In this economy, making smart money moves is pertinent to improve our financial capacity and wellbeing. Being financially independent is what we plan to achieve hence the reason why we work. Financial independence will not be possible if we don’t make smart financial decisions even if we work till daybreak. Here are smart money moves to make this week:

Eliminate bad spending habits

Having bad spending habits is one of the main reasons why you might not achieve that financial goal. A common example of a bad spending habit is impulsive buying, buying things you didn’t plan for, or buying stuff just because you want to. Eliminating this spending habit will enable you to save more for more important things.

Manage your debt

The first step is to create a plan or strategy on how you intend to manage your debts. Managing your debts involves being able to pay back outstanding debts and trying to avoid new ones. You can decide to start paying from the lowest to the highest or vice versa. The aim is to be able to settle each debt and create ways to avoid future debt.

Set achievable savings goals

Being realistic when setting a saving goal gives you one step ahead to achieving that goal. You know how much you can afford to set aside from your earnings when you want to save. It is important not to overdo it. For example, If I earn N50,000, deciding to set aside N10,000 is more realistic and reasonable than deciding to set aside N30,000. It might seem like a good idea, but it would be hard to keep up in the long run. You want to leave just enough money for your savings and just enough to cover your expenses.

Boost your emergency fund

Emergency funds are different from savings. It is a type of fund that is set aside for emergency purposes. Anything can happen at any time so, we need to be prepared. What makes us handle these situations properly is when we have an emergency fund to fall back on. It is pertinent to set aside funds for emergency issues so that we are not caught unprepared.

Eat-in than more than you eat out

We cannot deny that eating out is indeed expensive. Food vendors increase the price of food as the price of foodstuff increase daily. When you eat out, you don’t have a say in how much you want to pay or eat to minimize costs, but you can do that when you cook at home. Cooking and eating at home helps to save more costs. You decide how you want to eat or ration the meal to last longer besides home-cooked meals are the best, and you can always freestyle.


Apart from your savings, you should have something that brings in extra income even without working, which is investments. It is pertinent to grow your money, not by leaving it to lie around in a savings bank account, but by putting it to work to generate extra income by investing it. There are different types of investments you can invest in that would give you returns. See investment for beginners to know more.

In conclusion,

Financial independence and freedom are only possible when you make the right money moves. Everything begins with proper planning and having the discipline to stick to it.

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