Training your child on how to save.
Building a good character in your ward/child/ younger ones is one of the greatest thing to do and one of such essential character is the habit of saving. As it is known most young children tend to spend the way it comes without giving a rethinking of saving the money for better things to come. For this reasons i decided to help parents,guardians,fosters and the likes on how to Train their young one on saving.
1. The first is to let them understand the essence of saving,break it down to their level of understanding. Make them know they can be independent of money from a tender age.
2. Promise them you wouldn’t dip your hand into their savings,you wouldn’t take it behind them. once there is this assurance there will be this assumption in them that portrays to them that the money belongs to them.
3. Buy them a piggy bank: set the right track by getting them a piggy bank which they can use for a start,make sure the piggy is not easy to open so that they wouldn’t be tempted to take from it.
4. Teach them to have a daily record for their savings.
5. And finally when they are advanced in age you can get them them to register with banks for children accounts!
Five Reasons you need to have an
Account with a bank..
It might interest you to know that
some Nigerians still do not have an
Account with any bank even as it is
now as easy as ABC to open an
Account with banks.. Here are the 5
reasons you need a bank account:
1. Safe keep: this has usually been
part of the definition of a bank, the
safest place to put those “life savings”
is a bank.Your money are safe not
just from thieves but from reckless
spending.If you put your money at
home you might be moved to take a
little from for no sane reason but
once it is at the bank you start having
this thought if it make sense to go
and withdraw the money for what
you want but you don’t need.
2. Increase in the habit of saving: do
you know having an Account with a
bank will boost your habit of savings?
You wouldn’t want to leave the
account empty even it is, it means you
don’t enjoy the service of the bank
where you are an Account holder but
you have an Account elsewhere
where the service suits you,In short
having a bank account will boost your
savings pattern which is good for
3. Easy transaction process: the bank
gives you easy means of transaction
without having to carry money
around and free of stress..example is
asking your bank to carry out a
standing order on your behalf this
means they pay on your behalf while
you face other pressing matters and
this can only be enjoyed by an
Account holder with the bank.
4. Statement of monthly spendings:
some people don’t know how they
spend money what they is know the
money comes and leaves.having an
Account with the bank will let you
know your monthly spendings and
incomes as the bank will always send
you a statement which you can use to
track how you spent your money and
this is possible if only you have a
5. Investment purpose:if you put your
money in a bank it wi yield interest
even though it is not much it is
something you cannot get if you don’t
have a bank account ,therefore this is
a form of investment.
How to open a bank account.
The year 2017 is a new year with some people not having a
dime for emergencies,it is not that
some people don’t wish to have some
extra savings but they don’t know
how to go about it and are too busy
to go to the various banks to ask of
the required documents needed to
open a bank account,moreover they
don’t know the types of account
available.For these reasons i will be
listing out types of prominent bank
account and documents required to
open an account..here we go
TYPES OF ACCOUNTS.
1. Savings account:this is the easiest
type of account to open,it is a type of
account that is usually encourage for
the dependents,low working class to
open as it does not require much
bank charges although with little
interest and surprisingly the bank
charges is mostly equal to the interest
rate, so don’t be surprise if your
savings seems not to be yielding
interest though this not so in most
2.Current Account:i term this type of
account the senior citizen account as
it has more advantages than the
savings account and also you pay
more commission to the banks.one of
the advantage is that you can only
make cheque deposit into a current
account,some banks also allow you to
upgrade from savings to current
account following due
processes..most people that have a
current account usually have a
savings account elsewhere therefore
this means for you to run a current
account you must be the type that is
3.Fixed Time Deposit Account: as the
name implies is an account for a fixed
period of time,this is an account for
investors who wish to yield interest on
their money..there is always a binding
agreement between the customers
and the bank..this type of account is
not for everyone but for those who
are more financially buoyant they
expect ROI on their money..the fixed
deposit can run for months as so
wished by the customers.. (pls note
ROI means Returns on Investment )
Other types of account are
Domiciliary account .etc.
Documents needed to open a bank
To open an account you must first
identify the one that suit your
1 You will need to a valid,
government-issued photo ID, such
as a driver’s license or a passport.
2.You will need to provide basic
information to verify who you are,
including your name, date of
current address, phone number and
3. Have some money,
cash that you
can easily transfer into the new
account for the opening deposit.
A second applicant if you are opening
a joint account: Because
this type of account requires two
people, both may need to be
present to provide their
information and verify their
A parent, if you’re not 18: To
open an account, minors usually
must have a parent or legal
guardian as a co-owner who can
sign legal documents with the
Thanks for reading
When your debt is more than your revenue.
I have always wished to acquire in life but things i know would satisfy me and at the same time not run me of my money, most people live there lives to impress others and as such deep their hands into debt beyond what they can carry,some Nigerians are so badly informed that you start to hear words like ” even Nigeria is in debt,then who am I?” they use this statement as a proof that their act is right but is it really right ?
Mind you to the professionals reading this am taking this case from an individual view.
Why will your debt be more than your revenue?
The major reason is due to our act of extravagance,”oh yes I want to prove a point,I want to show the world I have got this money” your ego pushes you to fall into debt which leads to alot of debts then you start running from pillar to post seeking succour,some at this stage start having high blood pressure and before you know it something else happens.
But How do I overcome this act of careless spending?
