Ever felt like your salary is already spent even before you earn it?
In this era we are living in , most of us have been forced to get a “side hustle” to stay afloat financially, sometimes its draining.
Time flies, and sometimes for those of us who probably depend on the monthly payroll feel the heat immediately the calendar reads 20th . To some the feeling can be earlier.
Often times, we find ourselves turning to mobile money lenders to loan us out. Its a good thing, because with convenient apps like HF Whizz, you will get the loans instantly!
However, to avoid finding yourself in a fixed scenario, where you have loans from different mobile lenders and its unable for you to pay in time, it is important that you plan on controlling your finances.
Remember, While HF Whizz will loan you out instantly, it also cares about good crediting.
This means if you have multiple loan lending apps with outstanding loans in all of them, then, good crediting from HF Whizz means you are likely to be denied the loan.
According to George Njuguna, HFC chief Information Officer says this is meant to help reduce the burden of paying debts for you as a consumer. Which, I think it’s a good thing, no one wants to have multiple loans to pay but have no funds to do it. It promotes responsible lending and it’s an advantage your credit history!
But before finding your self on the CRB list because of loan defaults, why not use the HF Whizz app to budget and track your expenses !
BUDGET AND TRACK YOUR EXPENSES
Ooh, if you did not know, the app has a budget feature. Just click on the “ View Account” tab above your name, once it opens, slide left from accounts to budget and there you are!
On the budget homepage, you can add or edit your budget.
So, why is it important to budget and track for your expenses?
1. It will help create financial awareness to you, how much you earn and how you spend it.
2. Helps identifying your spending issues- While using the HF Whizz tracking feature, you will know what you spend much on and what budget you need to cut.
3. Stick to your budget- It will help you stick to your budget, hence enhancing your spending discipline
4. Easy way to track your expense- I promise you, The fancy graphs and charts on HF Whizz will blow your mind away as it illustrate your spending habits. It is simple to enter the purchases in a budget category at the same time you enter them in your checking account.
5. Keep Going Even When You Overspend- Sometimes you might overspend in some categories, but you will have to keep going until you identify what you need to change and by how much.
Great, hope you now understand the importance of budgeting and tracking your expenses, feel free to add more reasons in the comment section and share this article with your friends.