Cultivating The Culture Of Saving

In our quest for financial freedom, every single naira matters. The habit of saving has grown lax in our present day. Savings is a culture that should be imbibed even at a young age. The “piggy-bank” method of savings by kids should be embraced. I’ll be guiding you on the ways this habit can be formed and I bet you, the reward cannot be overemphasized.

This journey you are about to undertake is not going to be easy. It would entail hard-core discipline. There should be a consciousness in you that your wants and needs can never be fulfilled at once. Trying to satisfy all will never allow you to save.

It is necessary to have a budget and strictly stick to it. Having a budget will help you plan better and save better. More importantly, a budget will help you cut down the expenses that are not necessary.

There is need to ascertain whether you are spending more than you are earning. This goes to say that you should know your income and expenses. This will guide you in knowing how much will go into savings.

Remember to keep track of your spending with continuous evaluation. If you have spent more than your budget, don’t fret. Work harder instead to minimize the spending so it doesn’t occur regularly. Reserve some for emergencies and contingencies.

Before you begin your savings journey, have a target in mind. This will help keep you focused and motivated.

The worst mistake people do is to borrow money to spend. Strive to be debt-free. If you cannot afford it, do not buy it. Exceptions can be made though, with regard to health and other emergencies. Notwithstanding, strive to be debt-free.

Like my friend would always say, “Beautiful things will never finish in the market!”. Tell yourself that the next time you see that Louis Vuitton bag or Chris Louboutin shoe you have dreamt of adding to your numerous collection of bags and shoes. More trendy bags and shoes will still come up. It is fashion and it evolves everyday.

It is necessary to imbibe a savings culture. The power of savings cannot be overemphasized; make every naira you spend count!