2019 Action Plan

 Do you already have broad financial goals and you’re not really sure of how to get from point A to B? Well here are some action plans for you to take charge of your year and beyond.


1. Offset debt.

By debt, I mean loans, credit purchases etc. Yes, I know for some, paying back can mean clearing out your whole salary and that isn’t feasible. Well, a good way to start is to write out all debts, amounts and agreed on payback dates if applicable. This will help you determine which is urgent and which is not. Create a segment in your budget for debt clearing. So for every income you receive, a percentage goes towards debt repayment instead of waiting till it all piles up and then you may be forced to borrow again to offset an older debt. “Do not borrow money especially when it’s not a do or die affair, or something that will bring higher returns than the actual costs of borrowing”.


2. Create an Emergency Fund.

An emergency fund is a safe place for a financially conscious person. Now, what exactly is it? As the name implies, it’s simply money set aside for emergency cases. You know how life can be good and suddenly flip to the other side? An emergency fund can help lessen that harsh impact. An emergency fund is usually made up of 4-8 months’ worth of your current living expenses. Just imagine having this stashed up somewhere…I’m sure you wouldn’t have the need to borrow as much.


3. Explore your options.

Yes, we all know you are currently saving X amount of money monthly but is that really all your money can do? Never keep your money idle because you’re cheating your future self. That being said, feel free to walk into your bank to find out about special accounts that can benefit you, visit investment houses, speak to a finance coach or even read on different ways to maximize your current savings.


4. Find your tribe.

It’s proven that if you have a goal in mind, associating with people with similar goals will increase your chances of success. Have at least one financial expert in your circle for accountability. Social media can really help as well. You can follow people on a similar journey, read blogs/articles (like you’re doing now lol), connect with the professionals, join a finance club, have an accountability partner(s) etc. and you’ll see that this finance business isn’t really as daunting as it seems. Moving forward, I’m going to leave you with a guide by the admirable Dr. Tayo Oyedeji (@tayooye on Twitter). “The BIG 7 – The most important questions to answer about your finance in 2019. The following questions cover the basic first steps of financial independence.


I will appreciate it if you would do the following:

1. Grade yourself.

2. Share your grade.

3. Share your plans for improving those grades in 2019.


1. Emergency Funds: Have you saved the equivalent of 1-month salary in a basic savings account? – 20 Points

2. Six-Month Cover: Do you have the equivalent of 6-months living expenses in a high yield investment instrument? – 20 points.

3. Debt elimination: Are you completely debt free with the exception of your house mortgage? – 20 points

4. Multiple streams: Do you have at least two income streams? – 10 points

5. Saving Plan: Do you save at least 20% of your monthly income? – 10 points

6. Will and life insurance: Do you have a will that protects your family? Do you have life insurance? – 10 points.

7. Education fund: Do you have a savings plan to ensure that your kids can have a good education even if something happens to you? – 10-points”


I would love to know your scores and your plans of moving forward. If you need accountability support, feel free to send a mail or DM.

Instagram- Bee_Abbahu
Mail- blessing_abba@yahoo.com


-Blessing Abba

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