NFUMI

Did you know??

Only eight percent of the world's currency is actually physical Money. No, the rest is not Bitcoin. The majority of transactions are all done digitally, so no physical currency exchanges hands.

Spend Less Than You Earn

* 50% of your monthly income on essentials
* 30% of your monthly income on wants
* 20% of your monthly income on savings

Live within your means, don't overspend, don't get yourself into debt and start saving now.

Basic Principles.

1. Spend less than you earn
2. Make the money you have work for you
3. Be prepared for the unexpected

NB; While the principle might sound like common sense, the real trick is to truly understand them, and more importantly,to apply them.

Personal Finance Pillars.
1. Assets
2. Debts
3. Income
4. Expenses

Reasons Why a Business Plan Is Important for Entrepreneurs.

What is a business plan? For people who are just starting out and forming their own company, whether it's a small freelance business at home or a new venture with an office and a starting pool of employees, there's a lot of importance to a business plan. It is a road map, an outline, a document that explains what your business is, what the goals of the enterprise are, and how exactly it will set about achieving those goals. So beyond being a document that identifies your business, what else does such a plan do for you?

1. Target Your Problems.

The importance of a business plan to an entrepreneur begins by helping you to identify your possible problems and challenges. It's one thing to aim for a goal of being profitable in the first year of operation, but how will you achieve that? A business plan forces you to get realistic and look at your numbers. This document often helps people to see where their real challenges and obstacles lie, making for a more pragmatic approach as the hard facts make their way into the plan.

2. Get Better Advice
The importance of a business plan to entrepreneurship can also be in the way it crystallizes just what kind of help you need. Merely telling a friend or potential business mentor you're aiming to start with ten employees, for example, is not an exceptionally detailed statement. Showing a business plan that outlines the exact duties, salaries, and expectations you have for employees gives far more information for people to provide advice about.

3. Organize Your Resources
A business plan is also essential as the primary guide for how you will structure and allocate your resources. It's here that you will see just how feasible it is to open an office, hire employees, and look at operating costs. The business plan can quickly show you whether you will be making a profit or running at a loss, and it shows how much those losses may be every month.

4. Approach Investors
For some, this may be critical. Investors want to know that you know what you’re doing. A business plan can often be the single most important document you can present to your investors that will provide the structure and confidence that they need to make decisions about funding and supporting your company.

5. Create Milestones
A business plan is also a plan of action. By laying out milestones, you now have targets to shoot for in the short, mid and long term. These goals also mean that you can "course correct" with greater agility if you have targets and realize that you may need to make some changes in order to meet them.

The importance of a business plan can be critical for entrepreneurs. Business may have some artistry to it, but real success comes from having a vision and being organized in the way you strive towards that vision. A business plan will help you immensely and in so many ways!.

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What Is Financial Discipline??

Merriam-Webster defines "discipline" as "a way of behaving that shows a willingness to obey rules or orders." Though most people associate discipline with social behaviors, it also applies to how you manage your money. Financial discipline refers to how well you are able to conform your spending and saving to the plans that you have set to achieve your monetary goals.

Make a Plan

If you don't have a financial plan in place, it's really hard to be disciplined about how you spend your money because you haven't created any guidelines for yourself to follow. When creating a plan, look at both the short-term and long-term dreams you have. While a budget is part of the plan, the purpose isn't to prevent you from spending any money. Instead, having financial discipline allows you to make sure you have money for what's most important to you.

Use Automation to Boost Discipline

Automating your savings helps you avoid the temptation to spend your money on things you don't need because the money never shows up in your general checking account. Many employers allow you to have parts of your paycheck deposited in multiple accounts. For example, if you want P200 to be saved for your emergency fund every month, have P200 deposited directly into a separate savings account.

Be Accountable for Your Spending

Making sure you track your spending helps you stay accountable for your money management. For example, if you know that you're going to review your spending each week, such as by entering your data in a program like Quicken, you can motivate yourself to think twice before you make an impulse purchase because you know you're going to see the mistake when you review your spending. On the flip side, as you build your financial discipline, you can see the fruits of your labor when you check your account balances.

Rewards of Financial Discipline

It might not seem like fun to turn down spur-of-the-moment outings with friends or purchases, but having financial discipline pays off in the long term. living within your means reduces your stress levels. And, you can make sure you have the money for the things on which you really want to spend. Using a program like Quicken allows you to see all your spending and saving in one place to see how your discipline is helping you reach your goals.