Riddle! Riddle!!

‘I am something that has evolved over the years as a medium of exchange, I come in either a paper or coin and everyone desires to acquire me’.

What Am I? Money! Yes indeed, money. Money has evolved over time from the ‘Barter system’ of trade and has progressed into notes and coins. The evolution of money has helped in diverse ways such as providing the ability to save money to create wealth, among others.

Although saving is not an easy thing to do, I must confess it is very fulfilling and far-reaching. People save for different reasons, ranging from Personal to Emergency and Retirement purposes. In life, there is the need to always save against the rainy days, hence, the following tips have been targeted when it comes to building a savings culture.

  • Develop A Positive Attitude and Be Driven by The Desire to Make Wealth                          

In order to cultivate the savings culture, you need to develop a positive attitude. There must always be a desire that drives you not to give up. Remain focused on your goal and work hard for the attainment of your goals. Create the right attitude and the positive desire to save to accumulate wealth. 

  • Pay Yourself

Paying Bills are inevitable at a certain stage in life but that does not mean we should not save. No matter how little your income is you have to dedicatedly put something aside somewhere that you cannot easily access. I suggest you open a mutual fund account where you will give orders to your financial institution to do a direct debit from your account. This way, you are sure to save some money every month with your chosen financial    institution and the money saved will generate some interest for you. There is the need to note that any money you save is a slave to work for you.

  • Live A Simple and Honest Life

To be able to save, you need to change your lifestyle. Adopt a simple life which will not require excessive spending so that you can have something to save. There is no need to buy a particular kind of car or phone or rent an expensive house or send your kids to very expensive schools when you know that it will put so much stress on your finances. Something to ponder on: is it worth it? Live an honest life and free yourself from slavery.

  • Seek to Learn More and Become an Expert

Improve upon your skills and serve better if you are an employee or an employer because the man who seeks to learn more of his job will be greatly rewarded, he will soon become an expert. Doing what you do with great expertise makes you an asset to whoever you work for and it rewards you with an increase in your income. An increase in income obviously means you can save more and saving more means accumulating more wealth. Work done well does not only come with a pat on the back but also with a reward, therefore, seek to always work very well.

  • Be Slow To Technology Adoption

We are in an era where technology is evolving fast. Keeping up with technology could put stress on one’s finances because modern innovations do not come cheap. There is no need to be obsessed with owning the latest technology if you cannot readily afford it. It is worth noting that immediately the inventions are launched, they are highly priced. However, after a while, the prices begin to drop and you can always buy them without accruing debt.

  • Excuse the Excuses

‘My salary is too little, I do not have a stable job, cost of living is too high, the economy is unbearable, I have too many bills to take care off;’ these and many more are nothing but flimsy excuses that prevent you from saving. Indeed, you may not be earning enough, just try to cut down on something and develop a savings culture, save a little no matter how small it could be. If it is too small to keep at the bank you can get a piggy bank at the initial stage. You can also keep it in your mobile money wallet and once you get enough, you can buy some treasury bills or invest in mutual funds.

  • Buy in Bulk

Buying is inevitable and unavoidable, however, we can always make the best of what we buy if we buy right. Buying in bulk and at a discounted price are smart ways to save money. Do not buy on impulse – that is another smart way to save!

Adopting these changes can be very difficult but, the reward is gratifying. It is worth noting that ‘wealth that comes quickly goes the same way but wealth that stays to give enjoyment and satisfaction to its owners comes gradually, because it is a child born of knowledge and persistence’ George S. Clason.

The only difficult thing in life is ‘NOT TRYING’ but as you make a move it becomes possible!

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