Beginner’s tips for saving money  

Have you ever looked at your account balance and wondered how you will survive till your employers credit your aza? Ever found yourself in a situation where you really need cash for an emergency and there is nowhere on the surface of this earth that you will find it until payday? Well, beginner, you clicked on the right link. Saving is needed in the financial life of every person, so here are a few tips for saving for rainy days.

Eliminate the “spend now, save later” mentality

Many people already know how they will spend their salary a week before it comes. While it is great to have a budget on how to spend your money, a budget that gives no room for saving is not a budget at all. 

Don’t be like Jack who collected his salary and, in his head, was chanting; ‘let me spend what I want to spend then I’ll save the rest.’ Jack spent what he wanted to spend, and there was nothing left to save.

It should be the other way around; savefirst, then spend the rest as you have budgeted. Nothing good comes from procrastinating your savings because once there is an emergency and you are down to your last card with no savings to fall back on, you will see wiun!

Don’t count your savings as part of your money

We calculate our net worth once in a while to know if generational wealth go sure for us or not. Some people include their savings when they are making calculations of all the money that they have access to. 

A great way to ensure you don’t spend your savings when you don’t need to is to avoid counting your savings as accessible. The moment you start seeing your savings as part of the money you initially removed it from, it no longer bears the title, “savings.” 

Having this mentality about saving is not saving. It is simply dividing your money and it encourages lavish spending because, once one finishes, you will not think twice before dipping into what you had deemed ‘your savings’.

Be faithful

Saving is a relationship that requires your unwavering loyalty. This one is not like a normal relationship where cheating on your partner has become the new romance. If you cheat on your savings, you will be cheating on yourself. 

Save as diligently as you have intended. Daily, weekly, monthly or annually, do not skip it for any reason. The moment you cheat on your savings, it becomes a habit, and you will end up falling short of what you would have earned. For example, if you have a goal to save ₦500 daily and you miss 10 days, you automatically fall ₦5,000 short of what you would have made by the end of the month.

No amount is too small

No amount of money is too small to save. Some people have this frame of mind that a particular amount of money is too small to save, so they spend it instead with the promise of saving a larger amount in the near future— na lie! 

If the money can be spent, even to buy a bottle of water, it can be saved. Save as much as you can. Every loose or spare change, that ₦50 you swept away this morning or the ₦100 you found in your jeans can be saved. 

Everyone is familiar with the saying, “Tiny drops of water make a mighty ocean”. In due time, when it is time to calculate all the “small” money you have saved, you will realise that it is not small at all. 

Avoid ‘savings or current’ wherever you go

Every time you go out, ‘savings or current’ left and right. Are you not tired? The more you welcome billing into your life, the more your money will finish before another one comes. You save better when you don’t have to constantly dip into your savings because of a lack of upkeep funds. Remember that saving is not just for the moment when Sapa is dragging you through the mud. It is also for unforeseen circumstances that may arise, like healthcare or urgent repairs in your home. Avoid billing as much as you can and save more.