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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

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Money Wisdom Series: Reducing your money stress and taking control of your finances

May 21, 2020
in FEATURES, Top Stories
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The realization that you need to get more serious about saving for personal improvement, for emergency or for retirement or you are dealing with a troublesome interest rate on a loan, it’s important to recognize what’s causing your anxiety and stress.

Write down your three biggest financial sources of stress so you know what you’re up against. Keeping the list short can help you feel less overwhelmed and strategize to deal with it.

Your commitment and resolve to ensure you start some savings no matter how small or insignificant the amount is what would ignite the spirit within you to move forward and set you on the path of financial freedom. Get started now because it is never late in the day for anyone to take the step forward.

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“How much you earn does not really matter, but how well you manage what you earn is the most important path to secure a sound financial life”

GIVE IT A POSITIVE INTEREST

Your mindset is key in dealing with any financial challenges you may be facing and a positive mindset can help keep you motivated to fix your financial problems. Everyone at some point in time may go through some financial stress/difficulty, but your enthusiasm towards dealing with it is what is critical.

Rather than get bogged down by thoughts of never getting out of the financial difficulty, imagine the amount of stress you feel decreasing as your problem load gets smaller and smaller. It’s important to believe you can do it.

BE REALISTIC

Determine what you can reasonably achieve and then dedicate yourself to following through each and every month. Make yourself a promise: “Each month I will reduce my expenditure and save towards personal improvement, emergency and retirement.”

Just like a crash diet or intense new workout routine can lead to burnout, you don’t want to set overly ambitious financial goals that you may abandon in a few weeks or months. What is important is the commitment and consistency in your approach towards a sound financial life.

Being realistic in your goal setting is paramount and every financial goal you set must be reasonable and achievable. Saving 15% of your earnings or salary or income each month towards emergencies, personal improvement and retirement is important because this would get you on the path of financial freedom.

SMALL STEPS ARE KEY

You may not be able to reduce your expenditure by GHS X, but you may be able to make a commitment to save a % of GHS each month. Get it right by making the savings before you’re your expenditure. Forgive yourself if you slip up.

Sticking to a budget is not always easy, and there may be days when your resolve falters. If that happens, remind yourself of how much you have to gain by reaching your goals. Then examine your spending patterns to see why you overspent.

You may need to modify your budget or your behavior—if you can’t go into the mall or the beer bar stores without buying something, stop visiting them.

KEEP YOURSELF HONEST

Leaning on your relationships can help keep you on track. Every hard task becomes easier with the support of friends and family, so share your goals.

There’s no one better to hold you accountable and remind you of what you’re sacrificing than those you love, trust and respect. You must be discipline and focus if you want to succeed financially.

–

©Jerry.J.Afolabi, unlike others is passionate about financial education, independence and financial freedom. He is approachable, provides one on one client engagement and genuinely interested in helping people to take control of their own finances.

Please kindly use the links below to follow my page on FACEBOOK and YOUTUBE channel for more MoneyTalk and Videos. WhatsApp # +233541238987
https://www.facebook.com/Jerry-JAfolabi-107737420863286/
https://www.youtube.com/channel/UCz4Wrr3FkmnVrL3V1R44Y0w

Source:  JERRY J. AFOLABI
Tags: Jerry J. AfolabimoneyMoney Series Wisdom
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