4 MONEY MOVES NOBODY’S TALKING ABOUT
You survived January to May, you survived the fuel price increase, school fees, rent, bills etc. It is now the second half of the year.
The question is not whether you made it to the second half of the year feeling financially safe, the question is “what are you going to do with the time you have left to remain financially safe?” Here are 4 important things to consider:
You are probably paying for two to four streaming or music services, using one regularly, tolerating another occasionally, and completely forgetting the rest exist until your bank alert reminds you. Don’t get caught off guard this second half, cancel that unnecessary subscription today!
Unlike subscriptions, this is something more insidious. It is the money quietly leaving your account in amounts small enough to ignore. Maintenance charges from banks you rarely use, the urgent 2k you constantly send to people, airtime and data top-ups. If you are clueless about this spending, print or screenshot your last three months of bank statements and highlight every recurring charge or expense below N10,000. If they are not important, it is time to cut them off.
Sometimes, the goal is not to reduce your expenses but to increase your earnings. The second half of the year is prime negotiation season. Budget cycles are being planned for the following year, performance reviews are approaching. Most people wait to be noticed, rewarded, or told they’re doing well. That is not a money strategy. The move is to initiate the conversation yourself, state the specifics: what you’ve delivered, what the market rate is, and what you’re asking for. If you’re a freelancer, raise your rates before Q4, new clients in the new year will meet your higher number without question.
While it is good to save, the current inflation rates make it a risky venture. You are technically, losing money every day your money sits idle. The second half of the year is the right time to finally move that idle cash into a treasury bill, fixed deposit with a competitive rate, or a dollar-denominated instrument.
If you are unsure of which investment to channel your funds into, Keystone Bank offers a wide range of financial solutions you can leverage. One of these solutions is the High Interest Savings Account (HISA), which allows you earn attractive interest on your savings. Simply walk into any nearest Keystone Bank branch to speak with our team, discover the financial solution that works best for you, and get started.
Now is the best time to act if you want to remain financially safe in the second half of the year. Good luck, champ!