The holidays are here!
As most Nigerians are getting ready for the holiday enjoyment, we just cannot wait to finally kick back and take some well-deserved time off after the year we have had (and it has been a very crazy one).
But as we get ready to say goodbye to 2024, there are a few things you need to do to prepare for 2025 to literally hit the year swinging.
One of those few things is building a financial checklist that allows you to get your money right in the coming year.
We all know the popular saying – “if you fail to plan, you plan to fail.” And with 2025 right around the corner, building the right plan for your finances in the coming year cannot be over-emphasized–it’s super important. At Moniger we have made the process easier and created a simple plan that can give you some direction, so check out the following tips , you’ll definitely need a thing or two in your toolkit for 2025.
Set & Reassess Your Financial Goals
A new year offers new beginnings. And with that, you get new opportunities to improve your finances. But it always helps when you have something to achieve. Here are some interesting things about financial goals:
- Your financial goals could be anything – maybe you want to have a specific amount in your savings account, maybe you’re trying to work on a project, or anything.
- As you look towards 2025, you want to make sure your financial goals are realistic and achievable.
- To make things easier, set short-term goals (lasting between 0 and 3 months).
- Also, ensure your goals are SMART (Specific, Measurable, Achievable, Relevant, Time-bound).
With the right goals, you’ll have something to work towards that guides your efforts. And as the year goes by, you can always revisit them to see how well you’re doing.
Update Your Budget
Even though you’ll be entering a new year in 2025, it helps to always look back at this year to see the lessons you could learn
As a checklist, you want to start by reviewing your spending patterns in 2024. You can take some of the insights you’ve gotten from Moniger, and find out areas where you could be more efficient financially.
Are there things you can cut out or trim down on? Will some expenses increase? Take account of everything you’re doing and refine your finances to ensure that you’re
Automate Your Financial Stack
Today, technology helps to make our lives easier in so many ways. And when it comes to finances, there are so many tools you could take advantage of to improve your financial standing.
For instance, Moniger helps care for the fundamental parts of your financial life. From savings to budgeting to splitting bills and much more, Moniger ensures you have everything you need to get on the right path financially. And we’re working to add cooler solutions to help make your financial life better, one feature at a time!
So, if you’re serious about getting your finances in order in 2025, Moniger is one tool you must have!
Increase Your Emergency Fund
If there’s anything we’ve learned from the past few years, it’s that having an emergency fund can be the difference between good and bad, life and death. The truth is that uncertainty can come at any time. And if you suddenly take a financial hit, a solid emergency fund gives you peace of mind.
When building an emergency fund, keep the following in mind:
- Aim to build your fund to cover 2 to 6 months of your living expenses
- You can allocate a small portion of your salary to this fund – and remember to be consistent
- Also, try to invest the money in this fund in a low-risk investment that offers returns. This way, you grow the money you’re saving.
The best thing here is that Moniger can help with this. Thanks to our savings feature, you can save a portion of your monthly income and earn returns. Slow and steady, you’ll build a solid emergency fund quickly!
Optimize Your Investments
While you work on your emergency fund, it’s also important to remember that savings alone won’t make you financially independent. Instead, you need a solid investment portfolio that grows over time and protects your money.
There are several investments you could take advantage of – stocks, real estate, crypto, fixed deposit bonds, etc. But, before you go ahead, remember to assess your risk appetite and make sure you’re working with a trustworthy investment partner.
By pairing a solid emergency fund with a profitable investment portfolio, you’ll be on the fast track to financial prosperity.
To simplify the investment journey, we at Moniger are working on a special investment feature that’ll be out soon. We won’t spoil things just yet, but keep an eye out for it.
Increase Your Financial Literacy
It’s a common fact that you make better decisions when your knowledge improves. And, with money, this saying holds true.
As you focus more on becoming wealthier, it’s important for you to expand your financial knowledge. This way, you get to analyze decisions better and explore more options that can get you where you want to be.
Here are a few ways you could increase your financial literacy:
- Use Moniger. We offer financial insights based on your spending habits, so you’re able to make better financial decisions.
- Read books, attend webinars, or take online courses about personal finance
- Keep an eye on financial news and trends
- Learn about new strategies and tools that can help you build wealth
- Ask questions from experts if you find that there’s anything unclear
Building knowledge is a consistent effort that takes time. But, like everything else, the goal is to make slow and steady improvements
Ready To Take On 2025?!
In just a few weeks, we’ll be in 2025. And this means you want to get started on the right foot financially.
Remember – financial prosperity is a journey; not a quick walk. So, move with the experts – let Moniger do the heavy lifting for you, while you enjoy a smoother financial journey in 2025. Download the Moniger app if you haven’t, and let’s get started today!