Good Morning 😃
How are you doing?
Friday letters are usually dedicated to taking questions from our community. Do you have a question for us? Please feel free to
- send an e-mail to info@themoneyafrica.com; or
- send a DM to any of our social media channels, or
- simply fill out this form. Don’t worry, your responses are kept anonymous.
***
Question
I am owing about 24 loan apps. I have been using loan apps to pay other loan apps. I even sold my properties—gold, etc. to pay loan apps. What can I do to get out of this vicious cycle?
Answer
Dealing with numerous unpaid loans without a clear repayment strategy is undoubtedly a challenging scenario. However, there is a solution to this predicament. The primary question is how to address it. Given the fact that you’ve sold your property and still have a lot to pay, you may need to contact each creditor to establish a new repayment arrangement. If successful, this approach could provide you with some flexibility and time to gradually overcome your debt burden.
As for generating the funds required for repayment, considering you may need to explore additional avenues of earning money. This might involve pursuing a side gig or securing supplementary employment that offers a dependable income. It’s crucial to stop taking out fresh loans to settle existing ones, as this would only perpetuate a cycle of indebtedness.
Striving to curtail your expenditures is equally important. Every bit of money saved now holds significant value.
Throughout this process, be prepared to confront potential discomfort from your creditors as you work toward settling your loans. While it will be demanding, with time, you will overcome these challenges. Once you’ve successfully navigated this situation, it’s vital to reflect and glean lessons from the experience.
***
Question
I am a final-year university student. I work remotely and earn N25,000 plus about N15,000 support from home. The N15,000 support from home varies; it can be higher or lower. So, in total, I have a monthly income of about N35,000. Unfortunately, by the middle of the month, my account balance reads red. The reasons include but are not limited to, project work, extracurricular final-year activities, and feeding. What can I do to improve my finances?
Answer
Given your circumstances, here are some tailored suggestions:
1. Detailed financial analysis: Analyse your income and expenses in detail. Understand the patterns of your spending and the timing of your income and expenditures throughout the month.
2. Proactive planning: Plan ahead for major expenses related to project work and final-year activities. Estimate the costs involved and set aside funds gradually over time to cover these expenses.
3. Explore scholarship opportunities: Research and apply for scholarships that align with your academic achievements, skills, and interests. Scholarships can provide financial support that directly contributes to covering your expenses, such as project materials, final-year activities, and even day-to-day costs. Dedicate time to carefully completing scholarship applications and essays to increase your chances of receiving financial assistance.
4. Utilise support strategically: Since your support from home varies, use it strategically. Save a portion of the support during months when it’s higher to compensate for months when it’s lower.
5. Meal planning: Plan your meals to avoid excessive spending on food. Cooking at home and bringing lunch to campus can help you save money on a daily basis.
6. Regular reflection: Regularly review your financial progress and adjust your strategies as needed. This reflection will help you make informed decisions moving forward.
***
Would you like to know the state of your finances?
Take this test to see how you are doing financially
***
Do you know that we have our own podcast? It’s MONEYTALKS!💚
Here’s a link to listen to all the amazing episodes we have!
***
Thank you for reading Money Africa’s Blog.
Please feel free to share it.
Do you have any questions? You can send an e-mail to info@themoneyafrica.com or send a DM to any of our social media channels.
***
MoneyAfrica premium plan
Are you a mid to high-income earner? Do you find communities a bit too busy? You should sign up for our premium plan.
You can learn more about that here.
***
We often get questions regarding how to plan your finances to align with your relocation plans, especially for students seeking to further their studies. As always, we have heard you, and we have put together an e-book to help you navigate this. Follow this link, to get your FREE copy of the e-book: The Japa Encyclopedia.
***
Get our annual subscription and learn more about investing safely and building a solid portfolio in 2023.
Don’t forget to:
- Join our community, if you want to smash your 2023 financial goals. It takes at least 30 days to build great habits that will last you a lifetime. So why not start now? There is a lot you can achieve.
- If you would like to document your financial journey in 2023, then our journal would be an excellent fit for you. It costs ₦7,500 (excluding delivery).
- Get a budget sheet to track your monthly expenses. Click here
- Get an investment tracker to be on top of all your investments. Click here
MoneyAfrica is a financial literacy platform. Our goal is to make everyone better with their finances.
We do this by engagements via our:
– social media handles
– platforms for paid community members (for adults and students)
– webinar sessions with corporate clients
Would you like to join any of the communities? Please click here
Would you like us to hold a webinar for your company? Please send an email to info@themoneyafrica.com
