Everyone including me in one way have been in debt or in debt currently no matter how small or big the amount is. Becoming aware of the type of debt that exist and the one you are in is very important. You need to know your financial situation if it’s awful if it needs the support of an expert or you can manage and deal the debt yourself.
When you analyze your monthly expenses, you realize how much you have accumulated through debt. After doing this analysis, that’s when you know the next step to take and how to go about it and what to do.
If the debt is well-managed and settled on time may be of positive effect on finance but if not well-managed becomes financial woes for you.

You also need to know the kind of debt you acquired. Is it the one that grows in value with time and becomes an ASSET or the one that turns out to drain you and add no value to you and becomes LIABILITY. Debt is not bad as its described, it’s how its managed and settled that really matters.

There are two types of debt:

                                                                GOOD DEBT

Good debt is described as anything that becomes of great value on the long run. it’s an investment with long time value it’s like buying stocks, bond and mutual fund now. It becomes a great asset that becomes invaluable. Also, it’s like borrowing money in the bank to start a business and starts paying it back from revenue generated from the business.
The interest rate is always low because of its value with time. It remains one of the best way to invest in an asset that can generate constant cash flow for you. No matter how good it is as debt, it’s risk is the inability to repay which leads to financial struggle. Good debt, if well-handled will not impact your finance negatively but helps your financial future. If you have good debt you will look for the most appropriate charges that carries lesser penalties.


                                                          KINDS OF GOOD DEBT


When you borrow to start a business, it is termed a good debt in the sense that the business ought to grow and expand with time to generate more money to pay-off the debt. with good business plan and strategy, the business ought to generate more than the loan on the long run. It’s about using money to make money and create more money.


Collecting loan for education is not too bad because with time, you will surely get a job that will pay you well in your life time. You will generate more in your life time than the loan you collected.


When you collect debt to build a house and its structured to make more money for you on the long run. you put it on rent to generate more money for you to start paying off your debt.

(4) CAR

If you earn a living, an affordable car with a repayment plan is not too bad. With you, putting in place plan for the expenses too. Most times, using the car to generate little income on your way from work by carrying passengers can help offset little expenses too.




Bad debt is anything that losses value with time accumulating expenses. These can also be assets that drops in value and leads you to borrowing to pay for the debt. Most times, it occurs when people make frivolous buying with no strategy to payback leading to more losses.



Using credit card do accumulate bad debt for you over time. It’s easier to accumulate debt with credit card because it is faster to acquire more debt with it. using the credit card increases your interest rate. Credit card is undoubtedly a bad debt and millions of people are also caught up in this.


Living too much luxury life can lead to debt. These are more of WANTS than NEEDS. You want them but on the long run do not need them. When you accumulate the debt, you struggle to payback.
Having no plans for your vacation, buying exquisite clothes, jewelries you don’t need because you need to show off are bad. You need a simple plan to help deal with this by saving for it than accumulating it aimlessly with no plan.


This same car can be bad if the car you are acquiring is a luxury to fund your flashy lifestyle and the cost to fix it if faulty is expensive. At some point, you leave the car at home and leave to work with a cab or bus because it’s cost more, leaving you in debt. This kind of luxury car loses its value with time.

(4) LOAN

You collect this loan to solve an issue and hope to sort it out at the end of the month. This kind of debt come with higher interest rate.


There are many more good and bad debt not mentioned but the ones listed above is common among every one of us. When borrowing now, you can distinguish between the kind of debt you are into and how to deal with them or manage them. Not knowing the difference between them influence your finance woefully. You need to know where you are and what to do and how to go about it.
It is best and safer not to go into what you know less about than go into it and get destabilized financial and struggling for a way out of it for a longer time.
Do not get scared of debt when you are into it, manage, resolve it and get the best out of it in a good manner by using it to invest and earn more in the future which is a better leverage for you.

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When the word “DEBT” surfaces or echoes in the ear, it introduces fear and anxiety to your heart or makes you uncomfortable. Some even panic, worrisome or become pensive and for others, their mind wanders off. Others even think their lender is around the corner, making their heart skip.
When in debt you move from paycheck to paycheck. You anticipate every salary coming and after budgeting, you realize nothing is left because of debt. Most times, you feel bad because you will be settling debt which makes you remorseful. Debt can cause serious emotional destabilization and it affects people differently. That’s why people handle debt differently. Knowing why you are in debt and how to control it is very important.
More debt is because of credit cards, flamboyant lifestyle, mortgage debt, household debt, business, and others. When you are in debt, you have issue overhauling your mindset and never think of your finance properly. You feel you are in debt forever and will never leave you.
Why are you in debt you ask yourself series of questions. How did you get into debt? How did debt become a part of your lifestyle? Do you know debt affects psychological and mental impact? Do you know when you are in debt your choices are restricted and actions limited? Do you know debt puts one in confusion? When in debt, there are chances that you can’t solve problem effectively well or even think well. All these questions and more are the great effect of debt on the debtor.

DEBT is an amount of money you incurred by the borrower from the lender to settle an outstanding issue.

