New Year Resolutions: 10 financial goals you should consider setting in 2020

10 financial goals you should consider setting in 2020
  • Oluwatosin Olaseinde is one of Nigeria’s most popular personal finance experts and founder of Money Africa, a financial literacy platform.
  • With 10 years of experience under her belt, she took to social media to share some financial goals you can consider setting for yourself.
  • Below are her 10 financial goals for the new year.

The beginning of the year is the perfect time to start setting your financial goals. However, it is not always easy trying to figure out exactly what they are going to be.

Nigerian financial expert Oluwatosin Olaseinde has made things easy by sharing the following financial goals:

  • Write it down

Asess your financial mistakes and sucesses from last year. Figure out what you need to do better in 2020 and write it down. This is a great first step towards achieving financial success this year.

  • Draw up a budget

Budgets help you figure out how to stop spending excessively and how to spend your money reasonably. You can have a monthly one and then a weekly one, but you have to make sure it is tailored to you.

  • Build an emergency fund 

Last year, you probably had certain unforeseen emergencies that came out of nowhere and emptied your account. You can prevent this from happening in 2020 by simplifying designating an amount every month to put towards your emergency fund.

The general rule is to put away at least three to six months' worth of expenses. This way you have more than enough to protect yourself from the unexpected going forward.

  • Invest in a mutual fund

Nowadays, certain saving and investment apps have made things easy for their customers by providing the option of investing in some portfolios like stocks, bonds and mutual funds.

  • Build a stock portfolio
  • Start a side hustle 

Starting a side hustle, in addition to your main job, means you have multiple sources of income. The more money you make, the more money you have to save towards financial independence and security.

The most popular ways to generate more money include blogging, starting an online business, starting a profitable passion project, becoming a freelance writer, using your car(s) for ride-sharing apps like Uber and Taxify.

  • Read personal finance books

Early last year, Olaseinde recommended these three personal finance books:

  1.  'Intelligent Investor' by Benjamin Graham
  2. 'You're A Badass At Making Money' by Jen Sincero.
  3. 'Rich Dad Poor Dad' by Robert Kiyosaki
  • Get an accountability partner

Having an accountability partner increases your chances of achieving your financial goals. So, you should definitely get one this year.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke