Personal finance tips for the month of August
With the seventh month of 2023 behind us, we are closer to the end of the year than we are to the beginning.
An eventful financial year that saw economic recoveries globally following a lacklustre 2022.
In Nigeria however, with inflation hitting 22.35% in June; the highest since 2005, harsh economic realities are being felt by the ordinary Nigerian.
On the plus side, most Nigerians have been forced to take their personal finances seriously not as a matter of convenience but of necessity.
Many Nigerians who have several vehicles soon parked some of them at home as it became unrealistic maintaining numerous vehicles with the prevailing pump petrol price.
Some who threw flamboyant ceremonies at the wind of any good news are holding their cash close to their wallets.
Tough times they say, breed tough men(and women of course).
Never has there been a better time to take your personal finance seriously than now. Here are five personal finance tips to help you stay ahead this August.
Consider speaking to a financial expert: Many people only see a financial expert when they have been burnt or their investments go south. Ideally, the chronological order should be in reverse.
You should see an expert even when your finances seem to be in order or your investments are doing great. For example, many investors have held on to winning assets for too long and watched returns dwindle.
Simple advice from an expert like scaling out or locking in partials could help maximise profits. Seeing a financial expert is quite similar to routine medical checkups, by the time the symptoms start appearing it is probably too late.