                                                    7 IMPACTS OF DEBT
The following below are the negative impact of debt.


When you are in debt what comes to your mind is what is next? Will the debtor come to embarrass you? How do I pay off this debt? When will I pay it off? When will the debtor stop harassing me? You worry about the impact on your family and at work. A higher number of fear currently from people is financial fear of what is next and what might happen. Fear of debtor coming to deprive you of something valuable or cause shame or embarrassment to you.


When you are in debt, you are mad with people around you. You are mad with the lender sending you mails, calls, messages just to remind you of the deadline.
Most times, you transfer the anger to pairs at work, family or friends for no reasons even when the interest rate is higher makes you madder.


You feel stressed up, worrying if you will ever settle the debt. Having enough stress can make you get stressed if you are home jobless or a working class. Stress from debt can make you unhappy. When you are stressed financially, you lack sleep and focus.


When you are in debt, you are mentally down leading to depression. Every time you look at the amount, you get depressed, which affects your mood. When depressed, there is no hope and you experience low self-esteem.


When you are in debt, you are denied a lot of things which puts you off buying things you need, and the debt constantly remind you there is something to settle. Most times, it leads to depth in debt.


When you are in debt, you feel remorseful. You regret ever making the purchase that led to debt and regret not saving money and not planning for your finance.


I heard of cases where the person in debt could not harbor the shame and disgrace the debt caused him, he committed suicide. I read of few cases in the paper about a wealthy person in debt that died because of debt. He had high blood pressure, fell to the floor and passed away.



You are in debt because you never take time to consider your debt, know how much your debt is and how long it takes you to settle it. You can’t remember when you incurred the debt and how it accumulated all this while.

You are in debt because of the large house you live in and with huge monthly bills to pay and its eating deep into your finance and making life uncomfortable for you.

You are into debt because of student’s or housing loans and you have been struggling to pay off your loans and still struggling to get a job or salary not enough to start paying off your loans.

Because you can’t say NO to your loved ones, you find yourself in debt. You always buy everything for them. You don’t know when to say you can’t afford it for now that it should be later, and you can’t place a limit on your spending habit.

you are in debt because of frivolous spending which has developed into a habit and has eaten deep into you and killing you slowing and you are totally blind to it. In spending frivolously, you acquire debt, buy in debt and it stops you from saving or investing or starting your side hustle and thinking of your future financially. It’s good to reward one ‘self but should have precaution.

you also accumulate debt because of accumulated interest rates that grows with time and makes you financially uncomfortable.

you are in debt because you are competing with your pairs and want to live up to expectation and don’t want to be the odd one. What so ever your pairs acquire you must buy it just to be able to hang around them.

you are in debt because you don’t see a reason to save and when you are in debt, you have no emergency fund to fall back on. You live paycheck to paycheck because of too much expenses so you can’t save.

you are in debt because you are a gambler, in doing this, you have incurred innumerable losses you are struggling to pay off and you don’t know how to go about it.

You are in debt because your company decided to cut cost and they cut down on income which led to debt and you struggle to balance and manage the expenses incurred too. The salary is lesser, and the expenses incurred seems to be more.

You are in debt because you separated from your spouse and must pay him/her off in assets, cash and others which affected you financially and in every area of your life.

You are debt because you don’t manage your money well, no budgeting for your finance, no record of what goes out and comes in. you just mix everything together. You don’t understand how money works so you are not financially literate. You don’t what’s making you incurred the expenses and what you are really spending more money on.

(13) CARD
You are in debt because you don’t manage your card well. You need to cut the expenses you are accumulating with your card and ought to be dealt with or managed effectively but you use it uncontrollably anytime for pointless payment.

With these, you know what debt all about is, its impact on you and the reasons and many more are in debt. They might either be small or big reasons, but we pay no attention to them till it they cause disgrace and shame because it was not well- managed or handled. I also know there are many more reasons but these thirteen are very important and should be carefully investigated.

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Why do we really act this way? Why do we follow these patterns? What is the motives behind it? why do we lost consciousness when spending frivolously? Why do we act irrationally when spending frivolously? What is the reason behind frivolous spending without thinking? For sure, there are always reasons for every action but for every action there’s always an equal and opposite reaction.
Your irrational thinking determines your spending behavior and you buy things that has no place in your life.
What goes on in your mind? How do you control and refocus your mind from being aimlessly searching for what to buy, to focusing on spending wisely to yield better result? Spending wisely to plan and project for the future?


People gain a lot of pleasure from acquiring new products and they feel contented. The act of buying is an act of empowerment that may be felt all too rarely in other aspects of life.
People’s shopping habits are inherited by their parents and handed down to them to make them feel good about frivolous spending. Digging a little deeper will make you understand why you act that way. why your emotions can’t be controlled and what can be when you realize you exhibit this habit. In this unstable world now, people still spend frivolously just to justify the fact that they work and need to spend, others to show their class and a few purposeless reasons.

After searching through different product and you see the one you like, you feel if you don’t buy the product, you will never have the chance to have it. The believe that nothing last forever and you must enjoy yourself while it all last. That feeling of missing out now and in  the future, describes our innate concern to avoid feeling bad in the future. you   can’t control the emotion because you are emotionally attached to the product.

people from certain region spend frivolously because it’s a habit and the way they do things. They are addict to certain things which are either good or bad. Some region believes they must spend frivolously and not keep money for no reasons.

you spend frivolously trying to show off to your neighbor or competitor that they are inferior and you are not on the same pedestal. You acquire more expensive things at home that you don’t need just to show off that you are better.

