Economy
Building a Strong Financial Bridge: Overcoming Short-Term Financial Hurdles
Financial challenges are an inevitable part of life. From unexpected expenses to unforeseen emergencies, everyone faces short-term financial hurdles at some point. However, with the right approach and mindset, these obstacles can be navigated successfully with the help of the best short-term loans, a realistic budget, and additional support should you need it. In this blog, we will explore some effective strategies for building a strong financial bridge to overcome short-term financial hurdles.
Acknowledge the Hurdle: The First Step to Overcoming It
The first and most crucial step in overcoming any short-term financial hurdle is acknowledging its existence. Avoiding or denying the problem only makes it worse. Take a moment to assess the situation honestly and identify the root cause of the financial challenge. Whether it’s a sudden medical expense or a car repair, knowing the exact issue will help you plan a targeted approach to resolve it.
Create a Realistic Budget: The Foundation of Financial Stability
A well-planned budget is the foundation of financial stability. After identifying the hurdle, create a realistic budget that takes into account your income, expenses, and savings goals. Categorize your expenses into essential and non-essential items and prioritize the necessary ones. By closely monitoring your spending and adhering to your budget, you can free up funds to tackle the short-term financial challenge.
Build an Emergency Fund: Your Safety Net
An emergency fund is a lifeline during times of financial distress. Start setting aside a portion of your income into a separate savings account dedicated solely to emergencies. This fund will act as a safety net when unexpected expenses arise, helping you avoid resorting to credit cards or loans that could lead to long-term financial strain.
Explore Additional Income Streams: Side Hustles for Extra Support
If your current income is not sufficient to cover your expenses and build an emergency fund, consider exploring additional income streams. Side hustles, such as freelancing, online tutoring, or selling handmade crafts, can provide an extra cushion to your finances. The gig economy offers various opportunities to monetize your skills and interests.
Negotiate with Creditors: Seek Temporary Relief
If you find yourself struggling with repayment of loans due to a short-term financial hurdle, don’t hesitate to reach out to your creditors. Many lenders are willing to work with borrowers facing temporary financial difficulties. You may be able to negotiate reduced payments, deferments, or temporary interest rate reductions. Maintaining open communication with your creditors shows responsibility and increases the likelihood of finding a mutually beneficial solution.
Avoid Unnecessary Debt: The Slippery Slope
When facing a short-term financial hurdle, it may be tempting to rely on credit cards or loans as a quick fix. However, accruing unnecessary debt can lead to a vicious cycle of financial stress. Instead, focus on budgeting, cutting unnecessary expenses, and seeking alternative solutions to address the immediate challenge without adding to your debt burden.
Seek Financial Guidance: Expert Advice
If you feel overwhelmed or uncertain about how to handle your short-term financial hurdle, don’t hesitate to seek professional financial advice. A financial advisor can provide personalized guidance and help you develop a plan to navigate through the challenge effectively. They can also offer insights into long-term financial planning and building a robust financial foundation.
Learn and Adapt: Strengthening Your Financial Resilience
Every financial hurdle is an opportunity for learning and growth. After overcoming the short-term challenge, take the lessons with you and adapt your financial strategy accordingly. Use the experience to strengthen your financial resilience and be better prepared for any future obstacles that may arise.
Short-term financial hurdles are part of life’s journey, but with a proactive and disciplined approach, they can be successfully navigated. By acknowledging the hurdles, creating a realistic budget, building an emergency fund, and seeking additional income streams, you can build a strong financial bridge that will help you overcome these challenges. Remember, seeking professional advice and learning from the experience will further fortify your financial resilience, empowering you to face future hurdles with confidence.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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