Future Females

Tips for managing your money better in 2020

Money, money, money!

Money is a necessity of life; everyone wants and needs money to survive. We thirst for more money, even when we have some,  because no one can ever have enough money. I mean, this is money we’re talking about here. This is why the richest man in the world has not stopped trying to make money. Every year, Forbes releases the list of the richest people in the world and the value of the net worth of these people increases too. Take a look at the analysis below of the first and second richest men in the world.

Jeff Bezos – $131 Billion
Bill Gates – $96.5 Billion

Jeff Bezos – $112 Billion
Bill Gates  – $90 Billion

I’ve always been a saver yet I have always believed I can still save more and spend less. When my salary was as low as N 60,000 (USD 166) per month, I still managed to save for travel to the UK and my savings covered my flight ticket, transportation and shopping expenses. Over the years, I’ve come to the conclusion that as my income increased, I have spent more. I can’t even talk about how much I spend last year. In Diddy’s words, “more money, more problems.”

You must gain control of your money or the lack of it will forever control you.
– Dave Ramsey

This year, I’m turning things up a notch to ensure I have more money saved by the end of the year. So I’m following some of my old rules and I added a few new ones below that you can adopt too;


If you aren’t honest, your plan to manage your finances can’t work. Honesty here refers to being realistic about your spending and saving capabilities. For instance, if you earn N 100,000 (USD 276) a month and you know within your heart that you can only save N 30,000 ($ 83) per month after taking account of all your necessities for the month but instead you set a goal to save N70,000 ($ 193) per month. We both know by the end of month two, you may have saved less than N60,000 ($ 166) that you could have if you were realistic from the onset.


It can be easier and also fun if there’s someone in your life that calls you to order when you’re overspending or derailing. Usually, couples do this for each other but if you’re single, you can choose a friend or relative that’s good with their finances.


Instead of buying anything and everything that comes your way, try to buy according to your needs within your budget. We’re human and we may never be able to stop buying things we don’t necessarily need, but if we have a spending budget, we can cut our coats according to our sizes.


Regardless of anything you need to buy, groceries, clothes, furniture, etc., you can plan your shopping ahead by making a list. This list serves as your guide when you eventually go shopping so you already have an idea of how much you would be spending and exactly what you need and don’t need.


If you intend to go on a holiday or two this year, start planning towards it now. You can create a budget of how much you will spend on this holiday and save it separately from your overall savings. This helps you know if you can afford to go on a holiday or not and it also ensures that you don’t go broke simply because you went on holiday.


Investments are great, they are a good way of making money. A low-risk investment is a type of investment in which chances of losing money are low. Some low-risk investments you can try include; mutual funds, fixed deposits, treasury bills, investment apps e.g. cowrywise. This year, invest in a type of low-risk investment, you won’t regret it.


A lot of people are fond of spending their salary before it is paid. When the salary eventually comes, they are left with no money and have to do the same thing again the following month. Instead of doing this, wait for the money to be yours before you start making plans on how to spend it.


This is essential to check how you’re doing. If you don’t monitor your performance, you may as well do as you like. At the end of each month, check how you performed and use this as a guide for the following month.


This is as important as every other tip above. Since nobody knows what may happen tomorrow we have to prepare for it. To build up an emergency fund, you will need to save some money for this monthly. When you reach the desired amount, move the money to an inaccessible account.

I hope these tips help you in managing your finances better this year. If you have other helpful tips, please share them with us below.

This article was originally published on Mariam’s World , click here to view. 

Share this post