What glitters can lead to frivolous spending, once the product has unique colour that captures your attention and has stick to your mind. You feel the product belongs to your life and its already part of you and you must acquire it. Your mind becomes unsettled even its to be in debt to acquire it and feel comfortable.

discounted prices most times lead to frivolous spending. When discounted with less than 5-10%, you will surely buy because the price is reasonable to you. With discounting, you are being told by sales and marketing ads that you can save more. We can buy more at a discounted price and store up ahead but no rational thinking on how much to spend on the discounted, you buy more than you plan and it affects you financially.

7.  RICH
when you make more money, you tend to spend more to meet up to your new standard of living. Making more money leads to frivolous spending and a lot of people get involves most of the times.



                                       9 WAYS TO STOP IMPULSIVE BUYING.

1.   A NEW RULE 
Make a new rule, you need to control all what you buy. When you have the desire to buy something, delay gratification and document it on a list. After a month has passed, you can buy the item. Many times, the urge to meet the needs can die off. This works if you follow your new rule.

You only get the desire for frivolous spending, if visit the malls more often. Control yourself by reducing drastically the number of times you visit malls or by not visiting the mall if you can’t control your emotions to stop frivolous spending. Don’t just walk around the mall window shopping for fun or else you get tempted to spend.

Reducing your visit to online sites also helps a lot because they make it look too easy to buy with discounted prices with promo items and before you know you get carried away and spend more or even become an addict. If you know you can’t control it, it’s better you stop visiting it before you start running into debt.

Before you leave the house, write down the list of the things you need to spend money on. Plan by budgeting or even save for what you want to buy to help control spending. Shop around for stores with the best prices and plan for more purchases. When you visit the store with the list and obtain your purchase and leave before you get tempted for unplanned necessities to the list.

Control your desire, if it’s tough managing your emotions. When you are angry control your emotions, don’t get pushed to frivolous spending. This helps you to become more conscious of your desire, which is what you are not mentally aware of. When you are not emotionally comfortable, you make irrational decision and it emotionally destabilize you. when we have the urge, anger, anxiety and nervousness sets in but by been aware of your reaction to your finance, we can subject the desire under control.

Before making any frivolous spending, ask yourself lots of reasonable questions. Is the purchase going to add value to your life? Does it help you meet one of your life goals or financial goal? Ask yourself more reasonable questions. These are useful questions to help you evaluate the value of your spending, and why are you really doing it. Be open and through to yourself.
When you do get the urge, calm it down and meditate on it if’s worth investing your hard-earned money on. Deep breath, stroll around, and meditate on it help control the desire and with time, the desire fades away.

Spend time to calculate the amount you spend a year on frivolous spending or the debt accumulated, you will surely see the impact on your finance and how you have spent more of your hard-earned money frivolously without a purpose. Also consider the time wasted too, if it’s worth the time and the effort and the resources spent on it.

If using your card is a problem, you either control or freeze it, if you can’t control yourself. Now, if you want to make a purchase, you can use cash to make it safe, easier and better for you.

It’s a small step process. It’s not easy but with steps you get there. If you know what you want in your life you will know you need a level of discipline. With your financial goals at hand, you will think of your short and long-term plans, if you keep your savings and investing goals in mind, you will surely think before making that purchase and how the purchase will affect your financial goals.

Understanding what motivates you to spend frivolously is important, if you really want to stop the habit. Now is the time to work on this habit that wants to destroy your hard-earned money and deprive you of your future financially. You will surely think twice or thrice before spending frivolous on anything. You also think of its impact for NOW and THEN. I hope this is reasonable enough to help you deal and curb your habits.



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When a person buys things without making decisions, this buying is triggered by emotions. This emotion controls the person’s money and gives the money direction. This kind of person buy things in an uncontrolled manner. There is a possibility that the person ends up purchasing products without any actual intent or critical thinking. His/her aim is to quench that desire to get that needed product.
After the frivolous spending, it dawns on the person that the taste for the product dies at the point or even days or weeks later, regretting why they acquire the product that adds no value to them. Some never regrets either, they look at it as collecting arts and they are happy to acquire more.
These irrational or unconscious thinking in buying impacts the person finance and these are one of the reasons people are in debt and live paycheck to paycheck lifestyle and they don’t really care of the future consequences because it’s a habit to always acquire the latest product. These buyers are more emotionally attached to what they buy.
People with these emotions are tapped into by sales and marketing people to capture them to buy more by exploring that weakness to generate more leads for the company. These emotions and feelings is always triggered by seeing well-design and promoted adverts on the product and services. These can be fliers, posters, billboard, television adverts, radio jingles and online ads that captures and magnets your attention which sticks and stay with the mind, becomes a desire and hunger, the person ends up acquiring it and feeling contented.
These unplanned decisions that led to unplanned purchase affects a financially struggling person or impacts even an already financially stable person that budgets his money. 80% to 90% of the time, these unplanned decisions are against the person’s conscious mind but the unconscious one that speaks louder and aggressive pushes the person to buying without rational thinking leaving the person in financial difficulties, feeling of guilt or disappointment, worries and others.
These unconscious buying can be grouped into different categories of product or services ranging from clothes, watches, shoes, mobile phones, jewelries, cars, electrical and electronic sets and many more.
That’s why more research is being released to exploit this traits or personality in people by introducing new products and services to the market that are innovative and creative, catching the attention of customers and making them hunger and taste for these products and services. For companies to meet up with this taste, they introduce products quarterly, bi-annually and yearly to quench this unending desire.
This unnecessary and uncalled-for trait is FRIVOLOUS SPENDING


This is buying things unplanned for in advance or impulsively. It is spending in an unconscious behavior in a pattern without planning.



