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Effective financial planning after taking a pay cut in Nigeria

If ever a victim of a pay cut, you can survive with the following effective financial planning strategies.



The struggle to remain strong has been one of the major concerns for businesses since the beginning of the year 2020. There is no other reason for these changes other than the Covid-19 pandemic. To remain strong in the storm and maintain a good presence in the business world, many businesses have taken some drastic measures to cut their cost. One of the measures taken is to cut employees pay or lay them off. If all you got is a pay cut, we can say lady luck shone on you. Although getting a pay cut is not what you hoped for, it is way better than losing your job and getting no pay. As much as we all want to blame the pandemic for everything, in some cases, you might get a pay cut when you change jobs to a less paying one or when you are not performing up to expectation. If you are a victim of a pay cut in Nigeria, you can survive with the following effective financial planning strategies discussed herein.

A new pay cut calls for a new budget 

A budget helps you to know what you can afford and the most important things to buy. You probably had a well laid-out budget for your previous pay and already got your life in order. We are sad to inform you that you have to cut your budget to suit your new pay. A new pay calls for a budget cut. You need to understand that there are some things that have become luxuries with your new pay and you have to remove them from your list.

Spend less, make more money

Your new pay is not as rosy as it used to be, so you need to cut back on your spending. Buy only the things you truly need. Things you can do without should be cut off. However, you can maintain your previous lifestyle if you look for other sources of income and make more money. You don’t always have to depend on your salary, you can look for some other side businesses that would fetch you even more than your salary. There are many businesses to venture in if you are observant enough to decipher them. Now that you need more money, you should be on the lookout. It is not going to be easy but it is the only way to maintain your lifestyle and not go into debt.

Avoid the urge to take loans

Talking of debts, you should avoid the urge to take loans. No matter how tempting it is, avoid it. The last thing you want is getting yourself hooked with no hope of getting more money.

Redefine your goals

If your goals involve spending a lot of money, kindly reconsider it. You can break down your goals into short and long-term goals. This should help you to reduce your financial pressure and work on the immediate and most important goal.

Try the 50/30/20 budget rule

The 50/30/20 rule says you should spend 50% of your net income on your needs, 30% on your wants and 20% on your savings. This budget rule is an important guide you need to plan your finances. By now, you should be able to differentiate between your needs and your wants. Anything you can do without that won’t cost you your health, wellbeing and your life are wants. Your needs are essentials like; shelter, food and healthcare.


The fact that you are earning little doesn’t mean you can’t save. You don’t have to be earning six figures before you save. Cultivate the habit of saving, no matter how little it is. It would be nice to have an emergency fund that would save you when your salary reneges on you.

Effective financial planning takes a lot of discipline and commitment. You don’t have to wait till you get a pay cut before you plan your finances. To live a debt-free life despite the pay cut, follow the tips we discussed above.

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The 4 Cs of Financial Success

To achieve financial success, the 4Cs will be of great help.



Numerous Nigerians who had a pseudo-trust in their monetary strength, were shaken by the tempests of the financial difficulty that followed the COVID-19 pandemic. Some didn’t endure it, while the individuals who did, presently look for approaches to be better monetarily prepared for future outcomes.

It’s six (6) months since the COVID-19 flare-up was authoritatively announced a worldwide pandemic by the World Health Organization (WHO) on March eleventh, 2020. With the full hugeness of the pandemic as a top priority, we can’t emerge from this without taking note of its orderly life exercises. Curiously, a portion of those exercises relate with rules that can improve your own fund, on your excursion to monetary opportunity.

Budgetary opportunity doesn’t occur without any forethought, as it results from self-control and great cash propensities rehearsed reliably after some time.

To help you on your excursion, I have concocted the 4C’s. To make money related progress, you should be;

  1. Imaginative – Find inventive approaches to procure more cash. Having more than one wellspring of pay is a decent method to build your budgetary security. I’m certain the individuals who lost their positions or accepted a decrease in salary during the pandemic will concur with me.
  2. Moderate – Be traditionalist with your costs, and try to spend short of what you win. You can really spare more on the off chance that you adhere to a spending plan. It is alright to periodically remunerate yourself, and appreciate the better things of life. However, that ought to likewise be on a careful spending plan.
  3. Predictable – Form the propensity for sparing and contributing an aspect of your pay. To the extent reserve funds go, you have to have in any event 3 months of everyday costs, buried in fluid resources – Emergency subsidizing, to pad the effect of occupation misfortune, impromptu clinical costs, and different crises. It likewise applies to private ventures – numerous SMEs with no monetary support felt the effect of the lockdown from Day 1. Contributing, then again, is the main way you can develop your cash. You should pay attention to it; build up the correct attitude, gotten monetarily clever, and look for master guidance before making a stride.
  4. Cautious – Be cautious who you tune in to. Few out of every odd speculation counsel is beneficial for you, and you ought to do your due persistence before delivering your cash.