Some people always have this urge to buy whatever they see even if it is not useful,once they have the money they will buy,some will not even have the money but will go ahead to buy on credit. To stop this careless buying you can follow this procedures:
1. When you go out especially to a market,write down the things you want to buy and their expected amounts.
2. Do a rough calculation of the exact money you need and just add a little amount to be on the safer side.
3. When the urge to buy what is not on your list comes,bring out your list and recite what you want to buy,in that process you have toyed with your brain and as such made it lose focus on its earlier thought by the time you will raise your head your mind will lead you to the exact location to buy what you are suppose to buy.
4. And finally have a record,yes record of your daily spendings this will help you monitor what you have and what you don’t.I have written something about this creating your record in the past,check my previous updates.
Simple ways to set up a personal
Have you ever always thought of a
way to monitor your daily and
monthly transactions? Even without
having any knowledge about
accounting you can set up a simple
way to monitor your transaction and
we will gladly lead you through.
What is a personal account?
For accountant and other financial
related persons, the personal account
being describe here is not really
related to the Personal account you
know, personal account in this term is
a recording of transactions carried
out by private persons which are kept
by the individual to monitor their
Simple method to set up a personal
The mode of recording: you can go
for digital form of recording which
means you record your transaction in
soft copies through the use of
personal computers or you follow the
traditional method of recording by
buying a note to use for recording
but do know you can as well use both
method.just follow the ones that suit
2. Know your expenditures and know
your income: in setting up your
personal account you really need to
know what incomes are and what
expenditures are, for those not in
financial related field,income can
simply be money from a transaction
coming to you.do you get it? It means
you are not the one paying,you are
being paid for a service you rendered.
While expenditures simply are
services you enjoyed which you are
paying for and not been paid this
A typical example of weekly
expenditure is having a hair cut or
having a hair do. You pay for the
service and that is an expenditure on
you now lets say the you are the
barber it is a income to you..hope you
get it? Good. now you write it down
on a daily basis in any means of
recording that suits you.
3 Monitor your incomes and
expenditures: After each week of
recording monitor your income and
expenditure and try to see which one
is increasing and which one is
decreasing ..if your expenditure is
more than your income please try to
look at your record to know If there
have been some reckless spending on
your part if not try to cut your
expenses down.If your income is
more than your expenses this is a
good sign and it is always advisable to
continue that way. If both are equal it
is a good sign but it means you are
managing and very soon you might
be propelled to increase your
spendings therefore it is advisable to
also reduce your expenditure by all
4. Compare it with your bank
statement: it is advisable to always
print your bank statement at the end
of this month,comparing your bank
statement with your personal will help
you to reveal errors on your part or
from the bank..
Thats all you need.
Please note that at the beginning of
every month you should always keep
a budget of your monthly spendings
and you should follow it in the course
of your starting your monthly record..
Ten misconceptions about Accountants.
1. Accountants count money.
2. Accountants are misers.
3. Accountants only know money.
4. Accountants always use glasses.
5. Accountants only draw table.
6. Accountants only smile at the end of the month.
7. Accountants will never increase your money above the expected.
8. Accountants are always calculating and as such don’t have time for family affairs.
9. Accountants know nothing beyond Debit and Credit.
10. Accountants are extremely rich.
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Fight for Supremacy
featuring Naira vs Dollar
Host country: Nigeria
Coach: The federal government
Fund: sales from crude oil
last game won: in the early 90’s
Number of time met: since
1960,estimated at 56times
Game won: approximately 3times
Game lost: 53times
Weakness:No forex reserve,High rate
of corruption,over dependant on
Resources: Blessed with almost every
Source of Power: Food,Vodoo(Juju)
Standard of living: citizens live below
one dollar (the way naira keeps falling)
Nuclear Power: Nil
Status: Self acclaim “Giant of Africa “
Who changed Nigeria Accounting System..
Years back for every Nigeria Debit entry there was always a corresponding credit entry, later on we decided to create Ledgers only to discover errors,.to check the accuracy we decided to create the Trial Balance yet the error remained, we open Journal,only to give up and abandon the errors in the suspense account but it went on to affect our trading account, income and expenditure account and even our balance sheet which we changed the name to statement of financial position thinking a change of name will change the errors.
We said there was alot in our foreign reserve yet we couldn’t meet up with our budget, as things degenerated we decided to abandon our capital expenditure to atleast meet up with recurrent expenditure still we are unable to pay government workers their salaries even after sharing every dime in the federation account fund since there is nothing left in the development fund or consolidated fund, they said there had been some fraud, we dragged the Accountant General and Minister of Finance even the Governor of the Central Bank was not left out only for them to turn us to the Auditors, Forensic Auditors whose report was not made public.. Now fraud,debt errors keep on pilling in the suspense account because we are only still suspecting those that could have looted funds and changed our Accounting system..
They said our crude oil account is always in deficit never surplus, that our Natural Resources are also depleting, Naira keeps falling and depreciating no appreciation what-so-ever, comparing Naira to Dollar is now like comparing Asset to Liability one is wealth the other isn’t.. They said we should try Inventory procedure but they said what are we producing and this is not a private firm..
We privatise PHCN yet we still don’t get value for our money, maybe Commercialization of government agencies would have been better rather than total privatisation. They said we should cut down our expenses, they cut down recurrent expenses and capital expenses that would help the masses but refused to cut down theirs..
We only keep on piling our suspense account with no suspect yet..