Having discussions and interactions with numerous individuals many have expressed that they would want to learn how to save. And today we will be discussing what is actually required for saving and provide one suggestion that can be used to help you save more.
Have a Source of Income
Firstly, an individual must have a source of income. Having at least one steady source of income is important if you are to save on a consistent basis. As without an income you will not have any money in the first place to save from. An income can be in the form of a job, a business, money sent from relatives, or getting money by other means. And simply not having a steady source of income will affect your ability to have money, which in turn will affect your ability to save.
Develop the will to Save
Secondly, you must be willing to save. As the old saying goes “if there is a will, there is a way" and having the willingness to save will allow you to focus on putting aside money rather than spending all your cash all the time. With the will to save you will find creative ways to limit your spending. Many self help books teach various techniques in order to manage your money effectively. But in reality no amount of books or ideas will work unless you are willing to do what is required.
Set Clear Goals
Thirdly, Persons must ensure that they set clear goals. A goal could simply be to save ten percent of all they earn in order to have a certain amount in the savings account or to make a purchase at the end of the year. Setting these goals will make a huge difference for these persons and will help them to stay on course in times when they are tempted to spend on food or clothes and treat them self.
In closing I will make one suggestion that can be adopted by those persons who have read this article and are willing and able to implement a savings plan. And that is to set aside a portion of all that you earn and save before you do any spending. In a similar way that you have to pay your taxes and make all compulsory deductions before you receive your salary. You will start saving before you spend. Rather than saving what is left after spending.
Janoi Doyley is a financial advisor and can be found on Twitter, Facebook, and LinkedIn or WhatsApp 876-442-8535