My name is Tunde, and I’m a financial trainer here in Lagos. I’ve spent years teaching people how to manage their finances, but my journey started with a simple realization: to achieve financial freedom, I needed to build daily habits that aligned with my financial goals. It wasn’t an easy road, especially within the Nigerian system, where economic challenges are constant. But with determination and the right habits, I’ve managed to not only stay afloat but thrive. Today, I’ll share the habits that have shaped my financial discipline and growth, and how you can adopt them too, especially if you're juggling student loans or other financial obligations.

1. Budgeting Daily with Technology

The first habit that transformed my finances was daily budgeting. I realized that if I didn’t tell my money where to go, I’d end up wondering where it went. I started by using a simple notebook to track my expenses, but soon I transitioned to digital tools like mobile apps. Apps like Money Manager and Expensify are perfect for tracking every naira spent, categorizing expenses, and setting spending limits.

Step-by-Step Solution:

• Set a Daily Budget: I started with a weekly budget, but quickly moved to daily budgets. This helped me stay on top of my spending without feeling overwhelmed.
• Use a Budgeting App: Download a reliable budgeting app and link it to your bank accounts. This way, all your transactions are automatically categorized.
• Review Daily: Every night, I spend 5 minutes reviewing my expenses. This helps me adjust my spending for the next day and ensures I’m staying within my budget.

In Nigeria, where expenses can fluctuate unexpectedly, daily budgeting gives you control and flexibility. Whether it’s managing transportation costs or unexpected expenses like a generator repair, knowing where your money is going daily is key.

2. Investing in Knowledge and Skills

While managing my finances, I quickly learned that investing in myself was as crucial as saving money. I dedicated time to acquiring skills that would increase my earning potential. In the digital age, knowledge is power, and platforms like Coursera and Udemy offer courses that are affordable or even free.

Step-by-Step Solution:

• Identify High-Demand Skills: I researched skills that were in demand in Nigeria, such as digital marketing, coding, and data analysis.
• Take Online Courses: I enrolled in courses that fit my budget and schedule. For instance, I took a course in digital marketing, which opened doors to freelance opportunities.
• Apply the Skills: Learning without application is a waste. I immediately applied these skills in my work and even started offering my services on freelancing platforms like Fiverr and Upwork.

This habit of continuous learning not only increased my income but also diversified my income streams. For anyone struggling with student loans, investing in high-demand skills can be a game-changer.

3. Automatic Savings: Out of Sight, Out of Mind

Saving was something I struggled with until I discovered the power of automation. By setting up automatic transfers to my savings account, I could save without even thinking about it. This habit has allowed me to build an emergency fund and save for bigger investments.

Step-by-Step Solution:

• Set Up a Savings Account: Open a separate savings account dedicated to your goals, whether it's paying off your student loan or saving for a house.
• Automate the Process: I set up an automatic transfer of a percentage of my income on payday. This ensured I was saving consistently.
• Forget About It: I treated my savings like a bill—non-negotiable. Once the money was in my savings account, I didn’t touch it unless it was for the intended purpose.

In the Nigerian context, where financial emergencies are common, having an automated savings plan is vital. It helps you build a financial cushion that can protect you from unexpected setbacks.

4. Embracing Frugality: Living Below My Means

Frugality isn’t about being cheap; it’s about making wise financial choices. I learned to live below my means by distinguishing between needs and wants. This habit helped me pay off debts faster and accumulate wealth over time.

Step-by-Step Solution:

• Distinguish Needs vs. Wants: I started by listing all my expenses and categorizing them into needs and wants. This made it clear where I could cut back.
• Cut Unnecessary Costs: I cut back on eating out and entertainment, opting for home-cooked meals and free activities instead.
• Reward Yourself Wisely: I didn’t completely deprive myself. I set aside a small budget for treats but only spent it if I had met my savings goals for the month.

In Nigeria, where social pressure can push one to overspend, embracing frugality is essential. It’s about making sacrifices now to enjoy financial freedom later.

5. Setting Financial Goals and Tracking Progress

Finally, setting clear financial goals and regularly tracking progress was crucial to staying motivated. Whether it was paying off my student loan or saving for a business venture, having specific goals gave me direction.

Step-by-Step Solution:

• Set SMART Goals: I made sure my financial goals were Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). For example, “I will save ?500,000 by December for my business.”
• Break Down the Goals: Large goals can be overwhelming, so I broke them down into smaller, manageable tasks. For instance, I divided my annual savings goal into monthly targets.
• Review Monthly: Every month, I reviewed my goals and progress. If I was off track, I adjusted my plan to get back on course.

Setting and tracking financial goals kept me focused and accountable. For students with loans, having a clear repayment plan can reduce stress and accelerate the path to financial freedom.