May 28, 2022

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FIVE THINGS TO PUT IN MIND FOR YOUR SAVINGS TO WORK

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FIVE THINGS TO PUT IN MIND FOR YOUR SAVINGS TO WORK

Savings is a big deal to many people. With expenses pilling up, it has become very difficult to save. Everyday, we spend our money on consumables and even if when we have little or no cash in hand, we still need to spend money.

But do you know that with little income, you can still save your money. Let us see how?

1. Keep record of your spendings

Have a note book for your expenses.

Well you may say, ‘this is old’ but having a record of all your spendings will make you see areas you spent money on that are not necessary.

This will help you to cut down on expenses that are not important to you.

2. Write a budget

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Make a budget of what you want to do within a week, months and years.

You can write a budget for a short periods say one year or for a long periods say two to five years.

Do not forget that a budget contain but your estimated income and the ways you want to spend this income.

 Therefore, when writing a budget, ensure that you include the amount of money you will save.

3. Plan where to saving money

Now, you have include savings’ money in your budget.

The next thing you need to do is to plan where you want to save the money.

There are many ways to save money. You can use either of this two traditional methods. That is, local savers or a box.

Local savers are people who are in a particular locality. This person(s) keep money for interested persons for a little fee and for a period of time.

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This method is only effective if the local saver is honest and is still alive when you finaly collect your money from him or her.

You can also save money by yourself by keeping it in a box. Though this methods is effective if you are honest to yourself.

The modern way of saving your money is through the bank and corperative societies. This two methods are very effective and i encourage you to use them.

4. Set savings goals and priorities

Goal is what you want to achieve. You should set your goals and place them in the order of priority. You may have several goals in mind.

 First put down this goals in a note. Then place them in order of importance.

Your goals may be buying a new car, building a house, pursuing a master degree and paying a new phone.

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Immediately you write down your goals then arrange them in order of relative importance. From the most important ones to the list importance.

Or from the ones you want to acheive presently to the ones you want acheived in the future.

6. Watch your savings grow

Now you have start saving part of your money, so sit down and watch your savings grow.

And always remember to read your goals regularly so that you will not end up spending the money you have save on non necessary items.

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