What do I mean?
Some people legitimately can’t save money for one reason or the other but I’m willing to bet that 80% of the people reading this don’t fall into that category. Therefore, I won’t be addressing them.
You’re unable to save because you lack self-control and have not yet understood the principle of delayed gratification. I won’t lie to you: You’re 100% responsible for this. Learning to control your impulsive spending is a continuous process, it takes a lot of time and consistency and frankly, a lot of effort.
Don’t worry though, the results are worth it. Saving is a very intentional process built up by consistently denying yourself. You can’t save money by buying things you don’t need, don’t want, or are pressured into buying. There needs to be some measure of discipline in your life for you to save effectively.
I won’t lie to you- it’s not easy but it’s gratifying. The sense and feeling of accomplishment when you meet your savings goals or target is like no other. Bonus, afterward, you can reward yourself for a job well done.
How do you go about it?
Before you can save effectively, you need to understand that it’s not going to be smooth sailing every day, you’re going to get angry and be resentful sometimes but you know what? That’s okay.
You’ll get over it and move on.
Sooooooo, if you’re serious, here’s what I’d suggest for you to save without spending:
Accountability partners: Have friends who have similar goals and who will help keep you straight if you start to stray. Make sure they’re people you can trust and are just as determined if not more so than you to save.
Ledger and budget responsibilities: You need to be honest with yourself on how much of your income is being wasted (not being saved, invested, or spent on necessities). Now, draw up a budget based on your income versus expenditure and mark out at least 20% of your income for saving and/or investing. Let’s be honest you are not spending a small amount of money on junk food. The budget helps keep you accountable to yourself as you can actually see where your money is going.
(See random example from google images below.) source
Savings Platform: This is probably my most important advice, your savings platform matters a lot. It has to be easy to use and understand. Whether it is piggyvest or cowrywise, you have to know how to use the platform for maximum effect. Most of these apps usually have some type of target savings and/or safe lock feature on them. These are your lifelines as you will not have immediate access to money and will discourage indiscriminate spending.
Piggybank: This is one of the oldest forms of saving money I never owned one when I was little but I did craft one out of wood, a piggybank helps you save loose change. when I mean loose change money you don't need for your day to day needs or wants, for you to be successful on this method you have to set a time frame, and most times people go for the per annum period all you have to deal with is commitment and patience.
