Milo is a Recession Proof Habit

You may be wondering how a chocolate beverage drink can help you pull through the recession. While a hot chocolate drink will be a great way to start your morning in the office, this subject matter MILO simply means “More in, Less out”, It is an acronym for financial prudence; it simply means that you have to make more than you spend. There is no better time to discipline ourselves on wealth management than now when our country is going through economic reset.

The foregoing is simply logical

because to build wealth, you can’t spend more than you make (accumulating debt), or even spend as much as you make (living pay cheque to pay cheque); you have to make more and spend less.

Remember, there is nothing new under the sun, all we do is adjust our way of doing things based on the time we live in. Thus, since we are living at a time when our economy is going through reset, it is simply wise to prioritise what is important or otherwise.

Accordingly, the first priority is to increase your cash flow in three easy steps.  

1.    Start a Budget

Starting a budget is all about tracking performance and building accountability — things tend to get better when you monitor them. The main goal of budgeting is about tracking your expenses and income to make sure you have more of the latter. This makes budgeting a perfect fit for cash flow improvement.

Budget helps you capture what you really need to spend on. However, because you have limited resources (income), you then need to prioritise allocation of scarce resources. For instance, if you will normally set aside N6000 for seeing movies in one month (four movies), it will be wise to cut your viewing rate into half and save up N3000. This is called prioritisation.

2. Reduce your Expenses

When you prioritise while budgeting, effectively you will be able to determine what expense area is more important than others as highlighted with the movie analogy.

Accordingly, cutting your expenses will shape your finances for good. It is just like running out of your mobile phone memory space and your phone will automatically ask you to do away with APPs you don’t necessarily use that are occupying space. The more space you create, your phone performance increases. Effectively, you must cut off habits that don’t add value to your finances especially in times like this.

3. Make More Money

Making more money requires you to deliberately do the following:

·        Diversify your income

·        Seek for value bargains

Diversifying your income simply requires you to open up different streams of income beyond your salary. This strategy will help you shore up your monthly financial base as well as augment your need to spend on less important expense area. For instance, from the N3000, you saved earlier from cutting down the number of times you go to the movies in one month, N2000 of it, can be re-invested into joining i-naira.com.

Potentially your N2000 investment can yield as much N20,000 for you in same month if you were able to introduce 20 new users to i-naira.com in one month. Click HERE to read how it works.

Recall, that the goal is to increase your savings, cut unnecessary expenditure while investing right. Thus, it is only wise to seek for channels where you can acquire same household, electronic, phones and fashion items that you love for less. This is where AUCTION comes handy. We offer you the same quality items at a value bargain not available on any other platform in Nigeria.

The economic crunch will come and go but MILO habits will outlive the recession if you take the aforementioned steps to financial prudence as a routine.

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