14 •
The Lion King
• October - December 2017
A SALARY EARNER’S
GUIDETOFINANCIAL
FREEDOM
T
he key to ultimate financial free-
dom is sound personal finance
management. For a salary earner,
this is necessary for surviving during
periods of economic downturn as well
as gaining financial freedom.
1. PRE-PLAN YOUR EXPENSES
Your salary is fixed for a period of time
until you get a raise, while your expens-
es vary according to your taste and
circumstances. Therefore, you need
to plan your expenses well ahead
of salary payment. Have budgets for
basic expenses like transportation,
feeding, clothing and entertainment.
Most times you need to save ahead
for larger expenses such as children’s
school fees payments, house rent and
overseas travel during vacation. When
we plan ahead, it saves us from the
euphoric feeling of being “loaded”
when salary is paid and helps us man-
age impulsive spending. It helps us set
aside the amount we wish to save well
ahead.
2. SAVE BY INVESTING
These days, there are various high
yielding investment options available
to us such as Treasury Bills, Bonds,
Equity Stock, etc. Investing in these
financial market products is a good
way to save because they also help
us create future wealth whilst at the
same time setting aside something
from what we have earned today for
the future. Before you invest in any
venture, always ensure you get profes-
sional advice on inherent risks so you
are able to make informed decisions
and avoid loss of your hard earned
money.
3. HITCH A RIDE WITH A COLLEAGUE
Instead of taking your car or public
transport to and from work, why not
hitch a ride with a colleague who
owns a vehicle and lives close by.
Remember, you may need to return
the favour on some other days too
especially if the colleague knows you
also own a car. It may not necessar-
ily be a colleague but someone who
works around your office. In so doing,
money spent on transportation and
fuel could be saved for other pur-
poses.
4. TAKE ADVANTAGE OF THE INTERNET
Whilst some of us see the internet as a
source of financial waste, it is indeed
one of the best tools for saving. For
instance, it is much cheaper to buy
data and make internet calls using
apps like Whatsapp, Skype, Facebook
caller, etc., than paying for voice calls
BUSINESS
BY OLAWALE HAMED
