Our local currency
I am delighted and thankful to God for his mercy, protection and blessings toward us this year. The year is gradually coming to and end and our community and hive in general is waxing strong. I appreciate everyone of you who is actively keeping the community going. Our weekly contest is really educative and informative. This is this week link.
How you manage your finance
Managing if finance has been a general issue that affects everyone whether you are a business owner or not. Sometimes we may think we are managing our finances very well but when we attend finance training it seminar, we became guilty, we see ourselves in the mirror of finance and see we have not been doing well.
Managing if finance has been one of the greatest challenge I faced years back but now, I can say I am a little bit better. Before now, I thought you must have a lot of money before you can save money but now, I have learn to save that little that I am earning. To make this work, below 👇 is what I did.
Stopped borrowing from bank
I use to borrow money from bank for my business and pay very high interest until one day, I met a stranger in the bank, I rendered some help to him and while we were discussing, he told me, **stop borrowing from bank, borrow from co-operative group. He explained to me why they are better than bank. I decided to join a co-operative and it has been so helpful.
Buy in bulk
Food items, soap and other things is the house is a must buy. I don't have money is not for need of the family. I stop buying much from retail shops and buy more from wholesaler. I buy in roll, pack, and bags. Food like yam, plantain, I got some village women who supply us that even fish and this has really helped me in growing my business.
Clothes,shoes, bags..
Fashion is part of life, * buy what I need for myself and my family, not every thing we need. I do buy some medicine too and keep for emergency and also to prevent the problem worsening before I do something.
Savings
Another wahala, save with low income, how is that possible, a big question that has troubled me for a long time until I was this quote 👇
"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." — Robert Kiyosaki.
"A man who both spends and saves money is the happiest man, because he has both enjoyments." — Samuel Johnson. This highlights finding a balance that works for your situation.
Robert kiyosaki emphasized the importance of allowing money to work for you which is powerful of compounding. While Samuel Johnson emphasized the power of the two, spend and save and find joy. There must be balance in finance.
What I did to save
I started saving in crypto, I buy no matter how small it is and hold. I also joined contribution group which has also helped me to stop borrowing but work with what I get. I consistently work hard each day to contribute to others. This crowd funding is better than loan and it is life of my business now because it is zero interest.
Finally, in as much I must spend each now, I am intentionally tracking my expenses, no more unwanted expenses.
Thanks so much 