- Save ke!!!!!!
- How much them dey pay me gaan sef?
- Wooo my sister, after settling all my expenses and debts, how I wan save?
- I try to save o, but I'm not consistent, because I have soo many things on my plate.
- Abeg responsibilities too much o, my dear
These were some of the responses I got from my survey- question 1. Then it dawned on me that most people don't save, not because they don't want to ( I like to give people the benefit of doubt), but largely because they have lots of responsibilities they cater to, and lots of expenses to offset.
Research over the years have shown that to be a consistent saver, one needs to put savings over expenses, for example: if you earn an income of N100,000 monthly, you should first take out your tithe ( this is for the christian folks), you should also take out your savings, before spending the rest on other expenses as they may come.
Yimu, I hear some of you say, Well the truth of the matter is this: As humans, our expenses never reduces, instead they get bigger. Human beings naturally also have a propensity to consume, it therefore means that we'll keep spending more and saving less.
Some people also tell me that they'll start saving once their income increase. I ask them: "How your income wan increase?" You wan thief?
Truth be told, unless you get a salary increase at work, if you have no savings(which probably translates to no investments) how do you want to increase your income? What gives you the assurance that you will save once your income increase, when you have no savings culture? There is a higher probability of you increasing your spendings once your income increases.
To save continuously every month requires serious discipline, commitment and dedication. Do we all have that?
Like I always say, in order to be a consistent saver, you need to have a motivation or reason for saving or wanting to save.
Why do you want to save? There are so many 'savings motivators' as I call them, Some reasons could be:
Yimu, I hear some of you say, Well the truth of the matter is this: As humans, our expenses never reduces, instead they get bigger. Human beings naturally also have a propensity to consume, it therefore means that we'll keep spending more and saving less.
Some people also tell me that they'll start saving once their income increase. I ask them: "How your income wan increase?" You wan thief?
Truth be told, unless you get a salary increase at work, if you have no savings(which probably translates to no investments) how do you want to increase your income? What gives you the assurance that you will save once your income increase, when you have no savings culture? There is a higher probability of you increasing your spendings once your income increases.
To save continuously every month requires serious discipline, commitment and dedication. Do we all have that?
Like I always say, in order to be a consistent saver, you need to have a motivation or reason for saving or wanting to save.
Why do you want to save? There are so many 'savings motivators' as I call them, Some reasons could be:
- Financial security
- For retirement
- For a future emergency
- For a vacation
- For investment purposes.
If I haven't mentioned any reason that resonates with you, you need to find a motivating force to start saving TODAY.
Some of you will ask me how you can start saving today. I will give a few hints in my next post.
Please stay tuned.
Yours,
The money maestro
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