Some Ways To Cultivate A Personal Savings Plan

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There's never a bulky way to invest or save and this is because people usually procrastinate when they're dealing with huge sums of money or figures. For example, saving translates to setting aside some percentage of one's income or earnings over time but sometimes people think they need to earn more than their present expenditure to consider saving.

This means that many people feel the need to be financially comfortable before they can save which is wrong. Firstly, I think saving is meant to secondarily test one's financial discipline in the face of scarcity.

What does this mean? It means that we're spenders, more than savers but then, cultivating the "saving" mentality would require a choice to be disciplined. We cannot blame ourselves for being spenders and this is because we live in the moment and need resources to thrive, hence we need to take care of today's expenses to guarantee tomorrow.

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The Primary & Secondary Aim Of Saving

We should know that one of the purposes of financial education is being futuristically inclined, hence saving is being futuristically inclined even in the presence of scarcity. This is why I say savings is to secondarily make us disciplined towards our finances.

Nevertheless, this isn't the primary aim of saving, the primary aim is to build up bulk money for emergency purposes or for when one is no longer capable of replicating or exchanging their efforts for money, and majorly the way to do so is to save for a long period or get a loan that's most definitely collateral-based.

However, not everyone saves for emergencies, some people do so to guarantee a very comfortable future, but the point is that slashing off one's earnings for a savings plan isn't easy. This is because money is never enough no matter how much we're earning.

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The Illusion Of Having Enough

As I said, people always wait for "enough" for them to save, but the truth is, "enough" is an illusion it's a peak that keeps increasing the more we aim for it, this is why there's never a good time to save. Generally, we'd always be faced with financial challenges and the degree of its urgency makes it an emergency.

For example, we don't wait to need an apartment before we start "saving for a new house". However, we might not know our futuristic emergencies but the best way to plan for them is to blindly prepare for them. Saving looks stressful because it isn't intrinsic.

A friend of mine was telling me how he planned to save for his $1000 per annum rents and looking at his plans, it seemed doable. But what made it seem impossible was trying to pay the money when the rent was due rather than planning to pay for it when he had over 100 months left to go.

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Saving: A Financial Discipline?

Truth is, people do not like to plan to save it forward this is an act of gross financial indiscipline and the reason for accruing unnecessary debt. One of the reasons why we look at some people and attach a status of "wealth" or "richness" to them is because of their ability to save even in the most unpleasant situations.

In reality, people who save more are the ones who have less to even spend while people who don't save are the ones with more to spend. However, while the former attains longevity, the latter finds it very difficult.

Hence, it's always possible to attach the status of "rich" to the former, because of their ability to manage their finances well. People can save traditionally, long-term or short-term. However, cultivating the habit is what makes a few people thrive in a crumbling economy.

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Raising Money For Financial Inevitabilities

Some things are financially inevitable. Some of them are raising money for a business, retiring willfully or unwillingly, or no longer being able to work and these situations can only be salvaged by saving, raising bulk money is difficult, but sometimes people underestimate how much they can save, hence they tend to see futility towards it.

Most Fintech companies, take advantage of people's financial capacities to become rich themselves. For example, I've seen Fintech companies, that provide loan opportunities for people at an affordable interest rate, while giving them the option of providing some of their data pending when they'll pay. In reality, there are more incentives to gamble rather than to save.

Working-class people living on minimum wage are prone to live from hands to mouth and this is because of their inclination to their limited salaries. However, there's nothing as affordable and safe as handling one's savings plan.

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