The current economic pressure especially in Nigeria, has made financial discipline a fairy-tale.
This morning on WakeUpNigeria, financial analyst Wole Gbadamosi gave some tips on how to maintain financial discipline.
According to him, over spending and financial indiscipline is not a Nigeria things but a global problem.
In explaining that the availability if ATM cards is not a reason for over spending, he said:
“Easy banking is very important and vital to the society. We all need to have easy access to our money, in case of emergencies. It’s not the card, we are the problem. It’s the thirst for the good things of life. People want cars, houses, bags, shoes etc, these things are not bad to want but the problem is that people want them too fast. They don’t want to wait 5-10 years and build on their lives. You will get there eventually but give yourself time. Also, social media pressure is high, we see people showing their assets and there is the pressure to copy. Socially, everyone wants to be acceptable and be in a clique”.
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Giving tips on how to begin and maintain discipline, he advised that people should learn to hide their money. Here are his words:
“A way to be financially disciplined is to learn to hide your money. We need to find creative ways to hide our money. It means that the account where you have more money in it, don’t have a card attached to it. This will help because whenever you want to go to withdraw the money, you have to think about the stress of going to the bank. Some people dread going to the bank because of the queues. Also, for the other account, give yourself an allowance in it, so you know that even if you exhaust the money there, your savings are still intact. This does not mean that you won’t build yourself to the extent where you can delay gratification i.e you see the money, see your need and still decide to wait. But while you still building the right attitude, learn to hide your money.”
Read also: How to save for short term and long term – Financial analyst, Wole Gbadamosi
