Savings: Hard But Rewarding.

The thought of saving and the things one would be able to achieve of it pays well and is exciting and refreshing.

But, the idea of saving is necessarily an exciting one. So beyond the excitement, what really is the point of saving and how can you do it in a way that it’ll be rewarding and easy to keep up with. Here’s our thought on savings: hard but rewarding. 

With the state of things in Nigeria and how expensive things currently are and the constant rise in the inflation rate, some people might save we need to stop saving and just live freely. But this is false as there are still goals to be reached, regardless of inflation or increase in prices. 

The interesting thing about saving is that one builds a good habit of self-control and prudent spending. This is what makes savings so hard but definitely rewarding. 

It takes self-control to put aside a particular sum of money for a specified time, it takes self-control to not touch said amount, and that self-control births prudence as you will learn to always mind what you spend your money on and how you do so.

Some Useful Saving Tips

Are you a student, an entrepreneur, a salary earner, a trader, or even a full-time housewife and mother, you’ll find the following tips helpful:

1. Go through your spending habits, and find out the things you spend money on.

2. Differentiate the necessities from the unnecessary.

3. Calculate how much you’d need for necessities, and how much you can spare. 

4. Have an accountability notebook or you can use your phone notepad.

5. Have short term goals; How much you want to save, how long are you saving, and what you’d like to do with the money at the end of the set period (This gives you the motivation to keep at it). 

6. How do you want to save; Locally (Ajo), or online (Bank savings, Piggyvest, CowryWise, etc). 

7. Find an accountability partner. Someone who has a higher or similar level of understanding about these things and has self-control. 

8. Be disciplined. It will be tough at some point, but you’ll be better for it. 

At the end of the saving period, do not forget to give yourself a treat with some of the money, you deserve it. 

We hope this has been helpful.