Nigerian forum: Business - How To Save Money Even If You Earn Peanuts
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5 Sep 2015 05:24

Have you ever wished you could have more money to spend on projects at the end of each year? Year in year out you try but to no avail. Like the saying goes if wishes are horses, even beggars will ride. You can wish all you can but to actually get it right you have to rise up and start doing something. It all starts with you. It doesn’t matter how much you earn, the truth remains that you can save if you are determined. Here are a few tips to help you on the journey to a better saving culture on your meager income.

Work on your savings habit/mindset: Saving starts in the mind, you have to make it an incurable habit. It is not a function of how much you earn; if you cannot save when you earn a little it is doubtful if you would be able to save when you start earning big. Once you are able to change your mindset and configure yourself to saving, you will be able to do so without thinking about for long. To start, keep aside between 5% and 10% of your income as a means of paying yourself first before others. Paying yourself here doesn’t mean buying stuffs, it means saving for yourself. If you buy stuffs for yourself you are not paying yourself but you are enriching the shop owners and manufacturers of those products. Therefore save for a project or something tangible in the future.

Do it yourself: There are some chores about the house that you can do yourself that will help keep the money you are supposed to pay the technicians in your pocket. For example painting your apartment, changing your plug, servicing your generator, doing your laundry instead of going to the dry cleaner etc. Read our DIY (Do It Yourself) section of our site.

Target your savings: Imagine football match without goal posts? Yes, that is the way it looks like when you are saving without a target. You must define what you are saving towards and the targeted amount for you to have the zeal to continue without getting demoralize along the line. For example you may be saving towards buying a car, building your house, in case of emergency etc.

Keep a budget: Maintain daily, weekly, monthly budget and even annual budget. Be sure to budget for everything you need to buy (make a list) and do not buy outside the budget no matter the temptation. Calculate your expenses on a daily basis after each day as a means of checking your spending habit.

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11 Sep 2015 11:08

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