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7 Practical Steps To Saving Your Money

Have you wanted to learn how to save money effectively? Have you saved money and the money in turn “saved” you?Are you constantly in lack?  As funny as any of the above questions reads, it is more serious than it is expressed. 

The year is gradually ending and it seems you have not saved anything at all this year. Well, next year can be better and must be better.

As you read this, you may be asking, where exactly do I start from? We would be sharing with you PRACTICAL steps to saving your money and having what to spend on rainy days.

Picture Credit: Pexels

Here are SEVEN  PRACTICAL STEPS on saving; 

  1. PRACTISE THE THIRTY(30) DAYS RULE: What is the thirty rule? The rule says that whatever it is that you desire should not be purchased immediately. Give it a thirty day period and come back to make a purchase. Two things are likely to happen it’s either you realise that you really do not need the item or you now have enough money to purchase it.Either ways, you win. 

This method is capable of solving the problem of impulsive purchases.   

  1. TRACK YOUR SPENDINGS: Make sure no part of your earnings go unaccounted for. From groceries to toiletries to things you decided to splurge on, etc. 

A simple excel sheet can help you do this. 

Picture Credit: eduCBA
  1. SET A SAVINGS GOAL: Goal setting is not only pecu;iar to careers as it also applies to personal finance. Do you wish to take your savings to another level?Then, you should plan for it like you plan for other areas of your life. Have a plan, decide on how much it is you want to save and be realistic about the duration of the savings.
  1. PLAN YOUR PURCHASES WITH A LIST: Making mental notes of what you need may not be sufficient at this point. You need to plan your purchases. Before you head out to the superstore, do you have a list? The moment your salary arrives or that profit for business, set out a portion and write down ALL you would need with their costs.
  1. HAVE A BUDGET: Having a goal is important but having a budget is equally important. Answer questions like, what’s the highest I can spare for this item/project? How much do I need to get this item? What am I spending on?etc.

Picture Credit: Northshore bank

Whatever method you choose to save with, make sure you have the emergency purse. The emergency purse is one that contains emergency money for days when you are in dire of cash. You save here in trickles and if there are no emergencies in that month, you keep saving you never can tell when you would need it.

  1. AVOID DEBTS: As much as you can, stay away from debts and loans. Live within our means. Purchase only assets and not liability. Except in situations when you can help it, let taking of loans to solve a problem be your last resort when every other thing has failed.

The journey to financial freedom begins with the first penny you save.

It might seem a lonely one. Everyone thinks you have money when you do not even know where your next meal is coming from but you just have to keep up with appearances, suffering and smiling.

We hope that you stay financially responsible this year and in the ones to come. Cheers to your financial freedom!

Are you starting a business and would want to start on the right foot? For all your business development needs like:

– Growth plan development

– Content Development

– Digital Skills Trainings

– Marketing strategy, etc.

Espact is here to serve you.

If you need help with any of our services or want further information, kindly contact us today-

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Written by Faith Paulinus

A Content Writer. Law Graduate. Social Media Manager.

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