MEDUGU O .SUNDAY.
Saving is the art of setting aside a part of something for future use. It is also an amount of something not used or wasted. One of the hardest things that man has not been able to form as a habit is saving. Analysis of great Businessmen who existed and are still existing shows that they started small and ended big because they developed a saving culture.
In the bible days, Egypt saved 20% of its national income when they had plenty and this sustained them in the lean years! A very common example is that of the ant which saves over 50% of its gathering.
Students will detest any advice tending towards developing this culture because they feel they have not started working to earn incomes. We should know that at this stage, our income is the pocket money given to us by our parents/guardians.
Prodigal living is a constant enemy to saving. A student doesn’t mind recharging his phone to make calls that do not benefit his present condition, consume confectionaries that exceeds his body requirements and spends without thinking about tomorrow. Anything that is purchased when it is not necessary translates to a waste which should have been saved.
Positive spending habits.
It won’t be in order to talk about savings without proffering positive financial habits that helps the saving culture.
Tod Barnhart, In his book “A Kick in the Assets: 10 take charge strategies for building the wealth you want” listed some useful spending habits that encourage savings.
Some are summarized below;
1. Write it down: As you spend money, record every expense and purchase in a notebook.
2. Pay yourself first: Save 10% of every naira you earn as a wealth building capital.
3. Avoid credit card Purchases: Avoid going into debt for consumables i.e. food, entertainment, transportation, and gifts.
4. Wait for two weeks for major purchases: Avoid panic buys i.e. consider the importance of what you want to buy for a long time before buying.
5. Set a time on long distance calls: A lot can be said in just ten minutes i.e. minimize the money spent on buying credits, make sure you make only important calls.
6. Read a money-related Newspaper, article per day: A year of this and you have practically earned a financed degree.
A good mastery and practice of these suggested tips will help a lot in improving our savings culture. In practical terms, let us consider saving N50 everyday in a month (30 days), this amounts to N1, 500. In a year, this amounts to N18, 000. If this is sustained for many years say, 5 years, it will amount to N90, 000 and this will go a long way.
You can do it yourself. Don’t be told, tell others. Develop a saving culture today and you will be the better for it.
For further details and mentoring, contact SONNIE OF O-ONE KONCEPTZ
On 07039338949
www.o-onesms.com
ojochidem@yahoo.com
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