                                          WHAT PROPELS FRIVOLOUS SPENDING?

Our lifestyle of consuming and ever-changing environment and world leads us to acquire things without thinking of the end thereof. Is buying things bad? No. but when it becomes uncontrolled or unruly that the taste for that product cannot be quenched, it becomes dangerous to handle. This uncontrolled hunger causes anger, unhappiness and nervousness but when controlled it leads to mental balance and stability in every area of one’s life.
There are lots of answers to why people spend frivolously and I guess I might not be able to list all but subjecting it under control helps you in rational decision-making.
People spend frivolously because they possess inherited trait of frivolous spending and they are never aware of it. These traits have become habits which impacts every area of their lives. As the income comes, it all goes out with no record of money spent and even a penny saved. These set of people are social, concerned about their image and likely party freaks too. These people love looking good and presentable and always stand out of the crowd and draw more attention.
The other reason of frivolous spending has to do with the difficulty of controlling their emotions and their  unquenchable taste for spending aggressively.
Thirdly, moody people, mood swing people or people with emotional crack in their relationship buys to make themselves happy and console themselves by spending frivolously.
Finally, these set of people spends frivolously because they want to show off that they are rich and classy. They tell stories of places they have never been or things they have never achieved. They can borrow things to show off just to catch people’s attention. These people are window shoppers or shopaholic and have many wishes that never become reality.
There are also people attached to a product and obsessed with it. These product or services creates a bond between the buyer and the product. Once new version of the product is released, these set of people rush to buy without unconscious thinking and this form a habit because of long time pattern. These people are attached to the product because of its creativity, vision and innovation.
There are people who buy because of competitor or pair. They compare themselves to their pairs and wants to live up to the standard of that friend of theirs by rushing to buy the product because they feel its attract respect and class.
Others enters a retailing place like a mall, once the image of the product sticks to their mind, they buy instant, others go to borrow to buy and others come back after earning their income to buy causing instability in their finance.


Knowing the cause of your frivolous buying can help cut down excessive spending and help live below your means to achieve financial freedom. These emotions can be triggered any time or any day it’s just your ability to subject yourself under control and put yourself together by thinking of things of value you will invest in that adds more value to you instead of buying that product.
By simply replying that voice speaking to you and quickly taking your eyes off the product or keeping the product back in the shelf from the spot you took it or not even touching it will go a long way to help you manage and handle frivolous buying NOW and THEN. You will be happy, complete, more fulfilled, money smart and more in control of your money than the money controlling you.

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Jonathan and his wife Jennifer had two kids (Katie and Paul). They are both working class couple. Jonathan in his early 40’s works with a telecommunication company as a sales manager and earns #150,000 per month, Jennifer in her late 30’s works as front desk officer, earns #70,000 per month. In two to three years’ time, the kids will be in secondary school.


70%—EXPENSES: #154,000

Jonathan and Jennifer decided to plan their finance using the 70/30(10/10/10) strategy. Children school fees, feeding, debt (rent apartment), transport, utility bills, rent, cable network, travelling, entertainment, business skills and others.
They put their finance together for the upkeep of the family. In putting their finance together for clarity and honesty sake, they added up their finance together #220,000.

SCHOOL FEES: ——— #60,000

Katie and Paul fees and all expenses is #60,000, every term (every three months). The school is one of the best and of standard around the vicinity. In changing the children’s school, they school fees reduced from #75,000 to #60,000.

FEEDING: —— #15,000

Jennifer prepares the meal and everyone carries food to their various destination to also help cut down eating outside and accumulating more expense.

DEBT (HOUSE RENT LOAN): ——- #10,000

They had to move out of their formal two bedrooms flat to another one (lesser in price) in a location a little closer to their place of work and It helps adjust their finance. They took loan from their bank to payback before the end of the year with interest rate. This amount is deducted from their income monthly.

RENT: —– #10,000

They decided to budget this amount for their rent so as not to get stressed for the house rent and avoid being in-debted for months before rallying around to pay.

UTILITY: —– #5,000

From electricity, cable network, water, security rounds up to this amount. It’s either higher or lower based on how the bills come in each month and must one way or the other balance his budgeting.


They budgeted for transportation because of price fluctuation and most times walk distance that’s trekkable to work.


They both registered for a class to help focus on side hustle to help the family income and make money for the family because the family needs will grow as the years pass and inflation will also affect things. They decided to focus on fishery business.


Jonathan decided to start a professional course. Project management to help plan for a career path and growth in his company. He needs to upgrade himself to get a pay raise and bonus to which will impact his financial goals positively.
Jennifer registered for her three- month course to help get a change of job for a better one. Her current job is totally unstable and might fold-up before the end of two years or less because of economic policy and atmosphere.


