Making better money decisions in 2027 (1)

This year is almost gone. By the time you read this article, there will be 51 days to the end of 2026 and the beginning of 2027.
Among other things, a new year, just like a new day, offers new opportunities to achieve something new and make progress.

While the year will offer opportunities to make money and become wealthier, the choices made by individuals, households, businesses and nations will determine the level of financial progress and the amount of wealth achieved by the end of the year. For the next few weeks, we will discuss how to make better money decisions in 2027.

The first step is to review the money decisions you made in 2026 and honestly answer this question: “Am I wealthier in 2026 than I was in 2025?”
To answer this question objectively, ask yourself: How much did I earn, save and invest in 2026? What was the total return on my savings and investments? How much did I borrow? Did I achieve my financial goals? Did I spend according to a budget or as the spirit led me? Did I even have financial goals? If not, why? Did I keep records of all my income and expenses? Your answers will help you determine whether you are wealthier than you were the previous year.

The second thing you need to do to make better decisions in 2027 is to set clear financial goals. Your first financial goal must be: “I will record all my financial activities, income and expenses.”

This goal is easy to achieve. First, identify what you spend money on regularly and develop a template for daily records. These items include food, essential commodities (bath soap, detergent, toothpaste and dishwashing soap), transport, utility bills, education, rent, clothes, essential services (repairs, parking fees, dry-cleaning and house cleaning), gifts (including alms and offerings), airtime/data, capital projects (television, furniture, car and washing machine) and assets (land, house and shares).

Create a note to record the money you earn and spend daily. You can keep it on your phone or laptop, or on paper. A digital device is preferable because you can save the record in your email account and access it anytime, anywhere. (To be continued)