Over the past years, the Nigeria economy has suffered tremendous decrease which has left most Nigerians in a state of confusion and fear. With the ban of the importation on certain items and the increase in the price of petroleum products, we cannot be too sure of what would happen next. Irrespective of the way things are, everyone needs to put some certain things in order to survive the times we are in and setting up a proper personal financial plan should be on top of your list. As we go to the polls to re-elect or elect new leaders in a matter of days and hope that they turn things around we also have to do our part by making proper personal financial plans and sticking to them. It is not too late for individuals to draw out a financial plan for themselves, family and in case of emergency. In the world, we live in where nothing is certain and issues may arise at any time which is why having a financial plan of your own is needed. There are certain emergencies that may arise in the cause of the year either good or bad which may require finances to take care of and if you are not prepared you may be caught off guard. These emergencies may include: loss of job, the death of a loved one, investment in real estate, retirement etc. and they all require finances to take care of them. Here are 7 things you need to do to get a proper personal financial plan. Read Also: How To Become A First Bank Firstmonie Agent In Nigeria Set A Budget The one thing I found out about most people is trying to live above their income and act as if the problem we are facing in the country does not get to them. For you to be able to set up a proper personal financial plan you must cut down on your spending habits. Creating a budget for yourself will help you plan and checkmate how you spend your resources so you can have something to fall back to in the long run. Budgeting will also help you identify what your needs and wants are. There are certain things that take much of our finances which we can cut down and they include the amount of food we eat, how much we spend on call cards, the amount we spend on clothes etc. If you can cut down on these things you will have something to save in case of the raining day. Start Saving For any salary earner or a business owner, it is wise to set up a savings account where you put at least 10% of your monthly income. This can be in form of opening a savings account with any of the banks, mutual funds account etc. for this to be done successfully, it is advisable that you don’t collect a debit card for the savings account you set up so you are not tempted to touch the money. Once this account is set up you will have a backup fund in case of any emergency that may arise. Cut Down On Your Debt If you are passionate about taking control of your finances then cutting down on your debt or clearing it totally should be something to start working on. If you are among those that collect loans from banks or money lenders and finding it hard to pay back then you will have to device a means or come to terms with your creditors on how you will pay them back. Invest In Something Profitable If you have been able to save up a reasonable amount of money you should as well think of investing it on something profitable. This may include investing in real estate, stock market etc. Getting to invest your money most especially in real estate can be very profitable as lands and houses are assets that keep appreciating and the return on investment is always high. There are always risks in any investment you go into so before you venture into anyone make sure to get professional advice. Add Other Source Of Income It is not enough to settle on one stream of income if you are going to have financial freedom. There are certain side businesses you can start if you have a full-time job so as to add extra income. This side business will not only add extra income but will be something you can fall back on if something happens such as the loss of a job. There are different side businesses people can consider doing which may include: freelancing, blogging, consulting etc. All you have to do is locate what you can do and start. Read Also: 10 Most Lucrative Businesses To Start Read Also: Side Hustle Businesses You Can Start If You Have A Full-Time Job Add Others To Your Budget Life cannot be lived alone and fulfillment is not gotten from the amount of money we have but how we are able to touch the lives of others. There are people who might need our help such as family, friends, relatives, neighbors, strangers etc.so there should be a percentage of our income set out for them. Just like the bible says “gives and it should be given unto you…..” Retirement Most of the savings and investment you make should be geared towards the time you retire from service. The sad truth is that the majority of the working class people in Nigeria do not prepare for retirement because they think their pension will cover them. Most government organizations and private companies find it difficult to pay pensioners because of the situation of the economy so if you are not prepared before that time you may suffer. As you save and make investments you can also set up a retirement account and put a percentage of your income or side business in it. Conclusion No matter what we do in life, setting up a strong personal financial plan is very important. This is why you have to start now so you don’t regret in the future. This will not only be beneficial to you but will also help you provide a solid foundation for your kids and family members. Do let us know what you think about this article.