New Year, New Era, New Moments!!

It’s a new year coming!! We have all had a real earth shaking 2023, don’t you think? So, at this time, let’s take a short pause…to consider where we are now…and what we can improve on in 2024.

One of the major considerations we all have at the end of 2023 is “cost of living”. Inflation has spiked to up to 28.2% in the general Nigerian economy (as of November 2023) to over 50% on individual items, goods and services.

With daily costs going up and income remaining flat or near flat, we are all looking for ways to find a good balance. There are number of options available and here are a few to look into in the new year!! In no particular order, except for number one, here are 5 workable options:

1) Prepare a Budget…and use it!: Ask yourself a few questions and use numbers in preparing your answers: what are your key expenses and what do they cost? what are your earnings/inflows? what large payments do you have in the coming year and how much must you set aside monthly to meet these large expenses when they fall due? how much do you need to put into savings and how much do you need to put into investments? how much could you set aside for emergencies?

Once you have your list and your figures, review and reassess them. Keep your budget in view weekly and monthly and adjust where need be over the new year.

2) Diversify your investments: Consider the investments you have had leading up to the end of 2023, which ones remain sustainable and which need to be cut or restructured? Take action by maintaining your sustainable investments based on your #1 (your budget) and downsizing, eliminating or reallocating the ones that are no longer sustainable for you.

3) Prioritize, prioritize, prioritize: If you want it but don’t need it, forget it!!

4) (Re)Finance: With an increase in the number of loan and other financial support offerings from government and non-governmental institutions alike, we have more options for supporting some key expense items from our #1 (our budget). These are not to be taken at face value and each person must read the fine print before taking up any (new) loans or (new) debts. Know your risk limits and weigh your options, and…remember #3!

5) Take breaks: Whether it’s a short break of a few minutes to a few hours, or a long break for a few days to a few weeks, be sure to take some time away from your desk, your laptop, your phone, your office or your usual environment. It could be simply closing your eyes for a while, taking a walk or changing your immediate or geographical location. Take breaks over the year, don’t wait for another December or for only June/July; over the day, the week, the month and the year – Take breaks.

Congratulations on making it to the end of the year! TheGreenVisor.com team wishes you a great end of year celebration and a groundbreaking new year!!

Your online, virtual accountant and risk management team are ever ready to support you in managing and optimizing your financial and reporting needs.

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