Having issues budgeting and saving? This guide blends in perfectly with Nigeria’s economy. Both beginners, experts, anyone at all can benefit from these tips I will share with you in a bit.
In this article, you will find:
- What are budgeting and saving
- Reasons why you need to budget and save
- How to budget and save even with a terrible economy
What are budgeting and saving?
Saving money involves keeping money in a safe place that you have access to. Having money saved gives you something to fall back on when multiple needs arise.
Regardless of whether it is returning to school, or beginning another business, your savings will help you out. Budgeting on the other hand involves making plans on how to spend your money. Budgeting is known as a spending plan. Making this plan permits you to decide ahead of time whether you will have sufficient cash to do the things you need to do or might want to do.
It is a significant process to assist you with dealing with your money by levelling your expenses with your pay.
If you don’t adjust and you spend more than you make, you will have an issue. Many individuals don’t understand that they spend more than they acquire and gradually sink into debts.
Why should you budget and save your money?
Saving is a good practice, for families, organizations, and business ventures, for everybody. Developing the propensity for saving is very useful. You should start saving today because the benefits, in the long run, are bountiful. Saving helps you to achieve goals in the present moment (buying a new phone) or in the future (probably purchasing a house).
Saving assists us with covering startling costs, like illnesses such as cancer. Budgeting gives you the liberty to create a spending plan for your money. It guarantees that you will consistently have sufficient cash for the things you need and the things that are imperative to you.
Following a spending plan will keep you in the clear financially or assist you with working right out of debts in case you are in one now.
How do you save money with a terrible economy like Nigeria’s?
- Progress tracking and accountability – Enlist support from a companion or relative or utilize a savings app like cowryrise or piggyvest so you can stay committed and focused on the budget. It does nothing but bad to make a spending plan and afterward dismiss it for the remainder of the month. Especially when settling debts is an essential objective, you need to ensure your monetary action lines up with the current spending plan.
- Set attainable goals each month – To be fruitful in your savings plan, it is useful to lay out objectives. Such objectives ought to be attainable. For example, “save one million naira each month” is not attainable for someone with a salary of 500,000 naira monthly. But, “save 100,000 naira monthly” is attainable for that person. Getting into a daily schedule of laying out little objectives consistently, monthly, and yearly assists with forming a sharp understanding of your financial capability and make it simpler to stay away from financial issues. So, get a saving buddy (could be a person or an app), save as much as you can off your monthly pay. In cases where you don’t have a stable income, take an average of your total earnings in three months and save accordingly to your goals.
I hope these saving tips were helpful.
Start saving today.
How to make effective decisions in seven easy steps
Every decision we make, either positive and negative has a tremendous effect.
That is why one needs to weigh all alternatives available with caution, for effective decision making. Why do you need steps to follow before making a decision? Because it makes decision-making a lot simpler. Deciding without planning usually ends in disaster. The steps I will outline below will provide a standard of measurement. When next you make a decision and you follow these steps, they will help you recognize if you are going towards your goal or going further away from it.
Steps for Effective Decision Making
- 1. Specify the decision to be made. Firstly, you need to define the problem or situation that requires decision-making. It could be something as simple as deciding on a dinner outfit or something as complex as deciding a career path.
- 2. List out your option. Even if the situation seems limited, try to make a list of possible options. Don’t evaluate at this point, just write what comes to your mind. Whether the idea seems crazy or not, put it down. You can always cross it off the list.
- 3. Go over each option and weigh the outcome. List out every possible outcome for each option, whether it be negative or positive, put it down. Is the outcome worth it? Would you be able to forgive yourself after that kind of outcome? Answer all these questions before moving to the next step.
- 4. Talk with your intuition. Imagine your ideal self, what would he or she think of this decision? If he or she wouldn’t, what would they have done differently? Picture every outcome in steps 3 and grade which of them you felt proudest of. Which of the outcomes made you feel like a better person?
- 5. Make a choice. Yes, this is the hardest step. You must be ready to accept whatever comes out of that decision. You should be ready to bear the responsibilities.
- 6. Execute your decisions joyfully. Don’t drain yourself thinking about the other options you could have gone with. Go ahead and implement your decision with joy.
- 7. Evaluate your decision. This is the most important step. If you don’t take time to go over your decision, you won’t learn valuable lessons from it. Ask yourself feel questions. Was the result you got expected? Would you make this same decision again? Draw wisdom from the decision you have made.
In conclusion, always weigh the pros and cons before making any decision. Follow these seven steps closely for effective decision-making.
Top 20 Items You Can Export From Nigeria And Make Dollars
–Exporting items from Nigeria to other countries of the world is very lucrative and can build both personal and national wealth over time
Why we are not exporting enough products from Nigeria to other countries is a mystery. I want to expose to you the top 20 items you can export from Nigerian and make dollars. People used to think that its only oil-related products that can be exported from Nigeria. That is not true.
There are numerous raw materials that you can export from this country. In fact, it might really interest you to know that there are made-in-Nigeria goods that could be yielding enough foreign exchange to the country.
Exporting non-oil products to other countries is not too difficult. All you need is to have a company that is export-ready and adheres to the strict international standards guarding import and export. Start from the list below.
