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A New Year's Resolution You Can Actually Stick to; Savings

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@omosefe
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This right here is very personal to me because this is something I have constantly dealt with. Here’s why, there’s the thought to save money for rainy days, but then there's also the thought of spending my money to the fullest because YOLO(you only live once) after all. So, why save?

Saving money can be difficult but it doesn’t have to be, take it from me because I learned it the hard way. It is crucial to understand the importance of saving money.

If you do not have any savings, an emergency may come up, and you will have nothing to fall back on. It is also important to have a savings account that you can rely on. This way, if your car breaks down, you can fix it. You can also retire one day with a satisfying life.

Don’t get me wrong, if you want to enjoy yourself and feel like life is worth living then there is no better time than now to buy that car, go on that luxurious trip, or start that business you’ve always dreamed of.

You do not want to have regrets now, yeah? Still, in all of this lavish spending, try to put something aside for rainy days regardless of how little it is.

I remember the year I almost couldn’t pay my rent because of inadequate planning. I had promised to set aside a particular amount monthly towards my next rent but every time I got paid, I made excuses.

I gave excuses upon excuses until it was about 2 months to the expiration of my rent. Don’t even get me started on how I handled it. All I know is I learned to save for the rainy days right from that moment.

Truth is an average individual living from paycheque to paycheque will almost never have enough to spend or sort expenses that keep popping up much less save. So, you keep procrastinating.

Also, most people will mostly never have enough to save. Hence, this is where discipline and consistency are important. Regardless of how much you earn, try to train yourself to put something aside(little or not) every payday or every time you make a profit.

It may be seemingly impossible at first, but trust me, it is all worth it in the end.

My saving habit has been rather unstable and if you’re like me, here’s a number of ways I intend to overcome my bad savings culture this year. I think you should try them too.

Discover ways to save money on things you don't need

First, you need to identify the unimportant things you keep spending money on. You need to draw a line between what is and what’s not. Also, learn to spend WITHIN your income margin.

This is where you prioritize between your wants and your needs. No, go dey do pass yourself. If you’re the type whose primary habit is to dine in fancy restaurants up to ten times a month, you may want to reduce that number.

If you’re the type whose sole interest is to buy the latest designs, wigs, or gadgets, you need to watch it. If you are the type who never passes an opportunity to join the ‘ASO EBI’ girls every time there’s an event coming up, you really should watch it.

For me, I intend to set aside a fixed figure monthly regardless of how much I make monthly. After all baby steps are also steps.

Record Every Single Expense you make

So, I got a new journal where I document every single cash spent on anything at all and I advise that you do the same as well. So far this has helped to keep track of how I spend money, from utility bills, food items, toiletries to stationeries.

Before now, there were instances where I’d have a good amount of money today and the next day it just vanishes. More often than not, I could barely remember what I spent the money on.

I want you to note that the very first step to having a good saving habit is to know exactly how much you spend- may be just the range.

After the first month, this data can help you figure out exactly how much you would need for your monthly expenses. Remember, no excessive spending. Source

You Should really consider setting saving goals For me, this does the ultimate trick. You want to set a goal, what exactly do you want to save for?.

For a saving newbie, you can set short-term goals or long-term goals to save for - perhaps your rent, a new car, living expenses, a new generator, your wedding, childbirth, retirement, or even vacation. Think of how long it may take to save up the exact amount you need and work towards it.

Personally, I use a savings app(PiggyVest)to lock away my savings for as long as I need to. You can also open a savings account. What matters, in the end, is what works best for you.

Lastly, saving gives you peace of mind because you know that come rain, come sun, you have a financial backup plan.

Source

Don’t wait till tomorrow, start today!

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