Article

How to Show Yourself Some Financial Love This Valentine Season

Posted on: 12th Feb 2019

Everyone right now who is coupled up either by the virtue of being married or just in a relationship, is practically in a utopia where everything smells like, looks like and even tastes like love. Their entire being is focused on assembling all the love they can produce, ready to shower it on their partners. On the other hand, there is the group preparing to receive this show of love, or rather, this grandiose and elaborate show of affection (and we’re referring to both men and women, as this goes both ways and that we can assure you). The love scenarios will play out endlessly for the next couple of days (perhaps for the rest of the month) and it will be all thanks to the Valentine season.

After all, is said and done, we can only help but reflect on these simple yet true words; “how can you love another, if you don’t first love yourself?” The truth of the matter is that it is technically impossible. Anyone that doesn’t exercise what is termed “self-love” will find it a bit challenging to love someone else. You must first love yourself and what better way to do so than in the area of your finances.

So, the question here is how can you show yourself some financial love?

 

 

  1. Opt for a Financial Savings Plan.

Everybody’s getting chocolate and sweets and flowers and all that lovey-dovey stuff, but you can get one better. How? By setting up a savings plan. This can be done however you choose, as long as you’re saving and it starts now.

Whether it’s opening a dedicated savings account, or talking to your account officer to do one of those electronic account set-ups where a portion of your income goes directly into a reserved savings account, just get it done and gift yourself something special this season.

 

  1. Create a Solid Budget.

One of the best financial gifts you can give yourself is to make an expense budget and stick to it. In the long run, you would’ve found a way to save money and if that doesn’t make you happy we don’t know what will (perhaps, saving more money).

Creating a budget helps you cut down unnecessary spending. Take this Valentine season, for example, you might be tempted this period to do a lot of impulse-buying. Anything that has a love shape on it or just looks really red and you might be tempted to pull out the wallet or bag and swipe the ATM card. Don’t do it, make a budget and follow it religiously.

 

  1. Kick start Investments for your Future.

This is the time to start making wise investments. This is the kind of Valentine gift whose value will peak in the long run. Don’t think of right now, but instead think of the future. See Investments made this season as a gift for a Valentine in the future.

 

  1. Take Out a Life Insurance Package.

If you really want to show yourself some love this season, think of the ones you love and how much they mean to you. When you’re able to see this picture clearly, you’d know that taking out a life insurance plan will determine what happens to them when you’re no more. Give them the Valentine gift of a lifetime.

Note also that, some insurance companies (African Alliance for example), also have saving plans intertwined nicely with life covers attached.

 

In fact, there are many ways to show yourself some self-love, but even in this season of Valentine, some people would prefer a financial upgrade to gifts and grand expressions. Many would take some money or the assurance of one, over a cardboard box wrapped with a bow.

 

Article

How Business People Can Save to Pay Off Their Debts

Posted on: 21st Jan 2019

One of the very first lessons you learn before going into a business of any kind is that of the risks involved. The risk of doing business varies depending on the type of business you choose to go into. However, one thing seems to be quite consistent when doing just about any kind of business and that is the inevitable possibility of running into debts.

Nevertheless, for every problem, we like to think that if you search hard enough, there is always a solution lurking. So what is the panacea to this fiasco? How can businesspersons save to pay off their debts?

We are going to highlight a few ways business people can save up in order to be debt free and have their businesses continue to progress smoothly.

 

  1. Analyze Expenses and Cut Down where Necessary.

Of course one of the first and foremost ways to save is to first of all cut down on your business expenses. Analyze or audit, but just be sure to shave off all the unnecessary costs. What may seem small now, may be costing you a lot when summed together. Therefore, it is quite pertinent that for you to start saving, you must attempt to stop spending; at least on things you can do away with. This way you can redirect monies saved to paying off debts.

 

  1. Concentrate on Customer Retention and not Acquisition.

A lot of debt is incurred by business people when they attempt to acquire new clients. This can be quite expensive and in order to save up to pay off debts, a business should concentrate more on customer retention. That is to say, their focus should be directed at already existing or old clients, as it is far cheaper to get them to do business with you again than acquiring new clients. On the road to saving to pay off debts, this method will prove quite effective in doing so.

