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!
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..
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..