Developing a savings culture

As familiar as the word ‘saving’, may people find it a mystery and an arduous task. They have no clue on how to save their diamonds and silvers for rainy days. Once a salary is paid, it is spend! Spend! Spend! On their mind, shopping is an obligation not necessarily to satisfy their needs or wants but to keep up with appearances and be the talk among friends based on the trendy gadgets, clothing they have acquire. Savings or investment has no place in their dictionary.

Savings can be as difficult as an obese adult trying to shed off some pounds. One needs self denial and a reminder on the reasons behind your savings. Are you saving for an investment or a new home? whatever the reasons may be, always look at the big picture.

Getting started would demand that you know a total of your earnings; this would help you keep a track on how much is for keeps and expenses. The trick is to make the amount for spending higher than the one for savings, this would help eliminate frustrations and being stingy to yourself or attending to your financial obligations. This would also be needful in times of emergency; anything can crop up such as health or family issues and miscellaneous things. Thus, you need not to tap in your savings only on critical moments. Saving this way is like the little lies that keep on growing into a very big lie; you would be shocked on how that monthly five thousand naira can sum up in a year.

Budget! Budget! Budget! What so ever takes money out of your bank account needs a plan. It may be on food, clothing, rent, transportation and so on.  It helps limit over spending and impulse buying.

Always have a separate savings bank account never merge it with your disposal income. It is never going to work; you need a specified and accurate knowledge on how much you have saved up already. If you still save money in the traditional way by keeping money under your pillows or on the roof top, it is time to say bye to such habit. Move with the new era, by opening a savings bank account. It is for a better saving culture.

Savings have its rewards which can never be regretted. It helps one cut down on irrelevant spending. Things that take your money from you are things needed and not otherwise. It helps eliminate some habits that eat up your account, for instance if you are a phone buff, your palms can’t keep away from any latest version of phones. Saving would help curb that itching palms. As for individuals whom love to keep their tummy happy at all time, they know all the restaurants in their neighbourhood; it is time to eat less besides too much eating is insalubrious.

It encourages new business ideas and investment; you do not have to be a slave for a particular job all your life. Have an expansion of what gives you money and if you are a salary earner; you can channel your savings into a business. More money means more business.

It helps plan for a better financial secure future, the economy today is one that is rising each day, so join the train of financial secure individual by saving today.

Aningo Genevieve Ezinne