 

  1. Save Up by Making Good Investments Beforehand.

Good businesses make investments as a form of financial security. Investments made by business people should be such that it can generate interests that will serve as savings.  So that in cases where the business is in debt, there is a viable source to obtain money to pay up these debts.

At African Alliance, there is an investment scheme called the “Investment Plus Plan”. This investment category allows for a businessperson to earn up to 5% interest on savings. From as low as 5000 naira, businesspeople can begin to save up funds for the rainy day bearing two things in mind; the first is that they are entitled to an interest rate they most likely won’t get in commercial banks, in addition to the free life insurance cover that comes with this product. It is a package deal with a life cover up to the tune of 1 million naira. Note that you become eligible to request for policy loans as well which can also enable you to pay up debt.

The mere mention of debts can cause some people to immediately develop high blood pressure and this is because it can be quite an uncomfortable position to be in. It is even dicey and a bit more serious when it is a debt owed due to the cost of doing business. But with these few tips we’ve highlighted above, you should be one step closer to solving your debt problems.

Article

5 Misconceptions about Life Insurance Held by Nigerians

Posted on: 27th Dec 2018

Nigerians are critical people. They are ruled by values decades old and still make decisions based on fractured information even in these modern times. You would think that at least with the emergence of the internet, everybody could cure themselves of any misconceptions or myths but sadly, this is hasn’t proved sufficient. Even in this present day, it will shock you to discover the alarming number of misconceptions that Nigerians hold towards certain things, one of which is life insurance.

 

For reasons yet unfathomable, many Nigerians have subscribed to misguided notions concerning life insurance. Whether it’s a lack of information that stems from an unwillingness to make their own research or something more profound, these misconceptions have ruled the Nigerian populace for far too long.

 

We have been able to put together five (5) of the most common misconceptions about life insurance that wax stronger with each day amongst unassuming Nigerians.

 

  1. Life Insurance Companies Do Not Pay Claims.

Nigerians cannot be blamed for having trust issues when it comes to pay-outs. They are more or less used to getting hoodwinked in these kinds of situations. Hence, they have naturally grown a resistance to trusting organizations that make promises to pay claims whether legally binding or not.

 

Nonetheless, Nigerians must know that this is a myth, an untrue tale peddled as facts, that life insurance companies such as African Alliance, do not pay claims. But on the contrary, each year life insurance companies, African Alliance included payout billions of naira in claims to Nigerians via various insurance policies.

 

  1. It is Extremely Expensive.

This particular misconception has to be the chief reason many Nigerians and in fact, many people around the world, hesitate to subscribe for life insurance. No one knows when or how or even why this rumor is all over the place, but if you ask any random person why they are yet to take out a life insurance policy, they are most likely to state that it’s just too expensive.

 

Some people have overshot the price of life insurance by as much as 200-300% the original amount due to a general misconception. Life insurance is actually quite affordable and depends on factors like gender, age, health status and so on. Plus there are different plans to suit your needs and requirements.

 

  1. Only The Spouse with The Larger Income Needs Life Insurance.

People often assume that only the person making the most money should take out a life insurance policy and this is not true. The truth is, whatever financial aid the other spouse is able to provide with what little income he or she makes, may prove difficult to sustain should anything happen to them or their source of income.

 

  1. Do It Once and Get It Over and Done With.

This refers to people who feel taking out a life insurance policy is a one-off affair. The terms of your life insurance plan as at when initiated were tailored to cater for your needs at the time. Time passes and your lifestyle changes, meaning your life insurance plan has to follow the same trend. You could’ve gotten married, had kids or even bought a car or two and this means you’d need to update your life insurance plan to fit into your new lifestyle. You simply cannot do it once and be done with it.

 

  1. Way Too Young for Life Insurance.

There’s no such thing as being way too young to get life insurance. As a matter of fact, the earlier the better. As a young chap, you are most likely in the healthiest state of your life and life insurance at such a time happens to be way cheaper. Do it now, just do it.

 

Life insurance policies are made to attend to your needs and to secure a financial future for your family. Do not procrastinate or be swallowed up my fabricated myths and misconceptions that don’t hold water.

 

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