List Of 20 Items You Can Export From Nigeria And Make Dollars
Exports From Nigeria
1. Garlic and ginger
Ginger is one of the most traded spices in the world which Nigeria happens to be among the largest producers. Why we are not exporting ginger in large quantities is beyond me. You can start a Trans-Sahara or Trans-Atlantic trade with these goods and be making dollars on regular basis. Garlic is also on top of the list of items you can export from Nigeria.
2. Cocoa Butter
These are the real sources of chocolates of all types. The fruits of Cocoa are used for the production of various skincare products, health products, and pharmaceutical products. The demand for Cocoa is very high in both America and UK and that is why cocoa farming is very essential in Nigeria.
3. Textiles and Garments
This industry alone generates close to $32bn as revenue from export from Nigeria. It is also a fact that, unlike other products that battle with high strict rules of tests, Nigeria’s textiles enjoy duty-free passage into the United States where it has the largest market in the world because of its unique designs, ethnic African designs, and quality.
4. Palm Kernel Oil
Palm Kernel Oil is the oil extracted from the pulp of palm fruit which is different from palm oil. Palm Kernel Oil is used for the manufacturing of various cosmetics, pharmaceutical products and confectioneries. The uses of this oil are broad and the mineral contents are said to be rich in protein for various uses. Nigeria has its quantum and makes dollars exporting it to other countries of the world.
This is a clay-like solid substance gotten from the gallbladder of matured cows and oxen. The size could be as big as a chicken egg. Gallstone is a hotcake for foreign pharmaceuticals because they use it for medical purposes. If you could lay your hand on a good quantity of well-dried gallstone about 100g that is well packaged, ready buyers are waiting for it in either Asia or America.
Nigeria has put in place proper Central Testing Laboratories to ensure that only certified products leave the country to Europe and America. Nigeria happens to be a significant producer of Rubber in Africa. A cubic meter of fine quality rubber goes for between $400 and $600 presently because of the instability of the dollar rate in the market.
7. Sesame Seed
This may sound a bit strange if you are not from the area where it is produced in the country. Sesame seeds can be found in quantity in places like Benue and Jigawa states in Nigeria. This product ranks second to cocoa in terms of export volume and foreign exchange earnings. Nigeria is the 5th largest producer of this commodity and shipping it into foreign countries brings dollars to exchange.
Pure honey is another export commodity from Nigeria to other countries. Presently, a kilogram of honey costs above $150 in the international markets. Pure natural honey contains trace enzymes as sugar, mineral, vitamins, and amino acids. A liter of honey can fetch good dollars in the foreign market.
The Niger Delta region in Nigeria is blessed with rich organic deposits of Shrimps. The demand for Shrimps is high in countries like Portugal, France, Belgium, Spain, and the USA.
Garlic is a cash crop that is grown under irrigation by farmers in the Savanna areas in Nigeria. With internationally certified good quantities of garlic, you are sure of foreign hard currencies.
11. Yam Tubers
Nigeria is presently the highest producer of yam. In 2009 alone, yam export accounted for about US$450 million exchange. But due to low quality, it is saddening to know that the country is not maximizing its export potentials of these products. So there is a need for prospective exporters of yam to foreign countries to adhere to quality regulations that is guarding the process. Yam farmers must take this into consideration and tap from this opportunity.
This is at the forefront of the international market. This product which is produced in good quantity in Nigeria with now perfected technology has about 50% ROI. Even an individual can own a charcoal production outfit and have exporters shipping it for him. A large market for charcoal exists in ASIA, the EU, and the USA. A ton of this product goes for about $1000.
This sector recently received a boost from the National Cotton Association of Nigeria (NACOTAN) of N33 million to rehabilitate it. Cotton is the most natural source of fiber and it is in demand internationally.
14. Cassava Flour
We already know that Cassava is food for all in Nigeria because of various methods of preparing it. There is a need for this in foreign markets as well. The demand for well-processed cassava flour is increasing both in Europe, the Middle East, and America.
15. Cashew Nuts
Almost every part of the country has the potential to produce this international commodity. A great quantity of unprocessed raw cashew nuts is exported to India, Brazil, and Vietnam where they are processed into kernels and moved to Northern America and Europe where they are sold for about $2 per pound. The demand is on the increase from these consuming countries.
If you can produce snails in good quantity, there is a ready market for you. Snails are hotcakes in Europe and America. The good thing about this is that it is very easy to rear as it produces rapidly with close to nothing in expenditure for feeding.
17. Chili Pepper
Nigeria is blessed with good weather which supports the proper growth and production of the internationally accepted pepper. If you can grow and source for the export opportunity, you are sure to get it.
18. Fruit Juice
It may sound somewhat strange to many that Nigeria provides an export opportunity for fruit juice concentrates. Yes, we have it because Nigeria can boast of so many naturally grown fruits all over the country which provides the best of fruit juice products of great quality. The opportunity for Nigerian fruit concentrate export is huge in the USA.
Forget about the fact that some greedy Nigerians go about smuggling chicken into the country. When we talk about poultry, it involves all domestic birds, eggs, or meat.
