Dear Hivers
Saving money is the cornerstone of investing and financial security. Rainy days may come. But savings can help you go through the rainy days.
Do you have savings?
If you’re like most people, your answer will probably be NO! Why? Because most people are ignorant. Most people don’t realize that days with problems will come upon them like a thief in the night.
If you want a better life, you better start saving now!
Please keep these things in mind:
Savings doesn’t depend on your income.
You know what I like about the Judaeo-Christian tradition of the tithe? It’s that the 10% of whatever your produce belongs to God. And you have to give it to God. The 10% of 100 is 10. The 10% of 1 Million is 100,000. So when your income grows, the 10% also grows. Sounds easy right?
If you save 10% of your income, you can save small amounts of money that will eventually get bigger as the time goes by.
If you save a little now, you can save a lot in the future!
Let’s say, for example, you save P500 per month. That would amount to P6,000 per year. In just three years that amount would be P18,000, which you can then invest into a micro business, which will help you earn more money. And I haven’t even factored the interest earned on your money.
Saving a little amount now can help you make bigger amounts in the future!
It’s the discipline that counts.
Sometimes, it’s not the amount that matter. But the discipline of setting aside money for your savings. If you have integrated it into your system, into your personality, there’s no way for you to forget that habit. This good habit can even extend to other areas of your life. Haven’t you noticed, if you start improving one area of your life and you succeeded, you’re also able to fix other problematic areas of your life? Why don’t you start with savings?
How to save up money for financial security.
Start small.
Don’t fret if you can’t save a thousand pesos now. You probably can do that later. But for now, content yourself with a few hundreds. The important thing is for you to start. Who know where you’ll be a year from now?
Use a piggy bank if you have to.
I used to have a big jar, which I filled with five- and ten-peso coins. Before I knew it, in just about 4 months, the coins there amounted to P3,000. Not bad. That amount went to our savings account.
how to save up money
The best part of having a coin jar or a piggy bank is that you see the results right away. You see the jar fill up with money. The piggy bank becomes heavier everyday! When this kind of excitement developers further, you’ll be ready to start doing something bigger!
Setup an auto-debit facility.
Most companies setup a payroll checking account for their employees. Call your bank and ask them if it’s possible to setup an auto-debit facility so you can transfer a fixed amount every month to your savings account!
An auto-debit facility will also help you develop the discipline of using only the amount left AFTER you have saved some amount of money!
Pay yourself first!
You’ve probably heard this adage before. But it’s still true! Granted, the government will first get its share through various taxes. But you need to make sure that you also feel the benefit of being “paid”. Don’t just allocate everything to your living expenses.
When you pay yourself first, you will feel the rewards of your labor.
It’s not that difficult to push for financial security. In a world suffering from global economic recession, financial security can help people feel better.
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