Financial advice to a one year old

Hey! Osivela, you know what day it is today? 18th April 2015. Ringing any bells? It should actually — you have clocked one year. Up to now, you have been a baby but you have now graduated into an infant. How sweet is that — dance dance dance, Osivela! Oh! small person, my baby!

You see, this article will remain in the archives and so in years to come should we lose this article, go to the Weekend Nation and ask for this article — they will fish it out for you. You may not need it now but in years to come, you will find it in the archives for your reference. You can share the same to your children, Osivela.

Allow me to introduce you to the world of personal finance management, Osivela, my beloved daughter.

You see, managing your personal finances is a very critical task, which needs to be carried out for a successful long run financial stability and health. However, this is a very tough task especially when the amount of money earned is considerably low. By inculcating few of the very essential habits of managing personal finance, a person can achieve to save something by the end of each month. Irrespective of the amount of money that is earned by a person in a month, it is very essential that the amount earned needs to satisfy the requirements (needs) before wants are considered. Stop playing with the toys, and listen to me Osivela. This is serious talk.

First, in the modern world, the path to a healthy personal finance life is a good education. Nobody should ever cheat you out of education, Osivela. Consider education your second parent on earth. When your mum and I are long gone, education will take care of you, Osivela. Remember, I said education, not your spouse. Spouses can torture you for all that they may give you but they will respect you like the queen that you are if they know you don’t need them to survive other than wanting them for their love alone. I am happy you stopped playing and looked your brothers in the eye, Osivela — may you be your brothers’ keeper, always reminding them of the importance of education.

By sensibly managing your personal finance, you can live a comfortable life in terms of healthy eating, environment, sufficient clothing as well as shelter. Osivela, you need to satisfy your demands with the amount of money that is earned and not by borrowing money in excess to what can be easily repaid. Good habits for managing your personal finance can be inculcated from very early in life by how you manage your money.

You should remember to keep a track record of your day-to-day expenditure: This is perhaps the first step towards starting to manage the personal finances. Through the record, you can check where the money is actually going and which items you are spending the most on. Surprisingly, you may find that expenses can be considerably brought down by introducing few alterations on non-essential products/services.

One other important tip, put money for savings aside before you start spending your pay check. This is one of the biggest secrets in managing your personal finance. So, after you get a pay check, instead of distributing money for varied purposes, firstly take some amount out for the intention of saving it for yourself. Unfortunately, most people indulge in paying the bills first when they get a pay check.

When you grow up and go shopping, it is very important to always shop by list. It is advised that when you go on shopping, go with a pre-determined list. This will help you in curtailing unwanted items or services that are sometimes purchased on impulse.

Ultimately, in order to enjoy a secured future after you finally retire, Osivela, it is strongly suggested to start managing your personal finances from the first pay check you get. Managing your personal finances is a very easy task provided self-discipline is adopted. The returns that you will enjoy from managing your personal finances are really valuable.’

Osivela, you are privileged to be listening to this advice when you are just one year old, others have learned the hard way because they never had anybody to tell them at such a tender age.

Enjoy your birthday today, Osivela! You will never ever know how much you mean to me, your mum and brothers! We wish you many more happy, healthy and prosperous years.