A popular saying goes thus, “tough times do not last, but tough people do”. With the current economy situation in Nigeria everyone has to toughen up their finances especially the aspect of savings. We do not know what the future holds but we cannot be timid about it, rather, we can prepare for it. One certain way to prepare is through your savings.
Savings is simply the act of putting some money aside consistently for either planned or unplanned events. Savings is necessary to prevent future regrets. The process may be difficult but whenever we reach our target savings, we always feel a certain atmosphere of accomplishment and joy. Savings assures us of a comfortable retirement plan, it comes with freedom and it is key for building wealth.
We cannot turn a blind eye to the fact that it is difficult to save in times like these hence this article, but failure to save can prolong hard times even more. So here are a few tips that can help you save in difficult times like this.
Saving money can be compared to someone who is trying to stay fit, either loss weight or control it, they both require a very high level of discipline. In a twinkle of an eye money can be spent if your attitude towards your finances is not a disciplined one. Successful savings is like a habit and you have to see it like that. To save successfully, you have to cultivate an attitude of discipline that fits your persona. This attitude must be strong enough to stand against temptations to use your money meant for savings to do something else.
Successful savings requires financial discipline.
Focus on The Benefits
Like in the illustration we used on fitness, anyone, whether trying to lose weight or save money their concentration cannot be on anything else but the benefits, failure to do this will amount to a failed course. It is way beneficial to focus on the results rather than the tough choices scattered within the process.
A proven way to save successfully in Nigeria today despite the tough times is to take pleasure in the foreseeable end results of your savings. Keep your eyes on the goal and never think that because times are hard it is impossible to save now.
Stop Impulse Spending
Impulse spending is the spending or buying of things without a plan. Before going out to shop it is very important to make a list of all you intend on buying. Your list must have an inventory on what you have and do not have, to avoid buying what you do not need. Making a list helps you avoid impulse spending. We all see things in the malls that catches our attention but with a list and the budgeted money in hand you are mostly likely to think twice on the spot for the best decision.
One of the main secrete to savings is guarding against buying based on impulse. Begin to master the habit of creating a list today if you have been spending on impulse. If for nothing else your savings needs it.
Frequently Analyze Your Expenses
It is imperative that you evaluate your expenses from time to time. It could be monthly or quarterly. Analyze your expenses and try to find out if what you spent your money on gave you equal value for your money. If you find out that there are a bunch of things you could have avoided do not beat yourself over it, at least you know your shortcomings now, just work on avoiding those things in the future. Also look out for cheaper alternatives to some of your needs, you just might never know there are way lesser prices for stuff you get at an expensive price if you never check.
When you find out alternatives and things you could have avoided, immediately factor this into your next list and stick to it, and save the extra money.
Keep Records of All Your Expenses
Data is very helpful in in personal finances. Successful savings require that you keep records of all your incomes and expenditures, this will help you find out items that you thought you could not do without but you can actually. Once you discover such items, weed them out and save the extra money.
There is virtue in cultivating a savings habit. The process may be difficult especially in the current economy situation of Nigeria but with these tips and a determined mindset to save, your savings can still hit a rock-solid target if you start now.