budgeting Lifestyle


Stay financially on track in 2023 by learning the basics of personal budgeting. Discover how to create a budget, manage expenses, and save money for future goals. Master personal budgeting and take control of your finances with our comprehensive guide

Personal budgeting

Ever heard of the commonly used Nigerian phrase “If I perish, I perish”? It is a buzz phrase used to denote the idea that you can spend your very last kobo on those impulsive wants of yours and suffer only for a little while as a result. You won’t die, that’s for sure, but your finances will.

If you’ve chosen to pick that phrase and run with it in this new year, then YPFG hates to break it to you but you are on the perfect path to a financial crisis.

To help break that squander streak this new year, YPFG has put together a thing or two that you will need to know to save your finances and it all falls under Personal Budgeting:

How do I begin budgeting when I have no idea what it all entails?

Personal budgeting is a form of financial planning that allows you to plan how your money will be spent. This can be over the span of a week, month, or year on end. It helps you better understand where your money goes, how best to save money, and what things it is possible to cut down on to save money and achieve other financial goals. It helps inform the money decisions you make toward achieving your dreams because you’re in control of your finances. Not the other way around.

It’s a good idea to revisit your expenses each year to stay aware of your progress toward your financial goals and the good news is, we are literally in a NEW year so why not just start? 

Luckily, YPFG has some tips to help you through it! ??

When starting out at personal budgeting, the key is to set realistic targets – be it for savings or spending. And remind yourself over and over again why you made the resolution when you’re tempted to give it up.  These ‘realistic targets’ need to be reinforced by certain questions: 

“How much money can I put aside each month?”

This depends on individual circumstances. Once you work out how much you have coming in and review your spending habits and debts, it should become clearer how much you can reasonably set aside. Do not set so much aside that your needs are threatened. Start small and build on it comfortably. Consistency is key.

Generally speaking, YPFG recommends adopting the 50-20-30 rule which means saving at least 20% of your income each month 

The 50-20-30 budget rule is a simple guideline designed to help you reach those financial goals. According to this rule, 50% of your income should go toward essentials, 20% should be saved, and the remaining 30% allocated to discretionary, non-essential purchases, and clearing your outstanding debt.

Bonus Tip?

Getting a trusted and all-time reliable financial advisor like YPFG may be a good idea to make sure you are keeping track and not falling off that financial wagon. We help review those goals and make modifications where necessary so, why not? Start the year on a good note by reaching out to us at yourpersonalfinancegirl@gmail.com today.

Summarily, seize the opportunity this season awards you by restating your financial resolutions simply and clearly for the New Year. Be cautious about setting too many or unrealistic financial goals or you may end up being unable to accomplish any of them. Take one step. Break one impulsive spending habit into another. It’s how you get there. 

We’re rooting for you! 




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