What you save today will save you tomorrow
It is not very often that we get to take home a large chunk of money, so it's kinda understandable to see people feeling on top of the world whenever they start making more money.
The thing is, there is always a time when we get enough money to the extent that it feels as if we won't ever be able to finish the money in our lifetime. On the other hand, many people have been in this situation, but they ended up having more debt than they can ever pay off in their lifetime.
Now, that's ludicrous. Isn't it?
What could have been the issue?
It's obviously due to unwise financial decisions. It's typical of us to augment our lifestyle, buy flashy cars, relocate to a more luxurious apartment, and all whatnot.
This singular reason is enough to dull our senses about the need to channel our money into the most profitable ventures. It has also ruined many people's finance. It's sad to say, but a lot of people are still getting into twisted financial positions due to their inability to properly manage the money they get.
What is the best course of action?
For the record, you don't have to live like a mouse when you are earning like a lion (dunno if that line makes sense 😂).
My point is, it's understandable to kinda improve your standard of living and get the things you need to make you more comfortable in life. At the same time, it is important to save whatever penny you can squeeze out. You are not obligated to save 90% of your earning or a large chunk. Just start small and do it CONSISTENTLY.
When it comes to saving money, it is easier done with practice. In other words, it is habitual. Getting that as a habit comes with consistent practice. The good news is that whatever we manage to save will always come back to save us in the future.
How to save money
What you will get in this area can be very overwhelming. There are a lot of ways to save money, but I will be highlighting the ones that work for me.
1. Become Debt-free
This isn't the case for everyone, but as far as I'm concerned, whenever I'm indebted to ANYONE, I find it hard to swallow my meals. I've had more than my fair share of being indebted to people and what I learned from this is that it's hard to have any money saved up when you are a debtor.
Back in 2020, I made it a priority to get out of debt and I was able to eliminate all my debt before the last quarter of last year.
This time around, I'm bold to say that I'm not indebted to anyone and my savings isn't bad either.
So, if you are trying to borrow money for things that are not pressing, you might want to eliminate that from your mind. This takes us to the next way to save money.
2. Set Savings Target
I often have an end goal whenever I'm setting aside $1 or whatever and placing them in my savings. This is necessary because setting aside that money is not an easy thing so, if you want to do it right, you would have to keep yourself motivated.
You'd know that numbers don't lie. Eh?
If you plan to get whatever and you decide to save up $10000 by 31st December, you will likely notice that whenever you check what you've been able to save up, it will be easy for you to appreciate how close you are coming to achieving your goal. This will invariably motivate you habitually save money.
Haven't I said enough? I mean, the morning is still fresh so, don't hesitate to put these to practice.
Getting started is the hardest part.
Every other thing will follow suit.
Posted Using LeoFinance Beta