Nigeria poultry farm products are still highly needed both within Africa and Western countries because Nigerian weather conditions for poultry farming still remain the best. Poultry products export from Nigeria is an avenue that is still highly untapped.
20. Cosmetics and Soap
Nigeria has grown in this very important area but the only challenge that is holding us back is the procurement of good technology to produce cosmetics in great quantity to compete favorably with other developed countries.
Soap making, which extends to other toiletries, laundries, and so on are already export opportunities waiting to be invested in. Nigerian cosmetics products can be exported to other African countries where they are badly needed.
Nigeria has a big market in the soap industry already which other neighboring countries travel thousands of kilometers to get in big quantities to sell in their countries for good profits. If that area is properly looked into, the investment opportunity there is still a virgin. If well harnessed could mean a huge opportunity for foreign exchange. This exchange will further improve the underused avenues of the cosmetics and soap industry in the country.
If the exporters from Nigeria could strictly follow the rules guiding export, more avenues can be opened up for others who are aspiring to join in making export from Nigeria available to other countries around the world.
How to Become a CWAY Distributor in Nigeria
If you want a business where you don’t need to have products of your own, but instead sell other people’s products, then becoming a distributor is one business you should consider.
However, becoming a distributor is big business. Therefore, you will need to have the needed funding before venturing into it. An important consideration to make is to select a successful brand as this will help the growth of your business. Why are we discussing this?
If you have had a burning desire to start a water distributorship business for a major brand, then this article will give you the needed guidance. CWAY is arguably one of the fastest-selling drinking water brands in Nigeria.
However, its operations are not only restricted to Nigeria as it is spread across Africa and Asia. The sheer population size of Nigeria, coupled with its location in the tropics makes it a huge market for CWAY. This is rightfully so, as the company has used this to its advantage.
Although there are a lot of other competitors, CWAY has carved a niche for itself through the provision of reliable products. It has also invested a lot in advertising its brand. Little wonder why it has achieved a household name status in Nigeria.
What CWAY Offers You
As a CWAY Distributor, you have the advantage of representing a reputable brand well known for its high-quality Fast Moving Consumer Goods (FMCG). Because of the confidence the company has earned among Nigerians, you’re rest assured that your business will have high patronage. Although located in Lagos, its products have a nationwide reach. So if you live outside Lagos for instance and wonder which procedures to follow, wonder no more. Wherever you live in Nigeria, CWAY will reach you with its products.
How to Become a CWAY Distributor
In your quest to become a CWAY Distributor, there are definite steps you need to follow to obtain distributorship rights. In its bid to expand its market size, the company allows you to apply for such rights. However, you must be a registered business. This is necessary as CWAY prefers doing business with registered entities. This ensures that all agreements between you and the company is legal. A registered business is likely to be more organised and well run than one which is not.
An additional requirement for becoming a CWAY distributor is the possession of a warehouse or store. Whichever state you may choose to operate your business in, this is very necessary for smooth business operations. The warehouse is required to serve as a holding room for all CWAY products which will be supplied to you. In addition to the above, you must have a delivery vehicle where you can easily distribute products to retailers or sub-dealers. Here, the number of delivery vehicles is not specified, but the minimum requirement is one.
CWAY is comfortable doing business with individuals with good marketing skills. If you possess it, then you stand a chance of expanding your business considerably and also getting the full support of CWAY. Because the company needs partners to help in effectively marketing its products further, it gives this a top priority. If you possess good marketing skills, selling your business or attracting new clients will be second nature to you. It is interesting to know that this skill is essential to every type of business.
Apart from the requirements provided above, there are still more such as completing and submitting an application form. This notifies the company of your intention to do business or become a partner. What follows is an invitation to discuss business. It is important to note that you are required to have the necessary funding to start this business. Although it has not been made public, you will be given every information you need during the application process. An alternative way to find out the cost is to ask any CWAY dealer nearest to you.
After meeting all the above requirements, you can visit their head office at Plot 6 Block H, Oshodi Industrial Scheme, Oshodi Apapa Expressway Oshodi B/stop Lagos.
👉As revealed above, becoming a CWAY distributor is not rocket science, as all you need to do is follow the simple guidelines provided above.
Entertainment3 weeks ago
MTV EMA 2021 Winners: See the Complete List of Awardees
Entertainment2 weeks ago
“Thank you for making the lifting of others, a cornerstone of your endeavour” – Atiku Abubakar hails Davido on 29th birthday
Entertainment2 weeks ago
DJ Mitchell: She faked her own death and should be arrested – Kemi Olunloyo
Music2 weeks ago
VIDEO: Davido Ft. Focalistic – Champion Sound
Music2 weeks ago
Kizz Daniel – Barnabas EP(Mp3 download)
Entertainment2 weeks ago
Fans argue why Wizkid doesn’t engage his fans like Davido
Sports2 weeks ago
Official- Manchester united sack Ole Gunnar Solksjaer, to pay him £7.5m severance fee
Entertainment2 weeks ago
A Collection of Flawless Family Photos as the Eduns Celebrate Their Father at 80