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Checking your expenses is the best way to gaining financial immunity
Save at least 6 months of your income against rainy days
To be able to achieve financial immunity against financial crisis, this year, financial expert, Richard Frimpong, says one should check his or her expenses.
According to him, there are two types of expenses namely, statutory or discretionary expenses. Statutory expenses are almost inevitable, they are those that you cannot do without, whiles discretionary expenses are those that can be managed.
He intimates that due to the current state of the world’s economies, saving should be paramount for anyone who wants to safeguard him or herself.
“What savings can do for anybody is what we call financial immunity. We have gotten into a time where globally, there are so many crises and so the only buffer or the only thing you can turn to when there are any challenges or difficulties with your finances is a minimum of 6 months of your regular income savings”.
Speaking on JoyNews, he said “the advice I’ll give anybody in 2022 is to take savings as seriously as you’ve never done before. The conversation of savings does not really depend on how much you earn. For those that have very little income, what you can do is to save the discretionary part of your income, put them into regular investment schemes that can return interest for you in addition to the earnings you make.”
