Eiii boys and girls, Father's Day dey come next year 2025! As fathers, we get responsibilities, especially making sure our family dey chop well. Whether you just start dey plan your money or you dey guide your kids, gettin' a good plan for your money go make big difference.
Step 1: Learn how to save money well well
If you wan get strong money, start saving regularly. Try save 20–30% of your money every month. No worry if you no fit do am perfect, the important thing be say you dey try. If you start dis habit, your future go be better, and you go teach your kids how to manage money too.
Step 2: Share your money into three containers
If you share your money into three containers, e go clear your eye and you go know where every cedi dey go:
- Container 1: Emergency Money: Keep some money for wahala wey fit come suddenly. Put like 5% of your money inside until you get enough to take care of six months of important expenses. Keep dis money where you fit get am quick and e no go lose value.
- Container 2: Short-Term Goals: Use another 5% for things you want buy soon, like school fees, fixing your house, or buying something you need. You fit put dis money inside debt mutual funds or fixed deposits.
- Container 3: Long-Term Money: Keep the rest, like 10% or more, for big things like your retirement or weitin you wan leave for your kids. You fit put dis money inside equity mutual funds, whether people dey manage am or e dey follow indices like Nifty 100 or Nifty Midcap 150.
Step 3: Get rules for how you dey take money decisions
If you get simple rules, e go stop you from making foolish money decisions when you happy or you vex:
If you get extra money or bonus: Share half of am into your three money containers. Dis go help you plan better for anyting wey dey come. Make you dey plan for your family future as a father o!