Money Matters: My year of Financial Freedom
By Lungowe Chitah Altus Capital
IF you are anything like me, January is a dreaded month. You find yourself in the same predicament; overindulging over the festive season which leaves me playing money catch up.
The New Year is a great opportunity to start fresh and make some changes in our lives. The most common New Year’s resolution is to lose weight or get in shape, but many of us will devote 2018 to saving more money (or spending less of it).
Whatever your resolution, getting and staying motivated is critical to achieving it. Your core motivation really needs to come from within.
The rules of engagement are simple really;
1. The first step is to assess where you are now. How well did you do with your 2017 goals? Are there areas to improve on? Are there areas where you did well and would like to build on?
2. Set SMART - Specific, Measurable, Attainable, Realistic and Time bound goals
3. If one of your goals is financial freedom, one of the simplest ways to stay motivated is to make a game out of whatever it is you are doing. (Credit card companies, retailers, and apps have known this for years, and that’s why they get us to rack up “points,” earn rewards, and reach new levels.)
We simply love keeping score and feeling like we’re making progress toward a goal. And that explains the popularity of one game many people use to help them save money:
Altus 52-Week Money Challenge.
The idea is simple: You start by opening an account with Altus Capital, this is an important step as it ensures you earn interest on your investment.
You start your investment by putting away just ZM10 (or ZMW100 if you can) in the first week of the year, and then gradually increase your savings by an extra ZMW10 ( ZMW100) a week throughout the year. So, you save ZMW20 or ZMW200 in week 2, then ZMW30 or ZMW300 in week 3, and so on, until you’re stashing away ZMW520 or ZMW5,200 in the last week of the year (next December). At the end of this you should have managed to have paid out ZMW13,780 ( if you went up in 10's) or ZMW137,800 ( if you went up in hundreds). Because you invested these funds with Altus, you should have racked up interest over the year and therefore have more money in your pocket.
No need to dread the month of January anymore.