of America in 1995 when she gave most of her life savings of $250,000 out to charity (-many of you might have heard of her. It was she who inspired Ted Turner to give the $1 billion that became UN foundation).

YOU MUST SAVE…BECAUSE IF YOU DON’T, YOU ARE POOR!

Credit: wealthmoney.org

Note that I didn’t say ‘…You will be poor’, I said, YOU ARE POOR! And I hope your savings zeal and habit is not as beaten up as this bandaged piggy bank. lol.

Listen, if you cannot save at least 10% of your earnings consistently, monthly and over a long period of time, you are poor! It does not matter whether you earn N250,000 monthly or N10 million monthly. You might wear expensive jewelry, and go on regular vacations abroad, or even drive the latest model of Mercedes…it doesn't matter, you are still poor!

Do You Also Become Financially Stupid When You Have A Lot Of Money...

...and do not regain your financially senses until you have spent it all, or lost it, or even run into debt?

That used to describe my mentality to cash; I hope it does not describe yours presently.

Saving, and Having A Savings Account Will Never Be Old Fashioned

Credit: creditreport.com

Savings as a personal finance principle of wealth and survival is as old as the earth and it is practiced not only by humans, but also animals.

Ants save food during the summer for winter, sometimes carrying food many times its size. So also Squirrels, Chipmunks and Mice.

Even the trees use their trunks to save water for drought. Desert plants have adapted to not lose so much water, and save more because of the drought.

Human beings have been saving food, cowries, and other resources since the stone age. And for you to be financially independent even today, you have to be a saver. You can check out my other articles on how to be rich from saving regularly, and improving your savings habit.

No matter how much you make,if you have not convinced yourself on developing a regular savings habit, you will keep making excuses about it and not pay yourself regularly.

Countries save. Companies save. Governmental organisations save.  Those who don't remain in debt. Yes, any entity that ignores this timeless principle of wealth cannot break this law, unless it breaks himself against the law.

You may have debt, but it isn't an excuse not to save. You may not have a regular job yet (like me), it isn't an excuse not to put something aside. Just save something. You may have investments, it isn't an excuse not to save.

You can open a savings account, or join a credit and thrift club or society. Just do something positively towards achieving and maintaining a savings habit.

I want to encourage you to find a reason to save- don't just say you want to save, find a purpose or goal to attach your savings plan to. You can save for a personal project, or for your own house, or for your children's college or university tuition. Find a vision or goal bigger than you and use it as a motivating factor to pay yourself regularly.

Quit making excuses. Start today. Put something aside, not necessarily for a rainy day...but for a worthwhile goal, and you will achieve it.

Show Love, Not Cash; 7 Romantic Ideas To Show Love In A Relationship And Not Be In 'Debt' (As A Result)

It is common knowledge that when a person is in love, it is hard to hide. There is  this glow that radiates around a person in love. When you are in love, you just seem happy always and life seems so good and perfect. lol

If you have not experienced that emotion, I feel so sorry for you. But not to worry, find a cute pet, maybe a dog or a cat and shower your love on it. It will bring you a little close to having and experiencing the emotion.  (I'm very serious oh! lol)

In my article on why your finances are more important to your relationship than sex, I showed that statistically, your relationship or marriage is likely to break up due to poor financial management than due to sex. So it follows that apart from discussing your financial goals together, and planning your financial future together, couples should find, from time to time, ways to save more and spend less.

I want to share with you some 'priceless' tips to show your lover that you are in love with them and truly care, and not spend too much in the process.

101 Ways To Spend Less In Nigeria (final)

TRAVELLING

100. Book online way ahead of the time you will travel, instead of going to book on that day at the airport. It is cheaper to book your flight days before your due date, especially if you are not using a travel agent and you already know the day you are going. Booking one day earlier might save you N10, 000 or more.

101. Be vigilant when giving your passport to the immigration personnel at the airport: I read somewhere that unsuspecting travelers leaving a country could have a vital page torn from their passports by the immigration official while they are not looking,

101 Ways To Spend Less In Nigeria (85-99)

BANKING, INVESTING

85. If you are opening a domiciliary account, attach it to a savings account: Opening your Dorm account with a savings account will help you avoid the cost associated with operating a current account.

86. Use a savings account for your business deals instead of a current account: while you can only operate a salary account and a company account with a checking/current account, if you need another account for other businesses, use a savings account for the interest that will accrue. These days many people use internet banking to transfer fund instead of their check books. Also, ask your bank for a higher savings deposit/fixed deposit interest rate, you never can tell what they will give you because you ask and are willing to negotiate.

How To Give To Charity Without Spending Cash

Today I will share with you some tips on donating to charity without spending money, or spending so little.

It can be through giving your time, efforts, or your clicks on a website, but it is sure gratifying to know that you can give without spending cash.

Ø  Give your time/volunteer your services for a favorite charity instead of donating money.

