2017 has come and gone.

2018 is here.

Looking back, I can only appreciate God, my family and friends for the milestones I have achieved thus far.

One important lesson I have learnt from reflecting on my last day in 2017 was the issue of personal financial planning.

I was discussing with a trusted friend and we had this debate about a jacket he said he could not afford at a particular retail store. I was surprised because he sure does earn a lot not to be able to afford a jacket. He then explained that he allocates money for all his expenses. He argued that the jacket was a want and not a need and so he was prepared to wait for it until it was available on SALE. To cut the long story short, this debate made us discuss my monthly expenditure (which I had never done before then) and realised that I spend more than I earn and if I were to put my expenditure in salary terms, I would be earning twice his salary.

He, like many others, believe in saving for the rainy day or for specific projects. I, on the other hand, prefer to look at projects I want to embark on and then engage in business activities (executive education and training) that will help me realise the amount required for the investment. This has over time worked for me. However, I have come to realise that if I had a personal financial plan in place, I would have achieved a lot more.

This 2018, budgeting my income will help me track my spending such that I can stop spending when I have reached the limit for each budgeted item.

This 2018, budgeting will help me save and invest in projects not like the instantaneous projects I embarked on in the past.

For you my friends, budgeting your finances should be a habit. If you have been living like me, it’s high time you started your own personal financial planning.

No matter how much you think you know, you learn every day!

HAPPY NEW YEAR!!