Where to Find the Money to Save.
Not-so-secret ways I save money in my adulthood
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Earning more money or cutting back on spending are ultimately the two best methods to get yourself out of debt or tackle an approaching financial problem. I am aware that they are simple to say but difficult to implement.
However, while the first may not be an option at the moment, you have full control over the second. Spending less creates a spectacular window of opportunity to begin saving.
Saving money as a young child with no obligations or responsibilities seems simple when done in a fancy wooden box or piggy frame. But saving gets more challenging as one approaches adulthood.
For me, the trick to better saving has been the constancy of making more money and the discipline of living within my means, which has prompted me to double my hustle.
I can state with assurance that “I’m a brilliant saver.” During my NYSC, I saved and invested over 100,000 naria, which inspired me to help others prosper financially through my financial community and writings like this one.
Here are 7 secrets that have helped me save money in my Adulthood
#1: Once you start living on 100 fewer naria/dollars per month, you simply adjust. The same then goes for N200, N500, or even N1000. Starting the process gradually reduces the pinch and makes it easier to keep saving.
#2: If you don’t have the discipline to save deductions, automate your savings. A certain amount of money can be automatically transferred from your bank account into a savings account using some financial apps. You can choose between daily, weekly, or monthly for this. ‘Good’ interest is earned by using majority of these savings accounts.
#3: You must plan how much you want to save each month if you aren’t using an automated system. I budget the percentage that goes to savings before I receive payments for my digital services.
My savings accounts receive a portion of each of my earnings. For instance, a percentage of the N50,000 I earn this week from financial consulting goes into my savings account. If I receive N100,000 from book sales before the end of the week, a percentage will be deposited into my savings account.
#4: Have a well-rounded savings strategy. Saving is difficult enough as it is, so why not make it more flexible? As I grew older, I outgrew the mindset of simply saving to spend and began saving to build.
Although many people have excellent saving habits, they frequently wind up blowing some of their savings on their desires. Saving for things that interest you should not be discouraged. However, you should have a well-diversified saving strategy that takes this into account.
My monthly savings plan is divided into 3
Emergency Fund: Money set aside for when things go south/unforseen circumstances.
Investment Fund: Money set aside for investment in assets, education, people and businesses.
Flex Fund: Money I save up for wants like a new phone, wig or outings.
This plan satisfies both my present and future.
#5: Let me state it clearly if it isn’t already clear what I mean. Your funds should never, ever be kept in cash or in a bank account. Saving money in physical forms like envelopes, piggy banks, or kolo is not only outmoded but also hazardous today.
As a consequence of theft, mishaps (such as a rat devouring your money or a fire), the temptation for impulsive spending, missing out on interest accrued from savings accounts, etc, arises.
#6: Live a simple life. This message might be miscommunicated to a ‘You-Only-Live-Once’ audience. Nevertheless, it is my story—so I will preach.
A simple life doesn’t mean be stingy with yourself. It also doesn’t mean live like a pupper.
It is to live as moderately as your resources can accommodate. It is looking expensive without breaking the bank.
It is living in the present without worries about the future. It is living within your means. It’s about owning just the right amount of anything (and everything).- Praise Adeola.
#6: Saving at "some Nigerian" banks wastes your money on things that do not contribute to your financial goals. e.g maintenance of cards, etc.
It is best to preserve your savings in a safe instrument (i.e., in an investment that adds interest to it without the risk of losing your money and the value of your money). This instrument will be easily accessible to you whenever you want to withdraw your funds.
Such instruments include bonds and bills or investment platforms like Kuda, Risevest Wallet, Piggyvest Flex’ or Cowrywise Savings Plan.
Savings may not happen as quickly as you want, but it will happen. Building a healthy saving habit doesn’t happen in a few weeks or months, and in some cases, it may take years. Just remember to be consistent in building more and cutting expenses where necessary.
Better a little with the fear of the LORD than great wealth with turmoil.
Proverbs 15:16, NIV
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