• Sunday, July 21, 2024
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BusinessDay

Getting ahead financially in the New Year

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The New Year is here again and it’s another time for planning, resolutions and decisions that touch our finances.

It is indeed a new year of new plans and many people would be of the opinion that it is a fresh start and there is no need to reflect last financial year in the new year.

Whether consciously or unconsciously the last financial year have a role to play in the current financial year. Here you consider your financial worth at the end of last here and your financial worth at the beginning of the year. What do you have at hand as the year begins?

Some people may reason that for them the their financial start for the new year is not worth it because the previous financial year was not favourable to them. Well all hope is not lost, that unfavourable financial situation of the previous year can provide you with a wealth of experience to map out plans to be financially better in the new year.

You begin your financial plans with what you have for the new year, mapping out how you intend to spend, invest, save and earn more considering the prevailing situations of dwindling crude oil price and its effects on the economy, the current exchange rate and the forth coming elections.

With these situations, prices of goods in the market have increased relatively and it is pertinent that you spend judiciously applying the scale of preference to put your needs and priority in place so as not to be in a financial tight rope.

This period can also be a time of taking difficult decisions on investing and this can throw one into the dilemma of deciding whether to save or invest.

The fear of losing your money in an investment may grip you and you may decide to hold back by keeping your money in savings which may lose its value as a result of the recent inflation in the market and devaluation of the Naira.

What do you do in this situation you may ask. Getting ahead financially is a risk that is worth taking. You can invest some of your money in a business you are knowledgeable in and save some as well in order not to be the loser of all.

Do all you can to earn more by improving your services and seeking opportunities, recognising opportunities and making proper use of opportunities to make more wealth.

Hope Ikwe