The ability to manage one’s finance is important to overcoming the effects of the coronavirus (COVID-19), Nigerian Immigration Service (NIS), Lagos Command, Comptroller, Doris Braimah has said.
She spoke at the training themed; “Financial management during covid-19 and beyond: Way forward” for staff of the command.
Braimah explained that the pandemic was affecting the economy, adding that proper management of finance and saving culture is needed to overcome it.
She said the training would empower her officers with the right knowledge and skills to prioritise their needs during and after covid-19.
“What we should know is that time has changed. So, we need to be abreast with the times we are in. Knowing this, would keep the officers alert on how to manage their finances because it may not be as it were before. We need to priotise our needs and imbibe the culture of saving. At this period, we must be very careful of what we invest in. We should not invest in what we do not know. What is paramount now, is saving,” she advised.
Also, the Associate Director and Financial Controller, KPMG, Mr Busayo Layade, admonished the officers to have good financial records, inclusive of expenses, savings and investments.
He noted that to manage their finances, they need to track their spend/expenses as it would help them know what the majority of their income is being spent on, as well as make decisions to reduce expenses and consolidate debts over time to free up funds for investment purposes.
As the pandemic has reduced working hours and created more time and opportunities, he advised that such time should be invested in expanding ones knowledge base, create alternative source of income, take paid online surveys, harnessing hobbies into cash, among others.
“In this era, things are transient. We do not know when this pandemic will end. This is the worst time to take a loan except you have clear assurance that you can pay back. Invest in something you understand, invest with people who have a track record in the same line of business you are considering. You need a financial plan, financial institution that would guide through. The economy of the world is shaking so there is need for us to know what to do to overcome this trying times,” he said.
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On her part, the Associate Director, KMGP, Mrs Adenike Yomi-Faseun explained that having a good retirement plan during COVID-19 and thereafter entails proper planning and financial management skills.
She advised that as they make retirement plans, they must understand the power of building and sustaining valuable relationships, stating that relationship is a stream of income as everything in life actually reproduces on the basis of relationships.
“Don’t start a business you do not know after retirement. Take all the risk you want when still on your paid employment and have your priorities right to enjoy a blissful retirement,” she added.
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