The world we live in today is filled with so many demands to spend, from our daily expenses which consist of both our wants and needs, wants in the sense that they might not be basic needs we can't do without, imagine wanting to have the latest designs in fashion or gadgets just to satisfy your desire, not that you don't already have those things doing the same job as the new items you desire to spend on. We sometimes get caught up in this cycle of wanting and spending and accumulating that we sacrifice a very important habit that's supposed to help us attain that financial freedom we all crave, forgetting that true wealth and freedom are not measured by what we own or possess, but rather by our ability to live within our means and save for the future.
One financial habit that has helped improve my finances that I would advise anybody to give a trial and be convinced is the act of Savings It is surprising to know that some adults at this age have no savings no matter how small, and when asked the reason, you get excuses like not having enough to save or just wanting to live your life to the fullest, I recently asked a cousin of mine who would always go broke at the second to the third week of the month after his pay, and his response would be " Life is too short not to enjoy it now that he is young. This is such shallow thinking, don't get me wrong, having a luxurious life is good when you can afford it, but spending all you have to enjoy a short-lived "Luxury" only to go back to being broke and in misery is not an enjoyable life, that is where Savings comes in.
I can't even start counting the number of times my savings have saved me in the past and still saving me in the present time, recently, I got presented with an investment opportunity to buy certain imported goods that when I resell them would earn me double the capital invested, know that this opportunity was presented for a short while, and only the person who could afford it could take advantage of it, according to the man that presented me this opportunity, he had met with two designers before me, but they were not able to grab it because they didn't have the funds and told the man to give them some weeks to gather, but when it presented itself at my front, all I needed to do was make research about the risk, income and process to get it distributed, after checking all, my savings saved the day in helping me grab it.
One of the most compelling reasons why we should cultivate the habit of saving is the potential for growth and compounding. Even the smallest amounts, when saved consistently over time, accumulate and multiply in ways that may surprise us, if I depended on my daily little income, I wouldn't be able to afford that opportunity and several others, but my little drops daily with time grow to amounts I never thought I could own and still counting.
Consider this, if you were to save just $5 per day, which amounts to about $150 per month, then using the HBD saving APR interest of 20% provided by the Hive Blockchain, you earn about 1.5$ monthly, in a year, that's over 18$ you didn't do any work for then saving your money, then imagine how much your daily 5$ will amount to after ten years, you would have an impressive amount satha no doubt if you stay consistent, and that's the power of compounding, courtesy of savings.
Then it becomes easier to afford what you desire and still have enough left. Not just that alone, Saving helps us in times of emergency, unforeseen circumstances are part of life, we don't plan for this, but saving ahead saves us in these moments, and also gives us a sense of security and peace of mind, trust me.
It's important to note that saving is not all about storing your money in the bank, but also having the mindset not to live above your means, prioritizing needs over wants, and exercising financial discipline are some of the biggest financial strengths you can have as a family or an individual.
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