If you're one of those people who can always find a way to save money, I applaud you. However, if you reside in Nigeria and manage to save money during this difficult period of inflation, you are my hero. My question is, how exactly?
I used to be an ardent saver when I was younger, but adulthood has taught me otherwise. I've learned throughout the years that adulting comes with a slew of bills and expenditures. In essence, I've discovered that independence does not come cheap.
In a recent conversation with a friend, he mentioned that even though he tries to save for rainy days, his funds end up saving him before it even rains.
I mean, I was constantly digging to the bottom of my savings before I could even meet whatever saving goal or target I had set for myself, so I quit.
You are not permitted to grin, smile, or even smirk; I currently have four separate bank accounts: one piggy vest account (an online saving platform), one cowry wise account (an online saving platform), and a wooden box (kolo), but my savings are in the red.
The first three bank accounts I opened for valid reasons; the first for personal use; the second for commercial purposes; the third for saving; but the fourth I created because my friend, who works as a marketer in a bank, wouldn't allow me to breathe because she had a set target.
Like me, I don't blame anyone who doesn't have money stashed away for future use or just for emergencies, because the bills always keep coming.
However, I've been thinking about restarting a good saving culture, and here's what I discovered during my research; I hope this helps;
The first step to establishing a well-defined saving culture is to make a budget. Budgeting is the bedrock of every successful saving plan.
Here, you take into account how much you earn and how much you spend on gas, groceries, electricity, toiletries, and so on, and make sure to leave aside a percentage, no matter how tiny, for savings.
It does not have to start with 50% of your total earnings; it might begin with 10% or even less. If you always have little or nothing left after your budget, it is time to cut down on all unnecessary purchases or minimize wastage.
Avoid making impulsive purchases at all costs. Do not buy anything simply because it appeals to you. I believe that
I believe that women buy on impulse more than men. Whether it's a gorgeous pair of shoes online, a sleek dress in the mall, or anything else that catches our eye, just stop purchasing items that are not on your list or within your budget.
Making a list of everything you'll need to go shopping for and sticking to it will do you far more good than you could have thought. The list will help you stay focused.
If you recall, I mentioned two saving apps at the beginning of this article; Cowry Wise and PiggyVest. These applications are automated, and you can set them to take a specific amount of money.
You may program them to withdraw a specified amount of money from your bank account on a daily, weekly, monthly, or yearly basis. Meanwhile, there are various alternative applications to choose from. In my opinion, this is a wiser and more disciplined approach to saving money.
I already have these accounts; all I need to do now is authorize the deductions again. This time, I'm going to try saving for up to 30 days straight without tampering with my funds, and you may try this as well.
One thing I like about my accountant friends is that they're always taking notes. For example, my friend Segun keeps track of everything he buys, even the smallest munchies.
He says that he does this to keep track of all of his expenses so that he may analyze them at the end of each month. If he realizes that he has spent too much money on unnecessary items, the plan is to restructure and cut down on his excesses.
There are several points to make here, but I'll stop here, so no one gets bored.
If you, like me, have trouble saving, all you need to do is control your spending and try not to spend more than you make.
I hope this post helps someone as much as it helped me.
