Welcome to the month of February .

Posted on Posted in Personal Finance Advice

Welcome to the month of February. I pray it will be a great month for us all. I didn’t blog often in January and it was not deliberate. To be honest I was lazy about it but then on the plus side, I improved my social media skills and I started playing around and posting on Instagram, twitter and on my Facebook page. So if you are not following me on twitter and instagram @akaglue please make sure you do so as not to miss any of my updates. 

I am running a 12 weeks money challenge, you can read more about it HERE. So far it has been interesting, howbeith challenging. 38 people signed up for it, but 27 people are active.  In January, we focused on setting financial goals and building our monthly budget, we also worked on overcoming bad spending habits and developing a savings culture. For this month of February, we will be focusing on creating and growing multiple sources of income.

It is never advisable to have only one source of income and now coupled with the high rate of inflation and increased prices, it is of necessity that everyone has at least two sources of income.  Fixed income earners are the worst hit in this period of recession as their real income have been automatically slashed due to rising inflation rate. Sadly, unlike business owners, they have no one to pass on the increased cost to thereby having a reduced disposable income.

If you find yourself in this situation, you have two choices;

  1. Cut costs by adjusting your spending, switching brands and sticking to your budget.
  2. Make more money so as to make up for the lost earnings.

I will be sharing tips in my subsequent blog posts  on how to start/grow your second source of income. It starts with generating an idea and being making up your mind to be intentional about it which I will be expatiating about in my next post.

Don’t forget to follow me @ akaglue on my other social media handles (twitter and instagram) so as not to miss any of my nuggets.

God bless all.

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