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Money Talk with Nimi: Mid-Year Review of Your Personal Finances



I don’t know about you but I keep feeling that this year is whizzing by! It is almost July. Most of us start each new-year with great plans but the problem tends to be with execution. In January you had a clean slate and planned to start afresh; did you list the personal, financial or professional goals or plans that you wished to accomplish this year? How have you done? Have you made any progress? When was the last time you reviewed those goals?

It is important to review the progress you are making with your finances periodically; half way through the year is a good time to reflect on your goals and plans, take stock, and see if you have lived up to your own expectations. It is a good time to identify any festering problems and time to make adjustments, changes or additions if necessary. With barely six months left to go this year, if you have not made much progress, it may seem overwhelming. Try to make some time, say an hour before the end of June to study your finances to see how far you have come these past six months. If you’ve made some progress in even two or three of the goals below, that is progress.

Did You Put a Budget in Place?
A budget is one of the hardest things to put in place yet it is one of the most important steps to take in addressing personal financial issues. Do you have a clear idea of how much you are spending each week, or month? Have you tracked your expenses for a period and developed a clear picture of what can be cut back? You can use one of many on line tools or just simply get out a pad of paper and track your expenses manually. You can’t make much progress if you don’t know where all your money is going.

Have You Reduced Your Debt?
Most families carry too much debt, and often resolve to get their debt under control. Have you taken steps to reduce your debt and do you carry less debt today than you did on January 1st? Until you start to face up to your debt it will continue to grow. The general rule of thumb and the fastest way to reduce your debt is to tackle your highest interest rate debt first. By automatic your debt payments and making incremental principal payments each month, you will soon find your debt is under control. Don’t ignore your debt or wish it away; if it becomes a burden approach your lender and discuss the possibilities for rescheduling to make it more manageable.

Are You Building Your Savings?
If you have not got a budget in place and you haven’t paid any attention to your debt, it will be difficult for you to save; they are all connected. You need to find the discipline to develop the budget, pay down or at least reduce your debt and then start to increase your savings.

Most financial advisors suggest that you should save between 10% and 15% or more of your income. Have you built an emergency fund over these past six months? If you are suddenly faced with unexpected job loss, major car repairs, or medical expenses, you will be better prepared to cope if you have this financial cushion to fall back on. The easiest way to start to grow your savings is to automate it by putting a direct debit in place so that you won’t be tempted to spend all your income but rather it can be directed to an appropriate savings vehicle. Most mutual fund companies make it easy for you to be able to automate your savings and investment plan.

Have You Made a Will?
If you already have a will, when last did you review it and update it to make sure you have included any recently acquired assets or new beneficiaries. Circumstances change. Perhaps your assets have grown or shrunk? Maybe you have had children or grandchildren since you wrote your last will.

Too many people avoid dealing with their mortality because thinking about death makes them feel uncomfortable. However, dying without a will, or a will that is out-of-date, can cost your loved ones so much pain and throw away decades of hard work. Knowing that your young children will be cared and provided for should anything happen to you, will give you a huge sense of relief.

Have You Invested in Yourself?
Your human capital is by far your most important asset as it encompasses your knowledge and skills. Have you invested in improving yourself through further education either formal or informal? Consider how much you could improve your long-term prospects through personal development.

Have you taken steps to safeguard your health as you get older through a sensible diet and exercise? By maintaining good health or taking active steps to improve it you could save yourself significant health and medical costs in future and be in a position to fully enjoy any wealth that you have accumulated.

The difference between those who attain financial security and those who do not, is simply the discipline to do something about their financial situation. If you are on track, congratulations! If not, don’t worry, there is still some way to go this year to put things right, but you do need to get started.

Photo Credit:
Nimi Akinkugbe has extensive experience in private banking and wealth management. She is passionate about encouraging financial independence and offers frank, practical insights to create a greater awareness and understanding of personal finance and wealth management issues. She is married with 3 children.Find out more via

Nimi Akinkugbe has extensive experience in private wealth management. She seeks to empower people regarding their finances and offers frank, practical insights to create a greater awareness and understanding of personal finance.


  1. Mz Socially Awkward...

    June 19, 2013 at 10:16 am

    I’ve done all of the above thus far, with the exception of making a will 🙁 Lord help me, just can’t bring myself to do that just yet… All my next-of-kin details are properly filled out in all the necessary financial/insurance forms, though.

  2. Annie

    June 19, 2013 at 10:32 am

    me no self investment apart from my wardrobe, savings uea thanks to mutual n office ajo, will? noo at 26, i got nada. i feel soo bad house project for this year nothing has been done yet

  3. Abiola

    June 19, 2013 at 11:48 am

    1,2,3,5 checked…no 4….how much do I have way I wan dey write will…mbaaa

  4. pynk

    June 19, 2013 at 1:00 pm

    hehe, i simply broke up with my ex bf who was a serious drain on my finances. I even have serious savings now.

  5. Ann

    June 19, 2013 at 2:24 pm

    no budget, no debts, increasing savings, no will tho next of kin is in place, Pynk ex bf chopping ur money, haba, babes stop making room for guys to collect money from u (us), i used to know a babe that does that to make bobo marry her, but for where, bobo isn’t grown yet, sleeping with every girl that opens for him is top on his agenda.

  6. b

    June 19, 2013 at 2:56 pm

    Thnx Nimi, this write up is refreshing.. self investment…..personal development…. is the most I got going with this year so far so good.

  7. dami

    June 19, 2013 at 4:17 pm

    Happy to say that with an income of about 150k, i ahve almost saved over 1m even after some major huge expenses. secret is the direct debit saving method. works like magic for me. even do that for my life insurance too and i still can afford to but a new item of clothing or accessories or shoes etc every month……

    • Yabadabadoo

      June 20, 2013 at 12:13 am


    • Tonia

      June 20, 2013 at 2:27 pm

      Wow! Impressive Dami. Uve even got Life insurance? Cool. I need to look into this direct debit thingy. Thanks Nimi for sharing.

  8. dami

    June 20, 2013 at 3:03 pm

    yes i do, its like a saving plan for a minimum of 2 years. can save as little as 5k and in teh event of death, your beneficiaries get the sum insured plus ur savings or if no death occurs, you get your savings plus interest. there are many packages u can pick from depending on your needs.

  9. .....just saying

    June 21, 2013 at 10:56 am

    Just got off her website, the links I clicked on there don’t work 🙁

  10. Damie

    July 21, 2013 at 12:45 am

    Thank you so much for your insight. Thanks to you I know about mutual funds and tracking savings. Just bought a tokunbo thanks to your advice. I am to young to impress the joneses. I would rather save other stuff.
    For self-improvement, discipline is what I need to work. I am always so tired. Hopefully, it will be better since my bus jumping days are over.

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