Things being what they are, will you make any progressions to your cash the board style? What did you wish you found out about cash pre-COVID-19?

Critically, we are not free and clear yet. The infection is still out there, and you should remain safe, as Health is Wealth.

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8 Ways to set yourself up for financial freedom in your 20s

These basic hints may very well be what you have to set yourself up for monetary opportunity.



Your 20s is one of the most significant phases of your life, particularly in deciding your budgetary direction. One certain thing about money related opportunity is that nobody actually unearths it, you need to design, and be purposeful about it.

Botching your 20s could see you winding into a futile way of life that you may never recoup from, particularly in the wake of setting up a family.

In spite of the fact that it may be hard to turn out to be monetarily free in your 20s, it is your obligation to guarantee that you are destined for success. How would you do that? Essentially experience our rundown of 8 different ways to set yourself up for budgetary opportunity in your 20s, beneath.

Likewise, recollect that it is a cycle. Except if you hit a bonanza and develop an item that circulates around the web worldwide in your 20s, you need to follow the cycle. Also, regardless of whether you hit a big stake, budgetary reasonability is as yet essential for development and food. Check out you, various instances of people exist, who were once tycoons or tycoons, however now pronounced bankrupt. This should reveal to you something.

8 Ways to Set Yourself Up for Financial Freedom in your 20s

1. Draw an outline for the future: Financial opportunity is an objective. Much the same as different accomplishments that you intended to achieve at a set time, you need to see it as something that you have to achieve. The initial step to drawing an outline is having a thought of what it would resemble. Similarly, a similar idea applies here; set your focus on your arrangement, and coax it out. Set achievements that you intend to hit, and set dates when you intend to accomplish them. The way to money related opportunity involves these key variables; recognize them, and you’re well en route to turning into a monetarily free 20-year-old. Keep in mind, nothing flawless was made without an underlying arrangement set up. Faraday didn’t simply get up one morning and make power with a snap of his finger, it took innumerable long periods of intending to create the best component utilized by man.

2. Get speculation and influence your insight into it: Sure, this could have just said; “Contribute all the more regularly” or “Begin contributing” yet individuals will in general peruse these articles and act dependent on the expressions of the article exclusively, as opposed to what the words likewise suggest. Speculation is acceptable, and far superior, do it all the more frequently yet note that it isn’t something to bounce into out of nowhere. It takes perusing and concentrating to see how to do your best when contributing.

In the wake of contemplating the craft of contributing, at that point you can continue to the following stage; utilizing your recently picked up information. Put astutely in places where you make certain to get an exceptional yield. Do these in better places, and in a short time you can puff your chest and do “yanga” to those companions that said; “You’re youthful, go through your cash and slash life”. We’ve all had those sorts of companions. Be savvy, make brilliant speculations, and work your approach to increasing budgetary opportunity in your twenties.

3. Locate a money related organizer: The significance of this progression can’t be subverted. While some attempt to increase money related opportunity all alone, many get budgetary organizers to assist them with accomplishing this accomplishment. A monetary organizer would assist you with making point by point and valuable money related figures that will tell you what you have done monetarily, and how it influences your budgetary conjecture. Sometimes, they could likewise prompt you on the best budgetary arranged moves to make to get the best outcomes in your monetary figure. You will probably be monetarily free in your twenties, fantastic! Set an estimate that dates to your set time, and you can have a harsh thought on what your budgetary status would resemble in that year.

In case you’re interested to comprehend what the intensely emphasized “Monetary figure” would address, they depict, budgetary danger the executives, venture arranging, income the board, protection arranging, charge arranging, business progression arranging and then some.

