Stop Guessing. Balance Your Books NOW!
A no-nonsense guide to reviewing personal finances and setting yourself up for a better one.
Dear Genius,
When I started this newsletter, I had one goal: to ignite the genius within young creatives like you, who are tired of feeling stuck or held back.
We've all been there, standing at the crossroads of “What’s next?” and “Is this all there is?” But here’s the truth: you’re not alone and don’t have to stay stuck.
These letters are packed with hacks, insights, and practical tips to help you grow, push boundaries, and unlock your potential.
Today’s newsletter focuses on understanding personal finances and auditing.
I have included resource material at the end of the letter to guide you this year.
This letter will take you about ~6 minutes to read, and you can check out the last article here
In the previous two letters, we began a series aimed at giving you the best start to the year. This one focuses on sorting your books. Every true venture into financial freedom begins with understanding the numbers.
Another month is here— but before we get all giddy and excited about what lies ahead, here is a timely question for you. Do You Even Know Where Your Money Went?
Before you proceed, open your banking apps, look at your previous transactions, and scroll through them—every single one.
If you don’t know exactly where your money went last month, how can you expect it to be any different this month?
You are not getting younger — this is no time to leave your finances to chance.
If you're constantly wondering:
"Why is my money always disappearing?"
"Why do I feel broke before mid-month?"
"Why am I still struggling financially, despite earning decent money?"
Chances are, you’re not tracking your numbers. And that needs to change.
The Wealthy Don’t Wing It—Neither Should You
Here’s a truth most people ignore: Financial success isn’t about how much you make; it’s about how much you manage.
Think about it:
A person earning ₦1,000,000/month but spending recklessly will always be broke.
A person earning ₦300,000/month but managing their finances wisely will always have more control.
So before you start looking for “more money,” first, master what you already have.
The first step? Balance your books.
And lucky for you, it’s a weekend. You’ve got time.
That owanbe? It can wait.
That cleaning? The house isn’t running away.
That conference? You’ve attended enough.
Give yourself one to two hours to do this simple exercise.
How to Do a Personal Finance Audit in 4 Steps
Let’s break this down into something immediately actionable.
1. Track Every Transaction from Previous Month
Open your bank apps and go through every transaction, line by line.
Sort them into three categories:
✔️ Income – Every naira, dollar, or kobo you earn.
✔️ Expenses – Where did your money go?
✔️ Savings & Investments – Did you put anything aside?
Many people assume they know where their money went—but when they check, the reality is different.
2. Identify the Money Leaks
Once you categorize your spending, you’ll start noticing patterns.
That subscription you forgot about? Still deducting money.
That impulse buy you thought was “just a small amount”? It added up to a huge sum.
That money you loaned out? Never came back.
This is the moment when you wake up.
Because if you don’t fix these leaks, you’ll keep wondering where your money is going—when the answer is right in front of you.
3. Assess Your Income Streams
Now, let’s talk about income.
Ask yourself:
Did I earn enough money last month?
Are my income sources stable, or am I relying on just one?
Should I be exploring more income streams?
If your income isn’t growing, and you’re struggling to keep up with expenses, then your real problem isn’t just budgeting—it’s earning power.
This means it might be time to:
✔️ Negotiate for a raise.
✔️ Start a side hustle.
✔️ Invest in skills that increase your earning potential.
Don’t just cut expenses—increase your income.
4. Set Monthly Financial Plan
Now that you’ve audited the previous month, you must decide how this month will be different.
What will you cut back on?
What will you invest in?
What’s your savings goal for this month?
How much do you plan to earn—and how will you make it happen?
Write this down. Financial planning isn’t about wishing—it’s about deciding.
What Happens If You Skip This?
Let’s be honest: Most people won’t do this.
They’ll read this, nod in agreement, and then go back to scrolling.
They’ll keep running on the same financial hamster wheel:
💸 Earning money, but not knowing where it’s going.
💸 Constantly feeling broke, no matter how much they make.
💸 Wishing for financial freedom but never taking control.
Don’t be like most people.
No More Financial Blind Spots
You can’t confidently plan your financial future if you don’t know what happened last month.
So before February sweeps you away, take charge.
✔️ Balance the books.
✔️ Face the numbers.
✔️ Make informed decisions.
This simple habit separates those who struggle from those who thrive.
I know, I know. You’re busy.
But here’s the thing—this will take just one to two hours.
And those two hours today could save you from weeks of financial stress later.
So, are you going to do this or not?
If you’re serious about taking control of your finances this year, start now.
Your future self will thank you.
Until I write to you again, don’t stop being a Genius!
James Iroro
The Genius Note
I hope this letter has inspired you in some way.
If you're ready to elevate your life to the next level, I invite you to explore my latest book, The New Season Checklist. In it, I outline eight key pillars that, when applied, can unlock transformative change.
Engaging with these pillars will lay the foundation for a life shift that aligns with your goals and dreams.
Don’t wait—get your copy now and step into the magic that awaits you on the other side.
Looking forward to seeing the new season unfolding in your life
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Wow! Thank you for this Substack post Chief .. this is indeed a wake up call.