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A lot of young people start their financial journey without making a plan. Hell, majority of people barely realize there’s a journey in the first place.
Luckily, a few of us have been exposed to ideas that have made us evaluate our lives and choices.
My question then is, what are some actionable plans that a young person who’s just starting out in order to ensure they have a good foundation in financial literacy and planning.
For the sake of examples, this person earns minimum wage.
You don’t start your financial journey with investing. You start with: ✓ control Let Me Explain With a Simple Story Imagine trying to fetch water with a basket. No matter how much water you pour… It will keep leaking. That’s what happens when you try to invest without structure. Now… Here Is the ReaRead more
You don’t start your financial journey with investing.
You start with:
✓ control
Let Me Explain With a Simple Story
Imagine trying to fetch water with a basket.
No matter how much water you pour…
It will keep leaking.
That’s what happens when you try to invest without structure.
Now… Here Is the Real Step-by-Step Plan
1. Know Exactly Where Your Money Is Going
Before anything:
Track your money for 1 month.
Write down:
• how much you earn
• everything you spend
No guessing.
This is your financial awareness stage.
2. Build a Simple Spending Structure
Since income is small, keep it realistic.
Example:
• Needs (food, transport, rent)
• Savings
• Personal spending
Even if it’s small:
✓ save something consistently
3. Start an Emergency Fund
This is your first financial safety net.
Target:
• start with ₦10,000
• then grow gradually
Keep it in:
• a savings account
• or money market fund
This is NOT for investment.
It is for:
• emergencies
• unexpected situations
4. Avoid Bad Debt Early
This one is very important.
Avoid:
• borrowing for lifestyle
• unnecessary loans
• “buy now, suffer later” habits
Debt can destroy your foundation if not controlled early.
5. Start Learning Before Investing
Before putting money in stocks or anything:
Learn:
• what investing means
• how risk works
• difference between saving and investing
Even free knowledge is enough to start.
6. Start Small Investing (When Ready)
Once you have:
• basic understanding
• small emergency fund
Then start small.
Even:
• ₦5,000
• ₦10,000
is enough.
Focus on:
• consistency
• long-term thinking
7. Increase Your Income (VERY IMPORTANT)
Let me be honest with you.
If you earn minimum wage…
Your biggest opportunity is:
✓ increasing your income
Learn:
• a skill
• a side hustle
• something that pays more over time
Because saving alone will not build wealth fast at low income.
8. Build Discipline Over Time
This is what separates people.
Not income.
Not luck.
But:
✓ consistency
✓ discipline
✓ patience
Let Me Be Honest With You
Many people want:
• quick money
• fast results
• big investments
But ignore:
• structure
• discipline
• planning
That’s why they struggle later.
Final Truth
Your financial journey is not about how much you start with.
It is about:
✓ how well you manage what you have
Let Me Leave You With This
At the beginning of your journey, focus on:
• control your money
• protect your money
• grow your knowledge
Then later:
• invest your money
• multiply your money
Because if the foundation is strong…
Everything else becomes easier.
Rose Ejituru
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