Meet The BEASTS

If you’ve been reading my emails for a while now you know I’ve been mentioning savings platforms Cowrywise and PiggyVest.

Well, in July PiggyVest held an open house in Abuja and I can tell you it was the travel worth for me. Not only did I get to meet the awesome team behind the company, but I also got to meet a Personal Financial guru, Sola Adesakin, the CEO of Smart Stewards.

Adesakin shared a BEAST Mode approach to getting your personal finances in order.

B – Budget
E – Expenses / (build an) Emergency Fund
A – Avoid Debts
S – Save / Invest
T – Track

The most important one, in my opinion, is T – Tracking. I cannot stress this enough. I have seen firsthand what tracking can do to you (not just in your finances but other areas of your life) if you pay attention to it.

While trying to make reading a habit, I kept track of every book I ever picked up. Every year I would look back and appreciate how far I had gone then set a higher goal. In 3 years, I went from not reading any books to reading 57 books a year. Reading has helped me in more ways than you can imagine. Reading is how winners learn.

Professional athletes do not simply run without keeping track of their performances. They track distance and time down to the micro-second. This is how races are won. All successful people keep track of what matters to them. I’m sure you do too, you just haven’t paid attention to it.

Whatever it is that matters to you, you need to consciously track it.

For tracking my expenses and income, I use Wallet on Andriod, as suggested by one of my readers. It’s a simple app to use.

Now, once you understand your spending habits, you can then begin to spend consciously. You become deliberate about where every Naira goes.

With that, I’ll modify Adesakin’s approach to add an ‘S’.

Now, meet the BEASTS.

B – Budget
E- Expenses / (build an) Emergency Fund
A – Avoid Debts
S – Save / Invest
T – Track
S – Spend Consciously.

PS: If you’d like to learn more about personal finance, join the mailing list and never miss an update.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close