How time flies. It’s a new year again with new beginnings I hope despite the political environment. I did make some resolutions in the beginning and despite the fact the first month isn’t over I have only two of them left and it’s a struggle to keep them.
Talking about resolutions, I am concerned with the recent turn of events related to our brothers and sisters change in luck with regards to personal finances. It is no secret that financial management is not one of our strong suits. My worry is that a lot of waste will be seen and regrets will result eventually. I need not say what the consequences are for bad financial management. Even small business lenders like microfinance institutions have a follow up system to ensure funds are spent appropriately. How difficult will it be to appoint people to do the follow up for the funds? Is it not possible to let the recipient name a person they feel ca guide them to ensure the funds are not wasted? I know everyone had plans on how they were to spend the monies. The question is how well do the recipients of the funds follow their spending plans that is, if he plans were actually genuine. Are there any feasibility requirements for the plans before cheques are issued?
I have a few words of advice for the recipients of the funds.
Talking about resolutions, I am concerned with the recent turn of events related to our brothers and sisters change in luck with regards to personal finances. It is no secret that financial management is not one of our strong suits. My worry is that a lot of waste will be seen and regrets will result eventually. I need not say what the consequences are for bad financial management. Even small business lenders like microfinance institutions have a follow up system to ensure funds are spent appropriately. How difficult will it be to appoint people to do the follow up for the funds? Is it not possible to let the recipient name a person they feel ca guide them to ensure the funds are not wasted? I know everyone had plans on how they were to spend the monies. The question is how well do the recipients of the funds follow their spending plans that is, if he plans were actually genuine. Are there any feasibility requirements for the plans before cheques are issued?
I have a few words of advice for the recipients of the funds.
- Money is not a measurement of power. Having more money today doesn’t mean that you are more powerful as a person don’t go on a spending spree to show people that you can now afford buying more stuff(most of which you can probably do without).
- Your spending plan should be simple. Have a clear goal. Know how to achieve it. Ask advice if anything is unclear of if someone else you know has done the same thing/business (saves you from making costly mistakes you cannot afford).
- Remember your past spending mistakes and avoid them at all cost, do not try get-rich-quick schemes. No one ever made money overnight. Work longer and harder than you did before you got the money since you now have more to lose in case you fail.
I could go on and on about what you need to do or not but at the end of the day each one of us needs to be honest with themselves and review how they have spent such funds in the past and how they are willing to learn from that and make improvements this time.
Thought of the day
Spend wisely and encourage each other to do the same.
Thought of the day
Spend wisely and encourage each other to do the same.