They had to create time for each other and for the family once in a month. To interact with each other and spend time together with the kids too, hang out occasionally with friends and family. They go shopping, if no outing that month, to upgrade their clothes and that of the kids. They visit many stores and look for the one with the best market price and the budget created for the shopping.

TRAVELLIING: ——-#7,000

They create time to travel to visit their parents once in 4-5 months to know about their well-being and work purposes might take Jonathan outside the state occasionally.

OTHERS: ——#10,000

This is for urgent expenses and emergency issues that ought to be tackled



Jonathan and his wife pay 10% percent of their salary to their place of worship monthly, they pay separately. They believe, it opened the door abundance and its gives them the opportunity to contribute to the growth and expansion of a great course, helping the needy and they have been really blessed.


When they receive alert form their income, they quickly automate to their joint personal savings account before they withdraw any amount or pay any fixed expenses. Their saving has really grow extremely well over the years. They also pay into their retirement savings and that’s taken care of by their employer.

10%— INVESTING—#22,000

The couple were approached by an investment firm that enlightened them on investing in mutual funds, T-bills, stocks, bonds and others. They decided to pick money market funds and have seen and monitor their investments on the company’s app. They saw the money grow and they feel happy and comfortable about it, they visit the firm occasionally and they are assigned to a financial planner who’s of great help to them and they plan on buying into other investment before the end of the year.

This was how the couple planned their finance and budgeted their money to achieve their financial freedom and for emergency cases too and cut their excesses in many ways and moved it into where it would be useful and helpful to ease the family financially.

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MATT works as a Consultant for a marketing firm and earns #70,000 monthly. He’s single and plans on getting married before the end of the year. He just moved into a room and parlor, a location where housing is affordable. He’s in his early thirties and wants to start planning for his future. He realized that he needs to start budgeting his money ahead to give him the chance to achieve his financial goal for the year. His company has been restructuring (cutting down staffs by reducing their excesses) which made him start planning for his future too. He decided to use 50-30-20 budgeting to manage his finance.

50%– EXPENSES—#35,000

In his monthly expenses, he planned for fixed expenses like rent, feeding, transportation, utility, debt (pay off the loan he collected to pay things into his apartment) and he pay into his younger sister account monthly for her upkeep in university. She’s the last born and only sister.
He decided to break down his expenses by allotting certain percentage to each of them to help manage them well.
For FIXED EXPENSES, he budgeted half of his salary: #35,000. These are his expenses:


Matt pays around #80,00 yearly for his rent, he budgeted this amount to help him settle his rent to avoid quarrel or insult from his landlord because of late payment. He decided to choose this way to manage his finance.

5%—– DEBT——#1,750

He decided to budget this for his 8 months to one year debt of around #35,000. The amount gets deducted from his account by the loan company monthly. Once he done settling his bill, he will surely reallocate it to support his rent, feeding or transportation.


Electricity, water, security and others which rounds up to this amount. It’s either higher or lower based on how the bills come in each month and must one way or the other balance his budgeting.


He bought all the needed food items, He eats at home and take food to work for his lunch. If time do not permit him to cook, he eats outside just occasionally in a restaurant with extremely affordable price or snacks and drinks which he budgeted certain percentage for. If there’s any excesses, he moves it to feeding to have more at home.


His distance to his work is not much. There are trekkable distance to help him manage his transportation budget. Most times, he joins tricycle, if he’s caught up in hold-up to avoid lateness to work but all inside the budget.

 3%——-HIS SISTER——-#1,050

He budgets this amount to his sister monthly in school to take care of herself and meet her needs in school. He can also increase the amount based on fluctuation in other expenses.



These includes hanging out with friends, gym memberships, data plan for mobile phone, cable network, movies, travelling, haircuts and acquiring a professional course for his skill to help him grow his career and learn a business to start small poultry business too.

                                             2.1%—DATA PLAN FOR HIS PHONE——#1,500

MATT spends this amount on data plan for his mobile phone monthly.


He spends this amount cutting his hair twice a month.

 14.3%—-PROFESSIONAL COURSE——-#10,000

He’s currently doing a consultancy programme to get upgraded in his place of work or look for job somewhere else with raise, the programme runs for the next six months which prepares him for the professional body examination.

4.3%—-BUSINESS SKILL ——–#3,000

He started his business course on poultry to start a side business later in the year. This training takes place in weekend and last for more than a month for more in-depth and practical knowledge of the business.

  3.6%——CABLE NETWORK —3.6%—-#2,500

He prefers watching movies at home than the cinemas and love selected stations, he decided to pick the one that’s the most affordable.


He loves hanging out with friends once or twice in a month to also have the time to meet new friends and network with people too.
Matt do not like travelling or gym membership. He prefers watching movies on TV. He also prefers strolling and trekking once he’s less busy.


Matt decided to start setting the entire 20% aside to saving and plan for his future for emergency, unplanned job loss, plan for his personal project in the future and other things. He pays himself first before touching his income by automating #14,000 to a saving account he opened.


