Pay-day is around
the corner. It is going to be the first pay-day of 2014. Before you start spending,
have you drawn up your budget for 2014? Budgeting is not only for the government. As an individual or family,
you must also have a budget.
the corner. It is going to be the first pay-day of 2014. Before you start spending,
have you drawn up your budget for 2014? Budgeting is not only for the government. As an individual or family,
you must also have a budget.
How much money are
you going to earn this year and how much are you going to spend? It is
important you determine that now before you get your first salary of the year
2014.
you going to earn this year and how much are you going to spend? It is
important you determine that now before you get your first salary of the year
2014.
Your budget should
have a detailed expense account that should include your rent/mortgage, food,
car maintenance/transportation cost, entertainment, travels (if any is
planned), any interest to be paid on any outstanding loan and due principal
among others. Your budget should be as detailed as possible. Ensure you do not
leave out any significant expenditure.
have a detailed expense account that should include your rent/mortgage, food,
car maintenance/transportation cost, entertainment, travels (if any is
planned), any interest to be paid on any outstanding loan and due principal
among others. Your budget should be as detailed as possible. Ensure you do not
leave out any significant expenditure.
You should also set
your spending priorities for this year. Do you plan to buy or build a house; do
you want a new car, move to a new house or go back to school? Decide on your
priority expense for this year, estimate how much it will cost and determine
how you are going to save towards it from this month.
your spending priorities for this year. Do you plan to buy or build a house; do
you want a new car, move to a new house or go back to school? Decide on your
priority expense for this year, estimate how much it will cost and determine
how you are going to save towards it from this month.
Three
reasons to draw up your 2014 budget
reasons to draw up your 2014 budget
It helps you get a
clear picture of how much money you should expect in the New Year. For example, if
your take home pay is N100, 000 monthly, multiply this by 12, and you know that
your total income for 2014 is going to be N1.2 million. Your take home pay is your salary less any compulsory obligations like taxes, pension contributions and even loan repayments. Knowing what you stand
to earn for the year, will help you determine in advance what you can afford
this year and what you cannot afford and allocate your expenses accordingly.
clear picture of how much money you should expect in the New Year. For example, if
your take home pay is N100, 000 monthly, multiply this by 12, and you know that
your total income for 2014 is going to be N1.2 million. Your take home pay is your salary less any compulsory obligations like taxes, pension contributions and even loan repayments. Knowing what you stand
to earn for the year, will help you determine in advance what you can afford
this year and what you cannot afford and allocate your expenses accordingly.
Estimating your
annual income and expenses at the beginning of the year will also serve as an
early warning, if you are going to run out of cash sometime in the year. For example,
if you realize that your income for the year is going to be N1.2 million and
your estimated expense is N1.5 million, then you know that you will have to
find an extra N300, 000 to boost your income for the year.
annual income and expenses at the beginning of the year will also serve as an
early warning, if you are going to run out of cash sometime in the year. For example,
if you realize that your income for the year is going to be N1.2 million and
your estimated expense is N1.5 million, then you know that you will have to
find an extra N300, 000 to boost your income for the year.
Drawing up your
budget will also instill some sense of discipline in how you spend your money
throughout the year. A clear idea of your annual income in 2014 will force you
to cut off any expense that is not within your budget since you will know that
may mean you will not have money to undertake other necessary expenditure.
budget will also instill some sense of discipline in how you spend your money
throughout the year. A clear idea of your annual income in 2014 will force you
to cut off any expense that is not within your budget since you will know that
may mean you will not have money to undertake other necessary expenditure.
Making your budget
now will also help you determine if you have to diversify your source of income
or get a new job. It will increase your consciousness about your potential earnings
for the year and improve how you manage your available income to achieve your
desired goals.
now will also help you determine if you have to diversify your source of income
or get a new job. It will increase your consciousness about your potential earnings
for the year and improve how you manage your available income to achieve your
desired goals.
Finally, remember
that your bank should be your partner in the financial planning process. UBA, for
example, can support you with a “No Wahala” personal loan of up to N3 million
to enhance your budget for the year, just in case your planned expenditure exceeds your potential income. However, any decision to go for a personal loan should be carefully
considered, since you must repay with future income. So, you must ensure that
your future income has the capacity to repay without significantly impacting negatively on
your lifestyle.
that your bank should be your partner in the financial planning process. UBA, for
example, can support you with a “No Wahala” personal loan of up to N3 million
to enhance your budget for the year, just in case your planned expenditure exceeds your potential income. However, any decision to go for a personal loan should be carefully
considered, since you must repay with future income. So, you must ensure that
your future income has the capacity to repay without significantly impacting negatively on
your lifestyle.
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DO YOU NEED A LOAN TO START UP OR EXPAND YOUR BUSINESS? Zion financial services is a sincere and certified private Loan company approved by the Canada Government, we give out international and local loans to all countries in the world, Amount given out $2,500 to $10 Million. We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with a negotiable duration.
Available now are
MORTGAGE LOANS, PERSONAL, START-UP & EXPANSION OF BUSINESS LOANS AND NEW ARE UNSECURED & SECURE LOANS, CONSOLIDATE LOANS
Apply for a loan today with your loan amount and duration, Its Easy and fast to get 3% interest rates and monthly installment payments. email us now to apply: zionloanfirm.ltd@aol.com
TO APPLY CONTACT:
Peter James
General Manager
zion capital investment, Canada
Email: zionloanfirm.ltd@aol.com
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