| Savings is one of the commonly discussed finance topics, still, a larger percentage of people still face difficulties in managing their finances in terms of saving, and when saving becomes a problem, it is easy to fall into debt. A lot of us really desire to have a steady saving habit, but some circumstances around us such as inflation and low paychecks still make it a herculean task and seem kind of impossible to achieve. |
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| The inflation is currently hitting us hard in my country, Most people have given up on the idea of saving and some have even dived deeper into debt and further financial crises, It's so sad, because if you don't have the willpower to save, In the sense that you've already concluded that savings is impossible for you, how then can you pay your debt. This difficult time calls for critical thinking and I was able to come up with several means by which we can still face the inflation and also save, no matter how little, There is a common saying that "a little drop of water can make a mighty ocean", how do we spend on our expenses and still save while spending? Stay tuned as I share some tips with you. |
| 1 Looking out for discount |
| Since this current inflation seems never-ending, this is the right time for us to take advantage of goods and services sold at a discounted rate when you visit the mall For instance, some company offers their products at discounted prices, in my country, most people have been deceived to think only popular brands which are always expensive are the only quality brands, but experience has taught me otherwise, just make sure to compare the quality of the product, with what you usually will buy, also check out their reviews online or within your vicinity before making a purchase, it will surprise you to know that most of the discounted products are not in any way lesser in quality. When you purchase targeted products at discounted prices, you can save up the little change left that you usually would have used up buying your regular branded item. |
| 2 Budget your savings before spending |
| It's easier and achievable to save before spending than after, this used to be a common mistake of mine in the past. I make plans on purchasing some things from the market before keeping aside the amount meant to be saved only to end up spending beyond my budget and savings included, What I do now, is even before pay, I already have a targeted percentage that goes straight to my savings account, making sure that it is convenient because it's bound to change over time, depending on my Income especially for businessmen whose income isn't stable, compared to salary earners. After saving, what is left can help cater to my wants and other expenses. Most people will say to use the 50/30/20 percentage rules, that is 50% for basic wants, 30% for needs, and 20% for savings, but I believe in working with what is best or convenient for you, as our pay and responsibilities are different. |
| 3 Self-paid taxes |
| Do you know that there is a tax attached to almost everything you purchase? Why not try the reverse taxation method, especially for those who spend a lot, For every item purchased you could take off 1-2% of the total amount spent, for example, if I bought something with $500, I would also make sure to save about 2% of the amount I used in buying that item, this is to make sure that you always filled as much as you spend, to make this saving tip achievable, just make sure to use a not too high or low percentage, also what can be achievable for you not to slack through this method of saving. |
| 4 Get a side source of income |
| Gone are the days when people relied on just one source of income, things are not the same anymore compared to the good old days, Compare the prices of goods before and now, and you will notice some have doubled even tripled in price, and the funny or should I say the bad thing is our income or if you are a salary earner doesn't increase as inflation takes over, rather it remains the same for years, rather than looking for a high paying job, if you are among the few lucky ones that might find that job, isn't it better to get a side source of income, the amazing thing is that it can be a passive source of income that doesn't necessarily require,, presence, also there are many opportunities available on the internet today, if only you could make more research and get a grasp of these available opportunities. It will be easier to save with an additional source of income, even your general lifestyle could improve. I have a friend who was living paycheck to paycheck with no savings at all, not until she stumbled upon how to get into the business of affiliate marketing, The good thing is it pays her more than her first job now, and her finance and general lifestyle got improved, all because she took that bold step to acquire another skill, which also became a second source of income to her, and that might just be what you need. |
| A lot of us are looking forward to when inflation will come to an end, in Nigeria for instance, ever since I became aware of things around me from a young age, I've never seen the price of basic commodities get inflated and brought down again, instead, it takes off and becomes higher from there. What I'm trying to say is that rather than wait for inflation to come to an end without any savings and going deep into more financial crises, why not utilize some of these tips that can help us save and sustain our finances while we go through this difficult time. |
| # Thank you for reading |
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From @glorydee