With this, Matt could see excesses in his finance and redirect them somewhere and be more organized. If he’s done with paying up his debt, professional course and business skill he will redirect the money for his business plan, real estate, marriage to help him plan more ahead to become financially secured.
The amount and person is just a case study to help understand better how you can really budget your money in a way that makes you comfortable to help achieve your financial goals for the year.

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I want to thank DDblog ( nominating me for this award and I nominate


I want to thank Bajezen blog for nominating me for QUILL COMMANDER AWARD and I nominate the following:
-Bestylechic (
-john mulindi(
-Lorna Holowaychuk (quartz path)


There are ways to budget your money to achieve your financial goal for the year and years ahead. With these ways of budgeting, you can easily allocate your money into different group. With these, your saving, spending and investing are categorized and you can know where the excesses are going, how to control or put a stop to it. when you achieve the set budget, follow the budgeting system with a level of discipline, commitment and dedication prepares you to be financially free.
These are the four ways to budget your money and I use one of them to help me live a financially stable life.



These four ways of budgeting your money helps you to LIVE BELOW YOUR MEANS (past blog post) and manage your money well. With these budgeting style, managing your finance becomes flexible, it helps you break down your salary into necessary category. It’s not time consuming but easy to follow through and won’t be put aside. You can now deal with issue of spending too much on your WANTS than your NEEDS. With these list in place, you can manage your money well and be more financially responsible for tomorrow’s financial achievement.



This way of budgeting is the highly accepted and approved by financial planner, experts, money manager and so forth.


You need to know all the fixed expenses that falls into this group from rent, food, transportation cost, healthcare, insurance, utility bills. It also includes your payment plan to offset the debt sooner or later. These can be manage based on the expenses within your limit. With this percentage, you can manage your budget in a sound way so that it does not impact your standard of living.
In these category, your transport might be higher or lower because of distant to work and you will have to schedule more to maybe feeding or debt payment to plan and manage resources effectively and efficiently. Some expenses might be higher this month and the following month lower because of one circumstance or the other but you need to balance and round them up to 50% for efficiency.


This is meant for your needs to enhance healthy living. With these you differentiate between your needs and wants and know when to delay gratification to live a balanced life. These includes plan hanging out with friends, gym memberships, data plan for mobile phone, cable network, movies, travelling, haircuts or plaiting your hair. This is spending to its barest minimum for conduciveness. It can be used to invest in one’s self like your hobby. Maybe blogging, photography, writing, and so forth.
Your spending ought to be carefully watched or else you exceed your limit but if controlled, you achieve your aim of being financially convenience.


You need to pay yourself and invest by making your money work for you, by planning to become financially free. With saving, you plan for days ahead, retirement plan, unforeseeable events that can occur and how to resolve it without being financially stressed. With this, you have a shift in thinking about money and its value. Every amount you save now presently grow to give you that confidence in the future that you have achieved a level of freedom.


This is another kind of budgeting your money if you are not comfortable with the first one but what matters is the one that makes you financially less stressed.


This is still the usual fixed expenses and spending here but budgeting more because you need a lot more to deal with here. Which include children school fees, debt, utility bills, rent and others. The whole explanation is the same as the one above. In this place, you take time to break it down and budget certain percentage to expenses to help manage them well.


As explained earlier to always pay yourself and plan for more than enough for your unforeseen events and plan to be financially free.


You have worked hard for your money and after income it goes down because of the spending and inflation eats deep into your money. Now is the time to stop being enslaved to money and time to make your money work for you and feel like a boss. You can automate it with your bank or do it yourself by transferring into the investment of your choice that fits you and make you feel comfortable like stocks, bond, mutual funds, treasury bills.


With these, you develop the habit of giving. It’s a heart of generosity expressing gratitude, love and so forth. Giving attracts more into your life. It’s a source of giving hope to those in need and fighting poverty. You give to church, charity organization and others. It draws blessing, gives a heart of gratitude and prosperity to make you have more. Giving is a true reflection of one’s self, it’s that heart to give joyfully without worry and hopeful for greater things to come.



As usual committing this percentage to expenses for the month.


Paying yourself as usual by saving this percentage and paying or automating into an account.

As usual, making your money work for you as you work hard from 9-5 and you watch your money grow with value and beat inflation by investing in stocks, bond, mutual funds, treasury-bills and others.

Giving out to charity organization of your choice, church and others to help give the life of other’s a meaning. Its attracts and gives a mind of abundance and you will never lack financially.

With these rule, you are hard on yourself and very frugal and you cut down all your excesses and don’t spend anyhow and manage your expenses to the barest minimum and you delay gratification more to plan for your financial freedom. With these rule, you do a deep level of calculation before spending a penny and give specific reasons for spending money on that goods or services.


Cut down your expenses and debt and manage them effectively well. money discovered from excesses is either for any unplanned unforeseen events or to SAVE more.


Saving more to plan for your projects and financial future.

Splitting to buy up to two different investment to help manage market risk or market fluctuation and still be financially safe.

Giving to the needy, charity organizations or your religion to help the growth of the religion and making the lives of people better.

Being financially aware of your situation makes you allot these percentage to different amount. The challenges lots of people face is controlling their spending which eats deep into their finance and have no control over it but all you need is a level of discipline, commitment and focus. You can easily track your spending, control, manage and make your money work for you. If you are consistent with it, it helps to become financially free and enjoy life.

