The discipline and ability to save hard-earned money are not something that most people have. After receiving money, the first urge is to spend it on luxury that may not last long. Saving money poses such a challenge to most people, it is like an impossible task to accomplish. This set of individuals usually obeys that first instinct to spend money on luxury. However, one should be mindful of these luxuries as they are the culprits that put invisible holes in ones’ pocket. A simple question to ask before purchasing anything is ‘do I really need this’?
Spending money is relatively easy compared to earning it, therefore, spending should be carefully planned so that one can be sure money is being spent on necessary things. This is why it is always good to write out a shopping list before going to out to shop. There are many ways to save money but the following steps must be taken to ensure that your money stays right where it should be: your savings account.
- Pay your debts: Before making the decision to save money, there should be no outstanding debts on ground. The dangerous thing about debts is the interest it accrues on a regular basis. Saving money while owing is not reasonable as the savings may eventually be used to offset debts.
- Plan a budget: To curb impulsive spending and save more money, a budget has to be planned. The budget will shed light on how much is to be spent daily, weekly or monthly. Adhering to this planned budget will ensure that one does not exceed the spending limit.
- Have a goal: The decision to save money is not born out of goodwill, it is usually made to reach a certain aim or goal. Reasons for saving will vary among different individuals, however, to save money, one needs an attainable goal set within a reasonable length of time to give that continued determination.
- Save first, spend later: This is the golden rule of saving money. Do not spend first and expect to have anything left to save. In order to save your money, you need to save it first. After saving a certain percentage, the rest of the money can then be spent in accordance with a planned budget.
- Do not touch that money: Except for an important reason or emergency, saved money should never be removed. The temptation to spend out of the money should not outweigh the discipline to save it. Money in your savings account is not meant to be spent on frivolities that tempt the eyes.
- Avoid borrowing: In order to save money, one has to cut his coat according to his cloth. After depositing money in a savings account, one must not have to borrow or beg from family or friends to survive. The main point is not to borrow money to or from anyone, saving must be done with ease and not force.
Saving money is not something that is easy or quick, it involves a lot of determination, discipline and perseverance. However, the importance of having money safely tucked away for a rainy day cannot be overemphasized.
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This article was first published on 28th March 2016
jelifat
Opoola Jelifat is a young and passionate writer. She holds a B.Sc degree in Microbiology and enjoys reading, cooking and writing on real life issues. She is currently pursuing a Masters degree at the University of Ibadan. Contact her on opoolajelifat@gmail.com, and via Twitter and facebook by clicking the icons below.
Comments (1)
I LOVE THIS ARTICLE. thanks jelifat opoola