4. Channel needs from needs: If you’re intending to increase budgetary opportunity in your twenties, you have to figure out how to distinguish what you “need” and what you “need” out of simple intrigue. This isn’t just a key advance towards money related opportunity yet in addition to adulthood. Needs in this specific situation, don’t really mean the “fundamental human needs” like food or asylum. A need is what is only significant to you right now, which merits burning through cash on. From that definition, you can no doubt finish up on what “needs” would be. When attempting to make a buy, consistently inquire as to whether you are in desperate need of it or think about the advantages of getting it; do they exceed the cons of not having it?

Regardless of how persuading that sales rep is, don’t let him convince you to purchase what you needn’t bother with. Spending on the vital things gets you budgetary opportunity, and it’s a drawn out belief system in adulthood.

5. Try not to surge, tolerance is vital: “Snap here to procure millions like this sharp person from Lagos.” or “Put 20k to get 100k in seven days.” Here is a tip; move in the direction of accomplishing your objective of monetary opportunity, yet realize that it won’t be simple – nothing advantageous is simple. Show restraint, don’t bounce into plans and tricks, thinking they are shrewd ventures. Point number 2: Understand venture, and influence your insight into it. There is no “get rich” fast way or “twofold your interest in 24 hours”. The vast majority of these plans bank on paying you with others’ cash, and inevitably many lose and just a couple of advantages. Remember that riches develops and collects over an extensive stretch, along these lines be tolerant and trained enough to oversee it.

6. Try not to make sure about credits you don’t know to reimburse: Look to make sure about advances when it is vital, and while doing as such, guarantee that you can repay it. For instance, the obligation you obtain to back an advanced education ought not surpass your normal pay. Try not to obtain an aggregate that you can’t reimburse, and consistently consider the loan fee of the obligation. The exact opposite thing you need to do is be the individual who needs to increase budgetary opportunity however has a great deal of obligations to clear. For you to push ahead, you must be liberated from obligation. Imprint Cuban once said; “The best speculation is taking care of your obligation”.

7. Be a businessman, negotiate: Don’t be the person that always agrees to the price called by the seller, neither should you be the kind of person that says “I don’t like negotiating, it makes me seem cheap” – that’s absurd. If you’re going to be financially independent, you have to understand that negotiation is one of the most crucial aspects of a business. It allows you to get what you want at a rate that is in your favour, as opposed to its initial price. By negotiating, you could save thousands annually. Imagine if you always had to pay the exact amount in all the purchases you have made? That is a lot of money that you could have saved up to invest with.

8. Always make a budget and stick to it: It is not enough to have a budget, it is just as important to follow it. This allows you to record your planned expenses, and it gives you a certain poise and discipline when spending, as you would be conscious of the fact that a certain amount is meant to be spent on something important, that you have planned. Having a monthly budget that you can commit to is a great way to set yourself up for financial freedom, one that we highly recommend.

Your 20s are not going to be around for long. It’s a time where you can make key decisions with minimal consequences and still have time to recover. However, we urge you to learn from these eight tips and accompanied by hard work and perseverance, you can be sure of gaining financial freedom in your 20s.

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How to get the proper finance lawyer for your business



Businesses fail and near down everyday. Statistics display that globally, approximately 20% of small agencies fail inside their first year. There are many motives why those agencies fail. In Nigeria, however, a few agencies fail because of awful financial decisions. And that’s why each entrepreneur desires a terrific finance legal professional to provide the proper financial recommendation.

There are many a hit businesses in Nigeria that rent finance legal professionals to assist them address prison troubles regarding their finances. Some agencies even have robotic legal professionals that examine records and make correct monetary predictions for them.

Finance legal professionals have unique know-how representing their customers in monetary topics like securities, banking, and bankruptcy. They also are worried in agency registration, tax compliances, elevating capital, and drafting agreements for his or her customers.

For example, the Finance Act of 2020 has amended the tax legal guidelines in Nigeria, and agencies are required to conform with the provisions. A accurate finance legal professional will assist your enterprise to behave according with all of the tax legislations.

Hiring the incorrect legal professional can also additionally bring about grave effects to your enterprise which includes fines, liquidation, and proceedings.

A huge percent of proceedings in Nigerian courts are monetary disputes concerning many agencies.

Below are a few guidelines on how you may get the pleasant out of your finance legal professional:

Be organized to proportion important monetary records

Lawyers work with records and are consequently greater powerful while you offer them with all of the statistics regarding your enterprise.