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Do we really need to budget our finance? Do we really need to plan our spending? Why do we need to do it? Why the planning and budgeting? Why can’t we enjoy frivolously, buying what we want and need? Why can’t we enjoy now and forget then? Why can’t we be entitled to the live style we want?
If you forget then and enjoy now and unforeseen events occur how do you manage it? Can some expenses be managed? Can the world economy be depended and relied on in years to come? Do you know that money not well managed will be accounted for in tough times or years to come? Is this not the right time to correct the financial errors you made years back to become financially free?
I once chatted with a friend who got married five years ago. He wished all the money he wasted enjoying frivolous lifestyle when he was single could be gotten back. He wished he planned and budgeted for his money. But now, he documents and keeps account of every penny used and where it went. Now, not a penny of his fall to the ground because responsibility surfaced. He accounts and document for every penny used. Once his salary comes in, the first thing he does is to budget his money. He never spends above his salary, saves and controls his spending.

What is budget? Why do we really need to budget?

BUDGET is planning your finance for future savings, spending, investing and listing out future income and expenses.
It is the money set aside to manage your planned expenses and project for the future.

The budget might be to have excess money for use in future time or to manage your expenses not be greater than your income. It helps to avoid being a failure in what you aim to achieve. It makes your plan goal- oriented, specific, smart and achievable. Budgeting is another financial map to guide you to your desired financial destination of being financially free.

Corporate body budget for their business to have a great year and manage expenses, salary payment, liabilities and others.

Government budget to plan for revenues and expenditures and projects to handle for the year.

Personal budget is a financial plan used to manage income towards expenses, savings, investing, debt and others. This is how we really plan our spending to become financially free. It helps to have enough money to do things you need to do or start that side project you need to invest in.



With budgeting, it limits your overspending and help you not to drown in debt. It helps to always delay gratification for the achievement of financial goals. It helps close those chapter of excessive spending which has developed into a bad habit. Its helps to rethink and helps focus on road to financial freedom.
Knowing where your excesses going, you can easily cut it down like eating outside or excessively, transport, bills and materials things. With this, it helps you cut it down or either manage it to help achieve financial freedom.

With budgeting, it helps you plan for that side project, helping you know how much to set aside for the project, the financial implication and how to achieve the goal.

It overcome any financial issues ahead and worry less about it and help to make adjustment to your finance before the problem expands or surfaces. with spending limits, it opens opportunities to see more money and know where to categorize it.

You become a better money manager and accounts well for any amount spent, you become accountable and held responsible if your money is well managed or not. It gives a pattern organized pattern for spending your money.

With budgeting, you will be able to create plans to settle and pay off your debts and live a debt free life and plan your finance well. It now gives you the chance to grow your savings, plan for investing a portion of your money to make your money work for you and know how to spend, control spending and have a future financial forecast to become financially free.

With budgeting, you will plan for retirement which is vital for wealth creating. You can create the retirement account if you don’t have, budget a portion of your income into the account monthly or the bank automate it for
future reasons, this budgeting for retirement needs great attention.

When your income comes in, you break it down to know how to budget and what you are budgeting for and why are you budgeting for it. Planning for your finance also show there’s a change of habit and want to know what’s wrong with your finance and where you are spending excessive and make the right financial decision.
Communicating plans for your finance with your family help project for family needs, educational plan for the family, vacation, buy the car and achieve a desired family goal.

Once you become financially aware of your situation and its structured by knowing what goes in and out, you will easily achieve your financial goals for the year you will easily create budget for all expenses from daily, weekly, monthly and yearly. Also, create budget for fun and entertainment and have a great year.

With budgeting, you plan for unforeseen events or expenses that can occur in any time of the year and manage them well without affecting your finance or even destabilizing you in any way.

With these valid points above, we now know why we budget and how invaluable it is to become financially free. With budgeting, your finance has a map guiding it to its desired location.

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If the financial plan is not well organized, the chances are high the others might be a little complicated and confusing and money is needed to execute other goals and a stepping stone to the next phase of your plan.
To manage your finance well this new year, you need to be financially awareness of your situation in the past years and your current situation. How good or bad the situation was? What really made your financial life look good or bad? Do your money control you or you controlled it? Where is your money really going? What’s really making you financially miserable? Do you know what’s going in or out? Do you create budget for it? Do frivolous buying leave you in financial woes? All these factors and others destroys you financially. you need to create your financial plan for the year.
If you have planned well for your money years back and have a better financial structure, you need to improve on it to make the years ahead better and comfortable. If you have not started at all, now is the time to start planning for the years ahead because of the unpredictability of job security, economic instability and other factors. These are not times when the government is as dependable as time past. Now is the time to step up and turn your finance around for good and prepare for a better financial future.



                         FINANCIAL REVIEW

You need to financially review yourself to know your stand. You need to think hard and meditate and answer these questions yourself to step up financially to be become free.

-Are you financially aware of your situation?
-Are you in debt?
-Is frivolous spending killing you slowly?
-Are you still in paycheck to paycheck life style?
-what’s your mindset about money?
-Are you saving?
-Do you save to invest?
-Any budgeting for your finance?
-Any plan for real estate or acquire your own property for the future?
-Any plan for retirement?
-Any plan to create more source of income for yourself?
– Any plan to build your career?

