Parallex bank is a financial institution bank with the mission to upgrade people’s lives by providing them with the highest financial solutions. It has proven beyond reasonable doubt that committing to your vision and mission earns them a badge – The bank of the People”.
Incorporated in 2022, the commercial bank held its first webinar of the year themed, “Neat Finances in 2023”, where tips on how to track finances were discussed.
During the introductory part, Olarenwaju Fatai who doubles as the Acting Head, Retail and SME banking, and the guest speaker noted that at the turn of every year, there is a lot of anxiety amongst everybody on what the new year holds, which is not unusual.
Answering the first question on how to track your finances, Fatai said, it is how you align your plan with your reality which requires a lot of planning and more of doing things differently.
He also made mention of budgeting which is part of your planning. According to him, budgeting helps you project well for the future. This includes weighing past activities with what is happening now.
Managing Your Expenses
On managing expenses, Fatai noted that knowing the amount you spend daily can help manage your expenses. By so doing you can establish the trend of your spending and also weigh them against your revenue.
Explaining further, Fatai said studying the trends might not be as you expected, but it creates a basis for you to plan. He also added that your spending should not exceed your revenue while advising against borrowing to fund your expenses.
Rather than borrowing to fund your expenses, improving your skills to get a better income is the best way out of the tunnel.
Establishing Your Trends Around Your Growth
With many of us being tempted to enhance our expenses at the rate of our revenue growth, this is not a good financial move. That is a “recipe for disaster” as stated by the Acting Head.
Giving a solution to that, he opined that if there would be an increase in expenses, it should not be more than 20% to 30%.
Keeping Neat Finances
Answering the question, “How to keep neat finances in the face of an emergency which leads to borrowing”, he said adjusting one’s finances is the first step. Fatai noted that if that cannot be done, one could suspend the expenses and review them after the emergency is sorted out.
He also opined that you could borrow against your salary if you are a salary earner, but it should not exceed 10% or 20% of your salary. The same applies to corporate organizations.
Speaking on how an average salary earner can manage their finances considering the high cost of living in Nigeria, he said discipline is needed. He advised that an individual should keep his or her expenses within the limit of their revenue.
Fatai also suggested that having multiple streams of income you can invest your savings into is key to surviving in such a harsh economy as Nigeria.
How To Open A Bank Account with Parallex bank That Yield Great Interest Rate.
Giving an insight into the bank’s services, the financial expert revealed that opening a premium active account with Parallex bank will yield a 5% interest rate per annum.
He also revealed that there is a Business Premium account. If an organization’s monthly turnover is N1 million, there will be no service charge. As your turnover grows, you will be charged N1,000 service charge monthly.
“For big businesses, if they maintain a minimum balance of N5 million, they will not be paying any service charge. Businesses can also borrow the sum of N5 million, which will be repaid within 6 months, without tangible collateral. All that is required is proof that their business(s) is registered with CAC, and they have a business account of up to 12 months.” Fatai said.
Speaking on why Parallex bank is more unique than other banks, Fatai said you can generate your unique account number by downloading the bank app. Not only that but your debit card will also be delivered to you speedily at your doorstep.
He concluded by shedding more light on how to avoid debt. According to him, you can overcome debt through planning, which is not quite easy but achievable.
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