The Power Of Saving Money

Posted by: lukwago J in Uganda news November 21, 2020

When it comes to saving money whenever you receive it, don’t start spending hoping that you will save what remains. Normally what remains is zero because as long as money to spend is available, the numerous things you can spend it on are also available.

Things to spend on even invite friends and relatives so that you spend even more than you had planned. This is more like our culture in Africa, a home of a rich man is always full of guests.

When money to spend is not available, we naturally find a way of doing without it. That’s why I have learnt to save every penny that I got through a saving box. In Zimbabwe our banking system is not reliable due to inflation. But for countries with good working economy, I would advise you to open a savings account where you just deposit but not withdrawing.

Once you send money there you assume you no longer have it. Before you spend any money, put your savings aside then spend what is left after saving. Don’t try to save a bigger portion of your earnings. Just choose a fraction that will leave you able to survive.

For example, your monthly earnings are $500 there is no way you can save $250 because you can still follow it in no time. You can at least save $50 out of your earnings. It’s possible to survive with the balance until your next paycheck.

You should save a reasonable amount that you can ignore. Once you put your savings aside, assume that money no longer exists. If you keep reminding yourself about that money surely you will follow it and use it in no time.

Save for a purpose and use the money for the intended purpose of the savings.

If you saved to buy a fridge, when the money is enough don’t change plans and buy a TV. Every purchase must be saved for. That way you can see development in your life. Avoid to do things in a random manner.

Always plan your things. A planned life is very sweet.

By B. Marambire

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