Before you hire a finance legal professional, be organized to proportion all essential monetary records. Don’t conceal any records. Being open together along with your legal professionals will permit them to provide you the pleasant monetary recommendation to your enterprise.

Your finance attorney can defend your hobby in case you supply him/her get right of entry to to all of your economic information.

Do a few studies to locate the maximum certified Finance Lawyer

Most human beings count on that every one attorneys have the identical stage of know-how and expertise. But regulation exercise is a substantial area and each attorney has a favourite region of specialization.

While maximum attorneys are into trendy exercise, a few cognizance best on one or more than one areas.

Researching earlier than hiring a attorney way finding one with the proper know-how and ability set. Researching will assist you to rent the pleasant hand on your type of commercial enterprise.

A finance attorney who knows your commercial enterprise can permit you to lay a right basis and assist you keep away from issues which can crop up withinside the destiny.

Ask for a referral

One of the pleasant methods to locate the proper type of finance lawyer on your commercial enterprise is to invite for a referral from respectable lawyers.

Lawyers realize the energy and abilties in their colleagues and are usually inclined to refer you to best the pleasant of their area.

Another wonderful manner to invite for a referral is to seek advice from a fellow commercial enterprise proprietor to advise an skilled finance attorney.

Investigate the Finance Lawyer you must hire

With time, each attorney has a tendency to expand a reputation. While a number of them are exact, others aren’t so exact.

Take into attention comments approximately the finance attorney you must rent. Reviews and comments will assist you to determine if the attorney will make a very good worker or now no longer.

You don’t need to get worried with a finance lawyer who’s in courtroom docket with maximum of his/her clients.

One exact manner of investigating a attorney is to make inquiries at locations in which the attorney practices.

Court employees see attorneys paintings each day and feature a very good know-how in their exercise and personalities

Focus at the Finance Lawyer’s revel in

Experience is a big asset in regulation exercise. Experienced attorneys now no longer best make your activity easier, however they make fewer mistakes.

An green finance attorney is sure to depart you uncovered to economic factors as a way to damage your commercial enterprise.

Business proprietors have to consequently seek advice from best finance attorneys with substantial revel in of their commercial enterprise region.

For example, in case your commercial enterprise includes an worldwide transaction, it might be a awful concept to seek advice from a attorney with out a know-how of worldwide agencies.

Don’t forget: length matters

Many commercial enterprise proprietors are now and again torn among hiring large regulation companies or small regulation companies for his or her economic issues.

The type of regulation organization you have to rent on your commercial enterprise relies upon at the form of carrier you need.

If your commercial enterprise includes complex economic transactions then your pleasant wager is to rent a big regulation organization.

Big regulation companies have extensive networks and sources to push thru and get your activity executed in exact time.

Small regulation companies, on the opposite hand, can offer spark off and customized offerings on every occasion you want them.

Get a attorney you may afford

As a business proprietor, your number one goal is to make cash. Law companies also are run as agencies and installation to make cash.

Although the value of felony offerings does now no longer come cheap, they’re but negotiable.

Some business proprietors have made the error of attractive attorneys with out figuring out the value of these offerings.

Failure to discover the value of the felony carrier of a attorney or regulation organization will divulge you to paying some thing is provided as attorney’s expenses on the quit of the day.

Take word that our courts do now no longer comic story with attorney’s expenses as they consider a attorney merits his/her wages.

Have a written settlement

After discussing and agreeing with the attorney at the expenses and the mode of payment, insist on having the phrases written down.

Go through the settlement and in case you do now no longer apprehend any clause or provision, searching for a third celebration interpretation earlier than endorsing it.

With a written settlement, you’ll have a quite exact concept of the way tons you’re deciding to buy the felony offerings.

Wrap up on hiring the pleasant Finance Lawyer on your commercial enterprise

In commercial enterprise, whatever can happen. Business proprietors have to consequently take each step feasible to decrease their economic risks.

One of the pleasant methods to defend your self and your commercial enterprise pursuits is to rent a very good economic attorney. However, the onus is on you to hire pinnacle finance attorneys which have the proper revel in and abilties to assist your commercial enterprise thrive.

Don’t forget: it’s far higher to rent a very good attorney now than spend cash withinside the destiny seeking to extricate your self from trouble.

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