Courtesy: Charitychoice.co.uk

Ø  Donate some of what you produce in your company to charity. Instead of donating profits, you could give to charity some of the shoes you produce, or some of the eggs from your farm, etc.

101 Ways To Spend Less Cash In Nigeria (69-84)

PARENTING

69.  Use old fashion washable cloth nappies instead of disposable diapers: I know it is more time consuming and dirty to be washing nappies, but if our mums didn’t die changing our cotton nappies, then we can save more by going their way too.

70.  Buy your children’s school materials long before school resumes: shopping for the school season should be done ahead of the season to beat demand, and save you some bucks. Also do most of their Christmas shopping ahead, leaving only few items till the holiday season proper.

101 Ways To Spend Less Cash In Nigeria (47-68)

HOUSE,FOOD, PETS AND REAL ESTATE

47.  Build your own house: In every single part of the world, it is common knowledge that it is cheaper to live in your own house than pay rent monthly. It is even better here in Nigeria where taxes aren’t as high as in developed countries.

How I get to use 12gb data for N4, 000 per month on my android and PC.

On DAY 16, I remember saying I will let you know what methods I use in browsing cheaply once i find a cheaper alternative to browsing that will cost me less than N10, 000.

So here it is, I fulfill my promise:

DAY 29: Pay Yourself As If You Are In Debt…To YOU!

So how serious should you take this issue of paying yourself since it is the singular most important personal finance act that will guarantee you become rich and comfortable in life?

 Take it as if you are indebted to someone and that person is your future you!

Yes, pay yourself today as if your future depends on it, because it does.

How much should you pay yourself?

101 Ways To Spend Less Cash In Nigeria (Contd)

32. Buy from the brand shop, if you can find one in your locality: I have a friend who loves Samsung. He only buys directly from a Samsung shop (not dealer oh!) around him. The advantage is that he maximizes the warranty. When Note 3 came out, he simply swapped his used Galaxy S4 for it, only paying a little more.

33. You don’t have to buy the accessories or add-ons simply because they are cheap or look cool: Buying computer gadgets and cars Brand New will expose you to some smart marketers of accessories who will want to make fast bucks off you. This happens particularly in Computer Village, or anywhere else. It also happens online, say when you pay for a hosting package. As a rule, ask someone who already uses it or an expert before going to buy at all. Asking the seller right there in his shop if you need something he is selling is tantamount to asking a girl inside a chocolate and cake shop if she is hungry and needs anything? Though some will be honest to tell you whether or not you really need the accessories, don’t expose yourself to temptation.

34.  Less is more: the wisdom with gadgets is the paradox you just read. When you have less gadgets, you have less repairs, less maintenance, and less worry that it can get lost or stolen. Not buying ‘too expensive’ will also save you some money and worries. Always find the one gadget that can do EXACTLY what you want, not less, and not necessarily more.

101 Ways To Spend Less Cash In Nigeria (2)

16.       Plan your shopping trips. Why go to the market twice a week when once will do, or four times a month when you can go just twice? This will save you time and money on transportation and the stress.

17.       Buy clothes that don’t need dry cleaning. Avoiding expensive clothes, suits, and other clothes made from materials that are best dry cleaned will help your budget. You can also stock your wardrobe with wash-and-wear clothes that don’t require ironing.

DAY 26: Go On A Cash Diet- How To Go 3 Days Without Spending Cash At All

Today's tip is a little difficult to implement. It is a unique and challenging method of saving more and spending less. 

I call it going on a “spending fast”. It is a personally coined word meaning that you go for days without spending cash. Don’t see this as a joke, instead see it as a personal challenge and fun game, and I can assure you it will inspire creativity in you, and help you achieve something you never thought was possible.

101 Ways To Spend Less Cash In Nigeria (1)

This is a very long article which I will eventually make into an ebook. In the mean time, I have divided it into smaller bits so I will post 10-15 of the methods per article, so I don’t bore you or overload you with too much at once.

Some of these tips will apply to the very rich or upper class, and not to middle or lower income classes, some will apply to an entrepreneur and not to a salary earner. Some will be applicable in some states, and not in others, while some will be applicable during Christmas, for example, and not in June. The whole idea is for you to get the concept behind them and apply them with wisdom.

DAY 22: Learn To Say NO! -Curbing impulsive spending

From the dictionary of vocabulary.com, if someone is impulsive, it means that they act on instinct, without thinking decisions through. If you worked for an entire year to save money for a car and then suddenly decided to spend it all on an outfit instead, that would be an impulsive purchase.

DAY 18:Set Aside Part Of Your Savings As An Emergency Fund

 Like the name suggests, it is a special savings account set aside for emergencies. In other words, your emergency fund is money you set aside for the sole purpose of having a cushion for soft landing should an emergency come up,and it should be easily accessible/convertible to cash if and when needed. Emergencies include a job loss, a medical emergency, a natural disaster or catastrophe, or some other major expense.

J.D Roth of getrichslowly.org says, 'It may feel like you can’t afford to have one, but the truth is you can’t afford not to have one.'