How can I survive 2025 financially? I think I just heard you ask this question. There is no doubt that the rising demands to meet our day-to-day needs will always affect how we view our year.
There is this urge always to check what our financial overview looks like for the year and I bet you have done that for 2025! Yes, you are reading this!
Ask yourself, how do I navigate this year financially while trying to keep other aspects of my life in check? Below are a few tips outlined to keep you bouncing financially for the year.
The Live Saving Financial Tips
1. List Your Financial Goals For 2025
Whether you plan to buy a house or want to go on vacation this year, write it out. List out all financial goals for the year.
By doing this, you set up your mind to look for opportunities to help you achieve them.
Protip: Ensure your goals are realistic and achievable within this year. Buying a house in Banana Island on an N100,000 salary per month is not a good financial goal.
2. Learn About Finance
Despite having those lists, and you feel stuck, you can learn about finances.
Learn! Learn about money management, investments, savings, and other financial things. This is an important step because knowledge is key to securing your financial future.
Protip: Start by reading books on personal finance to build the right habits. Aside from reading, take personal finance courses.
3. Have Your Dream-Sized Budget Drawn
Now you know about finances, it is time to make that budget big! Don’t be scared to draw a budget that fits your goals. It is advisable to have a monthly personal or household budget.
However, it is a new you, and you need to have the big picture for your finances in 2025.
Draw up a budget that will include the major expenses for the year, savings targets, and financial education, among other things. Create a 2025 budget to hit your financial goals!
Protip: Use either the 50/30/20 budgeting method or the RICH budgeting method to allocate your finances.
4. Have A Savings Target
As interesting as it is to say “I want to be rich in 2025” the first question you need to ask yourself is “what is my saving target like?”.
If you do not have one, then you should put this into consideration. Do you want to save N500,000 or N1,000,000? How much can you save each week or month to reach your goal?
You can also have different savings targets, like a retirement plan or house rent, among other things.
Before you decide the amount, study your finances. Don’t have an unrealistic saving goal; N500 million might not be a good savings target unless you are Jeff Bezos.
Protip: Use the Ajo+ feature on the Jollof+ app for your savings targets. Don’t worry, Jollof+ is insured by NDIC and licensed by CBN, so your money is safe. You can save as little as N500 daily or monthly to meet the target. The app also manages your savings; you still earn 16.5% interest p.a.
5. Start Investing!
Your saving targets will guide you on how to invest and what to invest in considering issues like Ponzi schemes and internet scams.
Investment is a priority and an added advantage to your financial life if you know the right channels.
Few ways to do this is by asking experts, friends, and family on the right company and sources to invest in. After choosing from the sectors recommended, you can start investing little and build your way up.
Protip: Be ready to lose money sometimes, but don’t let that stop you from investing and remember a baby step is needed for this.
6. If Possible, Have Another Source of Income!
Surviving this year, an extra source of income will go a long way. We all know that having one source of income is risky in this present time of the economy.
N100 beef snack is now N200; imagine what the price of a bag of rice will be in February.
Look for different income streams that you can do. Whether it is ridesharing or an online retail store, find something that can give you an extra income.
If you don’t know where to start, here is an article to guide you.
Protip: Don’t be a jack of all trades, choose a side hustle that fits with your skills.
7. Cut Out Excesses
You don’t want to be working like a lion and eating like an ant because you can’t account for your spending.
If you want to be wealthy in 2025, control your spending. Don’t spend money you don’t have on things you don’t need.
Stick to your budget. If you want to make a big purchase, plan for it. Focus on essentials and plan for luxuries. This year, avoid being broke at all costs.
Protip: Use the 30-day Spending Rule, The Five-Fold Rule, and the income-rent ratio to control your spending. Learn about them here.
8. Build Your Emergency Fund
When it rains, you need an umbrella. You don’t want to enter 2025 without an umbrella for your funds. Thus, an emergency fund is crucial to build your financial independence.
This step aims to protect you against unforeseen expenses such as car problems, water pump problems, medical emergencies, etc.
Your emergency fund should contain between three and six months of your living expenses.
Have a plan to set aside a portion of your monthly income to build your emergency fund. You can get an insurance plan to help with this.
Protip: Determine what constitutes an emergency so you won’t spend recklessly.
9. Say No To Debt
With all these tips mentioned, I doubt you will ever be in debt. That is why your 2025 budget is important. With a good financial plan, you can spend wisely.
If you eventually borrow, it will be included in your financial planning budget.
Protip: Use debt repayment plans to settle any outstanding debts from last year. For more on this, read here
With these tips, I can’t wait to see you win this year and accomplish your financial goals.
However, leveraging financial platforms like Jollof+, a product of Baobab Nigeria, is one of the ways to prepare financially for the year. Baobab Nigeria has been in existence for more than 12 years, serving more than 200,000 Nigerian businesses. And its app, Jollof+ is insured by NDIC and licensed by CBN.
