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Cultivating Financial Wellness in the New Year: A Message from Blessing Udofa-Poromon, Exchequer of the Nobles

Published

4 months ago

January 14, 2024

Stella Charles Akupue

Cultivating Financial Wellness in the New Year: A Message from Blessing Udofa-Poromon, Exchequer of the Nobles

Dear Esteemed Colleagues,

As we embark on this new year laden with possibilities and aspirations, I extend warm greetings to each one of you. The allure of a fresh start, akin to a blank canvas awaiting our dreams and resolutions, is undeniable.

However, let us ponder a more sustainable path to change that extends beyond the ephemeral nature of New Year’s resolutions.

At the forefront of our collective journey towards financial wellness, I invite you to consider the power of a simple yet impactful tool: creating a budget to meticulously track your income and expenses.

This endeavour not only grants you enhanced control over your finances but also empowers you to identify potential areas for savings and work steadfastly towards your financial goals.

Starting small yet being consistent is the essence of cultivating the habit of saving. By routinely setting aside a modest percentage of your income, you not only build a practice of saving but also create a financial safety net for unforeseen expenses.

Even seemingly minor contributions to a savings account can amass over time, providing you with both financial security and the means to pursue future opportunities.

While building the habit of saving may present initial challenges, your steadfast commitment to your financial goals will work wonders over time.

Here are some practical ideas to catalyze the enhancement of your saving culture:

The “Spare Change” Method: Save all your loose change at the end of each day. Small denominations may seem inconsequential, but the cumulative effect can be substantial over time.
The Lunch Room: Cultivate the practice of preparing your meals for lunch every day. This saves money and grants you greater control over your dietary choices.
The “No-Spend” Challenge: Avoid spending money on non-essential items for a period. This exercise helps identify unnecessary expenses and promotes improved spending habits.
The “Automated Savings” Approach: Establish an automated savings account by allocating a portion of your income to be saved before any discretionary spending. Ensure, however, that such transactions involve recognized and government-certified institutions with proven track records.

Remember, the essence of saving is about finding small ways to cut back, thereby nurturing your financial resilience for the proverbial “rainy day.” Every modest contribution accumulates over time, underscoring the significance of daily savings.

I am confident that we will grow together towards financial prosperity through discipline and conscious incremental steps.

Best Regards,

Blessing Udofa-Poromon
Exchequer of the Nobles