Are you among those that wish to save your money but find
yourself still going back to your spending habits? Then you should read this
In the era that we live in, spending money has become so easy as you don’t need to have money in your hand but with the use of internet banking you can buy anything you want and get it delivered to you or send money to whoever you want without even leaving your home.
Most times people make up their mind that they are going to
save a percentage of their income but still end up spending it and the next
month they still make up their mind to save and still spend it again. The
circle goes on and on.
If this is your case, you will find out that at the end of
every year when you check your account balance you will find out that you don’t
have a savings to fall back on in case of emergencies.
There are lots of things that take our money that we overlook and they include food, clothes, TV subscription, Data, and the worst airtime.
With the way, it is now easy for people to buy airtime from their bank using a particular code ypu can keep spending on airtime without even knowing.
Imagine its night or you’re too tired to go out and you on the phone and your airtime gets finished what do you do? You end the call and wait until you go out to buy airtime. But now you don’t even have to leave your home anymore by just using your bank code you can buy airtime.
I am not saying it’s bad but think of how much you spending
now on airtime compared to before. This has affected me before as I keep buying
and buying airtime from my bank even when it’s late at night.
Believe me it is difficult to save money nowadays as lots of
cool gadgets and accessories are coming out and online shopping has become
The question is how can one reduce the way they sped money
so they can have a savings to fall back on in case of emergencies?
Today we will be looking at 5 steps to be able to save your money.
Get Your Head Right
It is impossible to cut down on how you spend money if you
do not make up your mind on what you want to do. You must first makeup your
mind to start saving money or else you will keep going round the circle.
You will have to identify those things that take a huge part
of your income and either eliminate them completely or find a way to reduce
them. This may be cutting down on the number of times you eat in a day.
You must know that the reason why you work is to earn money
so you can be financially free and the way the country is going where no one is
guaranteed of their job and anything can happen at any time your savings is
something you can fall back on and still be able to live a comfortable life
till something better comes up.
Decide On The
Percentage You Will Save
Nobody is asking you to save 50 or 90% of your income.
Depending on the amount you earn you can pick a percentage even if it’s 5% for a start and stay committed to it then you can increase it after a while.
There are lots of things that are out there ready to take
our money at the end of every month which may include bills, family needs,
food, health care etc but that should not stop you from saving a percentage of
Let It Be Your Top
Well if saving is the last thing you think about when you receive your salary trust me you are never going to save even a dime. The idea should be to spend after you have saved not vice versa.
Once you have decided on the percentage you want to save
that should be the first amount you take out before you start spending on other
things (I advise you also pay your tithe first).
To make this easy, you can give your bank a standing order
to transfer that amount to another account immediately your salary enters your
Make Your Savings
Hard To Access
When it comes to saving money, the moment you are able to
access your savings at any time you desire you will not be able to save. Surely
you will see things you love and want to buy and if your savings is easy to
access you will buy those things.
But imagine you see something that you want and when you think of how hard it would be to access your savings you will suddenly develop disciple to control yourself.
The best way to make it hard to access your savings would be
not to have an ATM card linked to that account. Not only that, you will have to
cut off from every other method of accessing that account. ‘
Adjust Your Lifestyle
Have you ever seen something in a shop that you love and
after spending your money to buy it and getting to your house you realize that
you don’t really need that thing? This is what happens to many people and make
them not able to save. I have fallen victim of this countless of times.
You have to learn to live a simple life style, get to know
what your needs are and focus solely on them leaving the wants behind.
You don’t have to wear the most expensive clothes or shoes to look handsome or beautiful. The sad thing is new fashion keeps coming out and if you are the kind of person that loves to wear the latest then am sorry to tell you that you are hurting your financial freedom badly.
You will never know how helpful these tips are until you start practicing them. No matter how much money you earn you can start saving a percentage of that money and after a while, believe me, you will be happy you did.