Saving can be quite difficult especially when you work in a very strategic and expensive area like Lagos coupled with a low-income that almost vanishes after emitting your transport fare for the month. However, savings can still be done irrespective of the struggle involved in carrying out this charge.
Reasons For Saving
Most importantly for the ladies, savings is very essential for the reasons highlighted below:
For the Future
It might seem like a long time from now, that is the exact reason savings should be encouraged. There might be some sort of commitment in the future that will require some funds and you can easily fall back to your savings.
For Financial Freedom
Savings gives you some level of financial freedom, you can always go into your savings account to get whatever you want without having to beg. Savings plays the role of a saviour during hard days: savings saves the day.
What Happens When You Do Not Save
- You become a liability to others
- You become a perpetual borrower
- Situation might force you to go into some illegal act and dealings
- When there is a little issue with your job, it affects your welfare
- Economy down time will take a bad turn for you.
How To Save: Remember our economics class? We will be going down memory lane.
Write Down your Desires
Before you receive your salary, get a book and a pen write down everything you think you need for the month. Writing it down will guide you on what and what you are buying including the expected price.
Separate Your Needs From Your Wants
Take another glance at the list you have written and tick out some very important ones. Pick out the important ones; they are your needs, doing this will guide your spending.
Include Your Savings in the List
Most of us make the mistake of saving from the amount we have left. Saving from what is left will not encourage a good savings habit as you will have been done buying and might even make it difficult to take save. When you write out your savings as your first need, you just take it out conveniently. Hence, you should spend what you have left and not save what you have left.
Get a Separate Savings Account
Putting all of your money in your account will only encourage spending nonstop and you might not be able to differentiate your savings from your expenditure. Getting a separate savings account with no debit card or easy means of spending will encourage discipline and separation of funds.
The most important thing after doing all these is to discipline yourself. Set a target for yourself and ensure you follow through it.
No matter how little your salary or income is, saving is possible.