Keeping confidence in specific things like finances is an art. The same way you keep silent about private matters with family and friends, so should you closely guard your finances.

Unless you can fully trust the other person or it is necessary to reveal like when seeking a loan.

You should keep these secrets to yourself.

1. Your salary

Some ask about your salary so they can form certain opinions. Or they want to gauge how much you can pay for their bills or restaurant tab. The moment you expose how much you earn, your expenses start rising unexpectedly especially, if you get any salary increment. You are allowing others to plan how you spend the money you work for without their help.

2. Your savings

Saving requires some sacrifice as you put off things like holidays or going out. If you reveal your savings, you might be guilt-tripped to lend money to a friend or relatives. Yes, it is good to help family and friends, but only if you can help. If you are not careful your savings might be completely drained.

3. Your wealth or investments

You have no business showing your portfolio unless it is vital. Otherwise, people will have false ideas about you. Maybe they will wonder why you turn down any money requests yet you are, “rich”. They do not understand you are still trying to build your way to success. Even some very successful people are never flashy based on how they behave and dress.

4. Your debts

This is something to keep either to you or within the family. This allows you to silently plan how to pay back. It also avoids any unsolicited advice from others on how to spend your loan or payback. It is a personal matter. 

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Tuesday when she appeared before the Senate Committee on Local and Foreign Debts.

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Daily Trust reports that the federal government planned to borrow N4.28 trillion from domestic and foreign sources to finance 2021 budget deficit of N5.20 trillion, which represents 3.64 percent of estimated GDP.

The minister said the total debts, comprising domestic and foreign borrowings of the federal and state governments and the FCT, stood at N31.01 trillion as at June 30, 2020.

According to her, the country’s debt profile was N27.4 trillion in December 2019.

She added that based on existing approvals, the debt is projected to rise to N32.5 trillion in December 31, 2020 and N38.68 trillion in December 31, 2021.

The minister, however, said the federal government had not defaulted in the repayment of its loans.

“We have been meeting all our local and foreign obligations as and when due.

“We have never defaulted in any debt service,” she added.