All these and others you need to sit yourself down and think deeply about and know where you are and what to do to break away from your financial woes. If you have answers to these questions and they are the right ones, you will surely breakthrough financially but if you don’t now is the time for the right answers to project ahead for the future is NOW.

-MULTIPLE SOURCE OF INCOME ( you really need to start a side hustle and money is needed)

All these needs to be in place this year to help you achieve your financial goals and to keep you in good shape in all ramifications. This year should mark the beginning of financial freedom for you and flee from a life of financial struggling. The years ahead is totally unpredictable and none of us can proudly foretell the future and how stable the global economy will be.
I will elaborate one by one on the listed points above so that you can understand better and really know what you are doing and how to go about it. I initially talked about two of them in my past blog post but I will shed a little light here.


Paying yourself in these interesting and changing times is one of the best thing you can do to yourself to be financially safe. I had a post on this topic before (WHAT YOU NEED TO DO TO BE A GOOD SAVER; WHY YOU REALLY NEED TO BE A GOOD SAVER) Paying yourself is your true value and gives a level of confidence and security. It’s not easy but it’s a level of discipline and sacrifice to make for the now and then. Times are changing so is the job. You need to pay yourself up to 10-30% of your salary every month and you can be a little strict by increasing the percentage to have a better and secured future. You need to have a saving plan. Create a special account or any dormant account you have or rarely make use of. As you get paid monthly, you automate it by transferring it to that account monthly or talk to the bank to do the automation for you once your salary is paid into your account. There are hundreds and more reasons to save. To secure the future, to become financially free, start your business and a few other things to do.
Now is the time to act and take action. Nothing is ever too late to do or start.
If you notice that you feel stressed with your saving plan and you are always short of cash, work on the percentage you are saving so that it’s simple, achievable and smart. You can have a yearly saving target at the end of the year like having saved a minimum of #50,000 to #150,000 or saved a maximum of #200,000- #900,000 at the end of the year after accumulating your monthly saving at the end of the year.
To know the exact amount to save just make use of this simple idea I once learned from a financial planner and a fund manager told me about to help you save comfortably without stress or worry.
SAVING (The real money to pay yourself monthly) = SALARY (Money earned at the end of the month)- EXPENSES (All expenses to be paid for the month)
For example; saving (#35,000) = salary (#100,000)- expenses (#75,000)


Paying yourself leads to financial security and always to first step to been rich. With these plan in place, act on them and it will lead to financial freedom.
These sums it all, with these you know how to start your financial goals for the year and take a bold step to secure the future.
You can share with me why you can’t really save and why you don’t have a financial goal to achieve.


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Welcome to an exciting new year. Another amazing and wonderful year with so much to offer. What have you in plan for the year?  This year ought to be better, greater than last year. What have you in plan to make this year better, pleasurable and yield greater result for you?
What goals or resolutions do you have for the year? If you have them in place, how do you plan on achieving them? Are they realistic? Are they feasible and achievable? Will it propel you to get them achieved? Or just a junk list to write and abandon in a month or two?
Time flies, if care is not taken you will realize that you are stagnant with no goals achieved or bucket list or resolutions to keep you motivated.
If you have the plan, that’s good but if you don’t, you need to have a simplified one to help you achieve your goals and make it visible, where you can look at it each morning and evening and be motivated to take steps and action to make it a reality.  If you need help anywhere, talk to the needed people and network for help to achieve your goals for the year.



Your plan ought to be your map for the year to help manage your time and  do the needful to help your personal growth too. This plan can be edited and adjusted by adding or removing later to make it smart and achievable and not ambiguous and unrealistic so as not to get stressed out. When you are stressed out, you will abandon it, throw it away, care-less about achieving the goals and see meaningless reasons not to evaluate or either review it.
After preparing your plan, you need to have more copies to work with. One on the wall in your room to stare at when going out and coming in to keep you inspired and evaluate what you have done so far. If you have it on the wall, there will be days when the plan will speak to you on the wall. When you stare hard at it, you will surely be motivated to lift yourself up again and carry on with where you have stopped. I also suggest you have one in your bag. It has been of help to me. When am less busy, I bring it out to review and evaluate it, think of smart ways to achieve one of your goals. It worked for me on two to three occasions to achieve one of my set goals. I wanted to buy into an investment, I thought of moving it over to the following year when am ready. I brought it out of my bag on my way home one evening and kept staring hard at it on what to do and how to go about it and ideas began to drop, I opened my phone memo and typed it there. When I got home, I elaborate and meditate on it and made the right calls. By the end of the second week, it became a goal achieved and I felt fulfilled.
To simplify the goals, I broke it down to seven parts:
With these seven listed above, it’s simplified and smart, you can work out how to go about them and make them a reality and have a great year. For every goal listed, there should be an actionable plan to achieve them. All you need is the commitment, focus and time to have to make the goals a reality.
In my next post, I will simplify one or two but elaborate more on financial and I trust the others are not tough and could be worked on personally.
You can share insight on how to make your new year plan achievable and if need be, I can also help in any way too to make it simplified.
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