Bebe Akinboade
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6 MONEY LESSONS YOU SHOULD KNOW

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Learning how to handle
money is the first step to achieving financial freedom and getting that
priceless feeling of being in control of your money. Jumia Travel, the leading
online travel agency, shares 6 money lessons you should know.

LEARN HOW TO THINK ABOUT MONEY
Yes there is in fact a way to think about
money. You must always have a plan for your money. Many people are either
intimidated by money or are just plain afraid of it. You should try to
understand your emotions and preconceived feelings about money. Think about how
you feel about money; think about your ability to earn it. Think about ways to
save your money and how to manage it wisely. Think positively and proactively
about your money, this enhances your feeling of control over your money.
LEARN HOW TO ACT ON YOUR THOUGHTS
ABOUT MONEY
It’s not enough to just envision the great
things you intend to do with your money, you should learn to act on it and
execute it. It’s not enough to just think about money or plan with it; you need
to take action on it. Set goals for yourself and take guided action on it to
achieve the desired results. Don’t be reckless with the execution of your
‘money plans’. Be wise, careful and meticulous. If you’re doubtful of how
effective this is, give it a shot and see.
LEARN HOW TO TALK ABOUT MONEY
Money is such a sensitive topic in a wide
range of settings; therefore you must learn how to talk about money to gain
better control of your money and finances. You can’t run away from it, it
simply must be done. Learning to regularly discuss about money helps ease
things out and makes money matters become less of a taboo or a hot topic. There
is an acronym called HALT, which you should consider during or when initiating
financial conversations. Don’t have a money conversation with someone who is
Hungry, Angry, Lonely or Tired. Every other time outside these four are fine;
common sense will guide you through the rest.
LEARN TO LIVE WITHIN YOUR MEANS
This speaks for itself. There is nothing more
to be said on this point again. Live within your means. The key to financial
success is learning to modify yourself to live either slightly or even below
your means, never above. There are a lot of ways to live comfortably without
spending every penny, but this fact eludes so many. You should look at your
budget and spending habits as a kind of “project that needs monitoring and
occasional adjustments” and be disciplined about it. Keep tabs on your spending
and learn to hold yourself accountable, before someone else does in an
extremely embarrassing way.
LEARN HOW TO BUDGET BETTER AND
PRIORTIZE YOUR SPENDING
People wrongly equate budgeting with some form
of self-sacrifice; however budgeting is simply being responsible with your
money. It’s taking care of your money to be sure it’s in the best possible
shape, just like you do with your body and health. Money is too important to be
reckless with it, so you need to learn to budget and learn to budget well. Have
a reasonable budget that responsibly (the key word is responsibly) caters to
your necessary needs, and prioritize your expenses to help you spend wisely.
Let your budget and goals match your spending priorities, this way you get to
have better control over your money.
LEARN TO SAVE
Don’t just save for the sake of saving, save
because you understand what saving is doing for you and your future financial
goals. Also, be sure to never forgo your ‘rainy-day fund’ or ‘emergency
savings’, because whether you like it or not there will always be a rainy day.
Some banks can help with this, as they have flexible and reasonable saving
schemes to prepare for these times. Also, insurance is another good way to save
for rainy days or emergencies. Don’t think insurance and insurance companies
are useless. That could very likely be a mistake on your part.

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