Finance

How To Avoid Financial Embarrassment In 2019

How To Avoid Financial Embarrassment In 2019-dailyfamily.ng

How To Avoid Financial Embarrassment In 2019

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*Introduction*
Monthly salary might not really get you to your dream Land on time, hence, seeking money outside your normal income might help you to achieve your financial dreams. In seeking loans or repayable grants, you must borrow within your financial capacity to avoid unexpected embarrassment.

*Meaning of Financial Embarrassment*
This is a situation where your debts are far more than your income. Simply stated, your income can’t pay-off the debt at a stipulated or agreed time. In other words, It could be said to be a situation whereby one’s total income is used to settle a debt leaving nothing to be spent for daily needs.

Taking loan is good in other to meet our needs (majorly capital project like, purchase of car, building of house, payment of school fees e.t.c) and for starting up or expanding your business. But you should be mindful to borrow within your financial capacity. You shouldn’t obtain loan to get ourselves into financial mess and stress, and become financially embarrassed.

*Causes of Financial Embarrassment*
• Family Pressure
• Social Pressure
• Extravagant Life-Style
• Lack of Financial Plan
• Being over anxious for financial breakthrough

*Effects or Result of Financial Embarrassment*
• Mental Stress
• Illness
• Untimely Death
• Loss of Integrity
• A burden to other People
• Might not be trusted as regards financial issues
• Might not be entrusted with position of authority

*Ways To Avoid Being Financially Embarrassed*
• Spend Wisely (Avoid Extravagant Life-Style)
• Always Scale-Preference / priortize your needs
• Cultivate a healthy savings habit/ culture
• Avoid borrowing money from different people
• Reduce your social activities or involvement
• Avoid buying expensive Aso-Ebi
• Be contented

*Conclusion*
If you have to borrow as salary earner, make sure you borrow within your financial limit/ capacity; so that when servicing your loan, there should be a reasonable amount left (Net Pay) to meet your daily needs to avoid begging and stealing at workplace or other available means.

If you have to borrow for business, don’t borrow from the bank if the return from the business won’t be greater than the interest rate.

Welcome to 2019, your year financial freedom

Written by: Akinola O. Olanrewaju
B.sc(Econs), M.Sc, AAT, ACCA (in view)

 

 

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