All in Personal Finance

Emergency Funds and How to Plan For Financial Shocks

Emergency Funds and How to Plan For Financial Shocks

Elizabeth Okandeji
Personal Finance

Borrowing to cover unexpected bills can be the start of a financial hole that’s difficult to come out of. Having an emergency fund set aside for this unexpected circumstance can save you from creating a hole.

An emergency fund is money saved aside for unanticipated expenses in life, such as auto repairs, hospital visits, and even job loss. This money offers you the authority to pay over funds to cover huge and little surprises that may arise.

These economic challenges can happen to anyone but how would you be able to scale out of the situation if it came out of a reduction in salary or unemployment? Or an unexpected circumstance that happens out of the blue?

Even during the prosperous decade of the 1990s, many people failed to put away enough money for rainy days. In this article, we will look at the importance of emergency funds and how to build an emergency fund. 

The Challenges and Importance of Saving as a Young Nigerian

The Challenges and Importance of Saving as a Young Nigerian

Ijeoma Anaka
Personal Finance

The onset of COVID-19 profoundly impacted the world, and its effects are still palpable today. With some regions not having fully bounced back from the spiral effect of the virus, the recovery has been slow. The lockdown affected economic activities, strained our finances, and challenged the government to help people out of their financial misery. Due to the pandemic, the projected global economic growth in advanced economies is expected to slow down to 0.5% in 2023 from 2.5% in 2022, while emerging economies are expected to decline to 2.7% in 2023 from 3.4% in 2022.

Budgeting: How to be Successful at it

Budgeting: How to be Successful at it

Diani Alvarenga
Personal Finance

One of the most important things in life is learning to be organized when it comes to handling money. Having a budgeting plan is essential because it may help you prepare for emergencies, avoid being in debt, or be able to make important purchases. However, telling people to budget can be easier said than done. Budgeting can become difficult to achieve because it can be quite a challenge. Sometimes, people have no financial motivation, and this causes them to be irresponsible with their money. To be successful in budgeting, you need to think about ways you can prevent yourself from struggling financially.

The Lottery Curse

The Lottery Curse

Jasmine Rawson
Personal Finance, Microeconomics

In March 1995, a used car trader named Lee Ryan won the lottery for £6,527,880. At the time, he lived in public housing built by local authorities in Braunston, England with his girlfriend and their three children. After getting married that summer, he spent £1 million on a country mansion and a variety of cars including a Bentley, Ferrari, Porsche, and BMW. He also bought two Ducati superbikes, a £125,000 plane, and a £235,000 Bell JetRanger helicopter. His entire life had been turned around. He had “prayed to God to make him a millionaire” while he had been serving a prison sentence for stealing cars, and it seemed that his desires had come to fruition. However, his life of joyful lavishness later faded as he and his wife split in 2003, and he lost about £2 million in failed business ventures and property investments. After countless losses, he eventually chose to reside in a rented flat in South London with homeless lodgers. In regards to the lottery, he claimed “the money was cursed” (Charlton 2014).

Indebted Eight-Year Olds

Indebted Eight-Year Olds

Peyton Stanley
Personal Finance

It used to be that one of the main initiations into adulthood was opening up a checking account in your late teens or early twenties. All those years of begging your parents for their spare change so you could buy a soft pretzel at the mall with your friends or pestering them to make the payment for your annual summer camp were now gone. Like cell phones and other maturing privileges, the timeline to receiving a debit card has been sped up as well. Now, companies across the country are extending their services to children of all ages. With this early start to banking, parents and bankers are also faced with unforeseen risks as children begin to swipe their cards.

The Lottery Curse

The Lottery Curse

Jasmine Rawson
Personal Finance, Microeconomics

In March 1995, a used car trader named Lee Ryan won the lottery for £6,527,880. At the time, he lived in public housing built by local authorities in Braunston, England with his girlfriend and their three children. After getting married that summer, he spent £1 million on a country mansion and a variety of cars including a Bentley, Ferrari, Porsche, and BMW. He also bought two Ducati superbikes, a £125,000 plane, and a £235,000 Bell JetRanger helicopter. His entire life had been turned around. He had “prayed to God to make him a millionaire” while he had been serving a prison sentence for stealing cars, and it seemed that his desires had come to fruition. However, his life of joyful lavishness later faded as he and his wife split in 2003, and he lost about £2 million in failed business ventures and property investments. After countless losses, he eventually chose to reside in a rented flat in South London with homeless lodgers. In regards to the lottery, he claimed “the money was cursed” (Charlton 2014).

Indebted Eight-Year Olds

Indebted Eight-Year Olds

Peyton Stanley
Personal Finance

It used to be that one of the main initiations into adulthood was opening up a checking account in your late teens or early twenties. All those years of begging your parents for their spare change so you could buy a soft pretzel at the mall with your friends or pestering them to make the payment for your annual summer camp were now gone. Like cell phones and other maturing privileges, the timeline to receiving a debit card has been sped up as well. Now, companies across the country are extending their services to children of all ages. With this early start to banking, parents and bankers are also faced with unforeseen risks as children begin to swipe their cards.

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