A financial expert has warmed that monetary pressure can be a major source of stress if not properly managed, adding that worrying about bills, debt, and saving for the future can take a toll on ones mental and physical wellbeing.
At the annual Living Spring Financial Education Program themed, “Taking Charge of Your Finances,” organised in conjunction with HSBC Bank, Lucky Okome, the Managing Director of Italo Marketing Solutions and host of the event said that there is need to learn how to manage finances because most people grew up not valuing personal financial literacy.
Mr. Okome said that navigating ones finances might seem impossible at first but taking a few key steps, like setting financial goals, paying off debt and starting your retirement savings, can help one feel more in control.
Budget Setting
He said that taking control of your finances start with setting a budget. “It will take a little effort, but it’s a great way to get a quick snapshot of the money you have coming in and going out. Setting up a budget helps you keep track of your money, so you to when you can spend and how to avoid going into the red,” he said.
“To get started on your budget, you’ll need to work out how much you spend on: household bills, living costs, financial products (like insurance, bank charges or interest), family and friends (this could include gifts and travel to events like weddings), travel, such as public transport or car costs like fuel and MOT tests; leisure, including holidays, gym fees, meals out or other entertainment.”
“If you’re spending more than you have coming in, it’s important to review your outgoings. There might be ways you can make savings. You could keep a spending diary and keep a note of everything you buy in a month. Or, if you do most of your spending with a credit or debit card, look at last month’s statement and work out where your money is going.”
He said that there isn’t a single way to create a budget but gave some ideas such as: setting up a budget using a spreadsheet or just write it all down on paper.
“There are some great free budgeting apps available if you prefer to manage things online. Also find out if your bank or building society has an online budgeting tool that takes information directly from your transactions.”
Set A Savings Goal
He said the next step is to set a savings goal. “It might be hard to think about setting aside any money as savings. The best way to save money is to pay some money into a savings account every month. Possible savings goals might be: saving a deposit to buy a home; buying a car without taking out a loan; taking a holiday without having to worry about the bills when you get back; saving more towards your retirement; having some extra money to draw on while you’re on maternity or paternity leave.”
“As your savings start to grow, you might want to think about investing some of your money to meet your longer-term goals, which could give you a bigger return if you’re prepared to lock it away for a few years.”
Power of Networking
Mr. Okome is also the Pastor of Living Spring Christian Assembly in Manchester and the author of the book, ‘The Power of Networking with People.’
He said the book can be used as a tool kit that will remind and show readers everything they need to consider when networking with people. “The book is design to do the following: to take you step by step through the stages of getting to know people; to help you identify the advantages of becoming a passionate networker; to create more business opportunity for you; to take your business to a greater height; and to take off fear from your mind.”
About the Author
Lucky Okome is a Chartered Marketer and a regional board member of the Chartered Institute of Marketing Northwest England. In addition to this, he is an Executive Director of Manchester African Business Forum Limited and self employed business owner of Italo Marketing Solutions.
Mr. Okome is into mentoring and coaching with Community and Development Partners Blackburn as a volunteer to give something back to the community. He holds a masters degree in Business Administration (MBA) specialising in Marketing Management and also an HND in Statistics.
