Here then are key proven and time-tested principles for being in charge of your personal and business finances in the New Year, and perhaps forever:

1. Spend less than you earn

The Number One rule for being in control of your finances is to always spend less than you earn. When you do this, you can put the difference to some savings account and then gradually build up some wealth for other major life purposes.

2. Live a very simple life

Living a simple life saves you a lot of troubles. Wear simple clothes, prepare your own meals and avoid fast food joints, forget the weekend parties, and certainly do away with girlfriends. Let everything about you demonstrate simplicity and you’d be in control of your finances.

3. Save for emergencies, and for your retirement

Put money aside for any life emergencies and you wouldn’t be a victim when they occur. The plan is to prepare in advance for any situations long before they occur. And this also extends to saving for your retirement.

4. Live in your own house

Living in your own house is sometimes cheaper than living in rented apartments or condos. In Lagos, Abuja and Port-Harcourt areas of Nigeria, there are many civil servants living in rented houses and paying between N850,000 and N1.2 million annually. A public service or employee may find it difficult to live within his means if he pays this kind of house rent every year, so it’s better to invest the money in a personal house.

5. Buy an enduring car with fuel efficiency if you must

If you must buy a car, then buy one that is reliable in terms of ruggedness and fuel efficiency. Many cars consume lots of fuel and when you add the bills to household utilities such as lighting and water, then you have a very considerable bill to settle every month. So it is best to buy a moderate car that runs on very fuel to save utility costs.

6. Be good with your neighbours

Being good to your neighbours and building a mutual relationship with them saves you tons of money in the long run. A neighbour will keep an eye on your property while you’re away and can borrow you money when you need it without interest. You can even borrow certain items from your neighbour instead of buying new ones from the local store, saving money in the process.

7. Take up a side hustle – and invest in businesses

Take up a side hustle to earn extra incomes that could be saved up for future needs or even invested in profitable businesses. With an additional source of revenue, you can easily live with your salary since your side hustle will cover up for you when you need extra money for necessities.

8. Ensure you spend your money on critical necessities

You must only buy what is critically necessary for your needs if you must live within your means. In fact, you must avoid impulsive purchases where you spend more than you initially planned for at grocery stores and shopping malls. You must always take a shopping list with you and never buy beyond what is listed on your list.

9. Take advantage of discounts and buy second-hand things

There are thousands of discount coupons flying about the city that you can grab as many as you want, saving thousands of money in the process. Discounts are great for saving money, and buying second-hand items are often best for saving money in the long term. Second-hand cars, used clothing, furniture and anything you can think of are best for saving money.

10. Try to fix residential problems that crop up yourself

If you are always able to repair broken things around the house, then you will make a huge saving in the process. Personally fixing the plumbing, water heater, roofing, tiles, laundry machine and other things around the house will go a long way to putting you in charge of your personal finances in 2020 and forever.