With the way the economy keeps going and inflation continues to eat deeply into the system, it is necessary we make some adjustments in the way we spend our money so that at the end of the day, we have something to save for the rainy days or emergencies. Imagine an individual who continues to live a lavish lifestyle, spending extravagantly and carelessly, what do you think will happen especially when he or she doesn't save? Regret is the outcome and you will find such an individual jumping into one debt or the other.
"Be wise in spending to save more" is good advice for someone willing to improve his or her financial condition. However, saving can be challenging especially when you aren't used to it, but it becomes something of importance to engage in if you don't want to be caught up with unexpected expenses as you may think some people could help you but at the end of the day, you are disappointed. It is hard for someone who doesn't know how to track his or her spending to save.
There is a place called the "Mami Market" here in Nigeria. This is a Market specially made for all Nigerian Corpers to get whatever they want to buy because these corpers are confined in the camp for 21 days and everything they need is provided in this market. But, things are extremely expensive which is different from the price outside. One could easily spend all their money if care is not taken because the prices of goods are ×3 of the normal price. An individual must be careful and wise in spending and not buy anything except what they need.
While I was coming to where I was posted, I knew how things would be at the camp, I bought most of the things I needed which would last me till I was done. This is always advisable for every Corp member to avoid spending more than the normal price. Also, there are 3 meals provided in camp every day till the end of the training which could also help us save more instead of eating in the market which costs more than normal. I knew if I was not careful, I might have to spend all my money here without saving because a lot of things would beckon to me. There are a lot of things that one would be tempted to buy at a higher price but if one is cautious, one wouldn't have to spend unnecessarily on wants rather than needs. There are times I go to the kitchen to collect free food so that I can save the money I am supposed to take to the market. I have some beverages which would be replaced whenever I don't intend to eat the food being prepared for that day and to avoid spending on expensive meals.
There are different ways to save which are easier so that you don't need to sacrifice your quality of life. These are just the common ways to save but are like a reminder to us every day so we don't lose track or miss our target.
The first step is to track your spending. We buy a lot of things every day and it is not possible not to spend money daily. It is hard to identify where to cut back on your expenses when you do not track your spending. Make an effort to analyse your spending and know the exact things to cut back on.
The second step is to make a budget. After analysing your spending, the next thing is to make a budget. Budgeting has proven to be an effective way to track your spending and help you save. This is something I do all the time and have become used to it. There are different methods of budgeting, like the 50/30/20 rule, zero-based, envelope method etc. Find the one that works best for you.
Another step is to automate your savings. If you are the kind who forgets to save, this step is effective for you. You can just set your savings app which will automatically transfer your money from your main account to your savings account. You won't have to think about saving once this is set.
Spending is something we do every day but we can learn to limit how much we spend so that we can save more for the future.
