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11 reasons you are struggling to save money

There are many reasons  people struggle with saving money. Many factors that we are sometimes are unaware of. In this article we will discuss some of these reasons.  11 reasons you are struggling to save money 1.Cost of living It would be an injustice to talk about saving money without acknowledging the cost of living. The inflation rate keeps rising which means prices are hiking while our income remains the same.  High costs of living, such as housing, healthcare, and education, leave little room for saving after meeting essential needs. 2. You don't Budget (or stick to it) A budget is to your finances what water is to your body. You might survive a day or two without it but in a long term you will feel the effects. Without a clear budget, it's challenging to track income, expenses, and savings. Overspending becomes common, making it difficult to save 3. You live beyond your means Spending more than you earn will leave you with nothing to save.  Spending more than w...

10 valuable personal finance lessons: Personal Finance 101

Over the past few years, I have read a few personal finance books and gathered a few principles that all these books had in common. These valuable personal finance lessons will lead to financial freedom.

10 valuable personal finance lessons 

1. Be Motivated and Consistent

Understanding why you need to attain financial freedom is the first thing to becoming financially free. You must have financial goals and work towards achieving them. 

Steady does it with finances. Being consistent and focusing on your goals will get you there faster than any saving challenge. 

2. Track your spending
Tracking your spending will offer you insights into where your money goes. It will also give you a clear indication of where you are money-wise. 

Knowing how much you spend on certain items will help you in planning for your money. 

3. Choose the proper bank account for you
You have to know the service fees and interest earned offered by your bank for each bank account and choose the one that works for you. 

Learn more about your bank account choices here

4. Pay yourself first
Paying yourself first means taking a portion of your income and investing it. You do this before you pay any bills. This will ensure that you have secured your future and also encourage you to be more strategic with your finances. 


5. Budget: Live below your means

Spending less than you earn will definitely leave you with money to invest and make you appreciate the little things you have. 

Budgeting will help you to stay on top of your finances and plan accordingly. 

6. Build An emergency fund

An emergency fund is the money you put aside for rainy days. It is set aside for unanticipated emergencies such as health issues and loss of wages. 

You should have at least 3-6 months' worth of expenses in your emergency fund. This guarantees that you will be able to live comfortably for six months without any income. 

7. Pay your debts
Paying off your debt will not only free you from having the psychological weight of owing someone but it will also increase your credit score. 
It will also push you closer to a debt-free life. 

8. Have multiple streams of income

In this unstable economy, it is important to not put your eggs in one basket. Multiple streams of income means multiple income securities. When you have more than one stream of income, you will likely worry less about losing your job or your business as you will still have income security. 

You should also thrive to have passive income. Making your money makes you money in your sleep. 

9. Invest wisely

Choosing an investment that suits your Financial needs best is a must. When it comes to investing, you have to always choose what works for you and understand the risk/reward relationship. 

You have to also give your investments time to grow and allow compound interest to do the magic.

10. Learn about retirement, insurance, and wills

With personal finance, you must bridge the educational gap. You are responsible for your own financial literacy. You have to understand the importance of investing in your retirement fund and the options available to you. You also need to research your insurance options. Do not just take what is given to you by the first company to come your way. 

Substantial knowledge of retirement funds and insurance (life, health, home, car, etc.) And how they work will save you from making a wrong financial decision that will cost you more. It will prevent you from being a victim of scams. The world is not a pretty place. Unfortunately, there are people whose work is to rob others of their hard-earned money.


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Read more