5 Qualities of a Good Saver.

One thing I have come to understand in life is that for an individual to plan his or her life financially, the need for savings can never be taken out of the equation because the aspects of financial planning cover the range of Savings, Investment, Budgeting, Stocks, Bonds, Interest, etc. Planning one's life to be successful financially is a crucial need in our daily life.

I have come to agree that saving part of what you have or earned from your income will surely save you when an emergency arises. There are so many reasons people save; saving for emergency funds, for life events such as marriage, housewarming, retirement, naming ceremony, functions etc.

Saving money is one very crucial aspect of financial planning and without a solid foundation, there are bound to happen in life certain unexpected circumstances, expenses you never bargained for and the like. With all these, there are certain ingredients you must possess to begin your journey into saving for the future and I will be explaining five of them below.

A good saver is always DISCIPLINED: People who tend to save have a high degree of discipline. This means that they are never the ones who would start on a journey and stop halfway. There are times temptations would arise for one to spend impulsively, especially when you see others spending on good stuff, but a disciplined person will never bulge. He or she knows how to resist the urge to spend unnecessarily except if it calls for urgent attention. There are times I have been tempted to buy things without thinking because there are lots of people who market their goods online and share them on their Whatsapp statuses. My act of discipline has helped me overcome such an urge and also enable me to stick to my budget. I have an app that keeps me focused on recording my budget and would make sure I don't spend beyond my limit.

A good saver is always PATIENT: One thing I respect in the life of a disciplined saver is the act of waiting and delaying immediate gratification for future rewards. They are always patient. When it comes to saving, being patient is an essential quality to possess because when you start the journey, it is impossible to meet your goal that same day. It may take weeks, months and years to achieve your goal and because of this, you have to wait for a longer period of time. While in the journey of saving, it can take a lot of time to gather a substantial amount of savings and this is where being able to wait and not be in haste comes into action.

Let's take for instance, an individual who decides to save for a new car or buy a house would have known how long it would take to achieve his or her goal and will have to wait till the money is completed after many months. Just like our dear Hive Power, many of us are powering up for the long term which is like saving part of our money in the system and we won't be withdrawing them anytime soon but keeping them while they keep building till when it would become a huge amount of money in the future. So, if you must be a good saver, one of the qualities to possess is the ability to delay immediate gratification for future rewards.

A good saver is GOAL ORIENTED: Being goal-oriented is like being focused and determined. Knowing where you are going and nothing stopping you till you achieve your aim. People who save have the mindset of clear financial goals in mind. Are you saving to purchase an estate? or saving to pay for a programme? There is a need for a saver to be specific and have a clear goal in mind as this is one way to get people motivated to keep saving. If as a person you are just saving without having a clear goal or reason for saving, you will easily be derailed and be tempted to withdraw and spend on other things while destroying your real intentions to save in the first place. So, have a goal and stay focused.

A good saver is FRUGAL: Someone who saves is always careful in spending and is able to live within his or her means. Not trying to be impressed by the exorbitant lifestyle of another person. They know what they want and go for it. People who are frugal in savings can differentiate between their wants and needs and so able to avoid unnecessary expenses. People in this category are willing to make sacrifices in the short term so they are able to achieve their long-term financial goals.

A good saver is a RESOURCEFUL person: A resourceful person is someone who is always creative and finds several ways or methods to save. They do not stick to one saving method but would try to find other means. They understand what it means not to stick to putting all eggs in one basket as they are on the go trying to save and also make the money work for them. Also, a resourceful person in the aspect of saving looks for ways to cut back on expenses, search for discounts and find out more opportunities to earn extra or passive income. Another thing about this quality is that such a person also negotiates the prices of goods and does not just go for the actual price of an item. They make sure they take advantage to spend less while saving more. They are also budget-conscious people who record all items bought and see where their money goes without having to get worried over negative cash flow.

One thing I love about people being resourceful when it comes to saving is that they rather go for secondhand equipment and furniture as they believe those stuff last and are more durable than the normal new ones that might be more expensive than the former. Lastly, they try to do things on their own like the DIY — Do it yourself route. They manage stuff by themselves and are always trying out new things on their own which saves money rather than taking such money out to get it.

Thanks for your time on my blog.

^{Keywords of terms are links from Leoglossary}