FirstCred implores consumers to change negative habits

Micro lending firm, FirstCred has implored the nation to adjust its financial planning to survive the unrelenting impacts of COVID-19 pandemic

Chief Operations Officer at FirstCred, Ambrose Batsalelwang says it’s necessary to alter expenditure and size down, to avoid being overwhelmed. “A significant way to do this is by cutting down on entertainment costs and being more economic on how you spend your money, an example of this is opting to eat a homecooked meal as opposed to eating from restaurants,” said Batsalelwang.

He warned that there is no sight yet of the end of the pandemic, urging consumers to use the time to re-evaluate and change negative habits, for a better future. “Ensure you put systems in place that will permit you to persist with your savings plans, cost reduction schemes and investment ventures. Rigid discipline is required to optimize and revolutionize your financials,” said Batsalelwang.

He challenged consumers to manage basic components in their financial structure, which are assets, debts, income, and expenses.

“Managing these vital components will help you determine and dictate the state of your finances and your current net worth. Through consciously attending to the health of your accounts, cut down on key costs, save as much as you can, set up long-term investments and be committed to this process,” said Batsalelwang.

Batsalelwang said consumers have to align resources to the new normal, as COVID-19 has impacted livelihoods holistically. “Making use of fixed savings and interest-accumulating accounts which restrict easy access to your money allows you to be more efficient in your savings.”