Additional Saving Tips For the Year

Ever heard of the statement ‘repetition births conviction‘? You best believe it because it is true. It is not impossible that you have heard what you are about to read in the next few lines but it is still going to be a win for you.

Saving is a culture. Every individual who wants to have a certain level of financial freedom must have it.

That you have decided to keep reading means you have chosen the path of wisdom. Cheers to that.

Now, follow me.

Tip 1

This is the first step. Do you know how hard it is to run? Seriously, do not pretend to be a member of the fitfam. Even if you are, you most likely agree that running is not an easy task. Do you know what is harder? Running without a destination or direction in mind.

If you were ever told to just keep running without both, you most likely will never start. It is the same thing with saving. Not many people will actively save without a reason. You need to answer the ‘why’ behind your plan to save. There can be more than one reason. So, tell me, are you saving to buy a new gadget, to pay an exam fee, to have emergency money or is it flex money? You should answer this question before we proceed to the next step.

{Read: Preparing for Financial Emergencies}

Tip 2

The next thing to do is to figure out what your saving goal is. Your ‘why’ will be of great help. You need to write down the numbers clearly. It does not have to be exact. The last excuse you want to give for not saving is that you did not know exactly how much you needed to save. Rough estimates will do. The main thing is to have the numbers. What is yours? Do the Maths now.

{Read: 5 Things Teenagers Do Not Know About Money}

Tip 3

Where are you going to keep all that money? This is a decision you have to think through. There are options you pick from. You can open a savings account in a regular bank or make use of personal finance platforms like the popular Cowrywise and Piggyvest.

If you choose to open a savings account, you should probably not have an ATM card for the account or choose to not carry the card around. If you do choose the other option, there are different options for you to choose from. Generally, try to choose a platform that yields interest. It is true that ‘savings accounts’  are usually low interest account but that is N100 you did not work for. Free money is not a bad idea now, is it? So, what is going to be?

{Read: Personal Finance Apps for Teens}

Tip 4

We have come to final step we are going to take together. The money that is going to be saved, where is it going to come from? Do you have a fixed allowance? Are you a salary earner? Do you receive money every other day? Plan ahead how much you will put aside. You can make the decision in specific numbers or if it is more helpful, you can decide on percentages. Do what works for you and have your goal in mind when taking this decision.

Dear friend, it is time to part. Where are your answers?

Your book should have the following:

  • Why you want to save
  • The amount you want to save
  • The platform you will save on
  • What part savings will take in your future budget.

You have chosen the path of wisdom. Stay on it.

Saving is culture. Saving is discipline.

Related: Saving Tips For the Month

How has this post been helpful? I’ll like to hear from you in the comments below.


3 thoughts on “Additional Saving Tips For the Year

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