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The Bible admonishes that in all our getting we should get wisdom. Certainly, It is not wisdom to spend all that come into our hands every day, week, month or year.
Unfortunately, financial savings are hardly taught in schools or churches. My aim is to encourage us to make financial savings a habit so as among other things,
Avoid unnecessary spending and financial embarrassment.
WHAT IS SAVINGS?
Savings means keeping our money and other valuable items for future use. In the context of this lesson it means money set aside for future use.
METHOD OF SAVING MONEY
Over the years people have practiced one form of monetary saving or the other. Some of this forms could be either traditional or modern.
SOME FORMS OF SAVING MONEY
- saving in the bank
- Saving in the financial home
- Buying stock and shares
- Saving in cooperative society
- Keeping money in the box
- Keeping money with money keeper
- Keeping money in pig Bank (Kolo)
REASONS FOR SAVINGS - For future use
- To protect our money from been stolen
- To avoid wasful spending
- For solving unexpected problems
- For future investment
HOW TO SAVE MONEY
saving money is one of those tasks that are so much easier said than done. There is more to it than spending money. Before one can embark on a successful savings you must be a highly disciplined
and self control person. The thought of : "how much am I earning?" "what I have is not enough to meet my needs" etc. Will always be flowing through our minds anytime we received our salaries or get
paid for goods and services rendered.
REALISTIC STEPS TO FISCAL SAVINGS
- Killing your debt first. You should calculate how much you are spending on monthly payment of your debt and and find a means of reducing It gradually until you finally free yourself from debt payment.
Therefore, you can adjust your spending to give way for savings. Also If you borrow ensure that you pay back what you borrow unless there is express debt cancellations.
- Create an Emergency Fund. This you can do by setting aside some amount of money on monthly basis to be saved through any means of saving mentioned above.
The advantage of this is that If you are in an urgent need or out of work you will have something to fall back on for survival.
- Set savings goals. This could be for either shorter or longer term. Setting financial or saving's goals will enable you to accomplish both shorter and longer term needs.
Example : acquiring some household equipment (short term), purchase of cars and building of houses.
Establish a time frame. Always plan ahead and set achievable time frame to whatever you want to do. In the process you have to discipline yourself so that you can achieve your purpose.
Keep a record of your expenses. Since you don't have control on how much you earn, It is wise also to take a critical look them at the end of the month.
Thanks for reading my blog
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