My "savings strategy"

[iamgroot]

The key word here should be " Discipline". Even if you put all your money in the desert, and throw the keys away, fact still remains that you know where the money is and what direction you threw the keys. And since you do, one day, you would retrace your steps back and look for the keys if you are not disciplined.
The success fact in saving substantially is discipline and consistency. Try this
1 Draw up a budget.
2 Set an amount you want to save.
3 Prioritise and set aside a certain amount for recurrent expenses ( tithes, transportation, feeding, call credit, toiletries and so on).
4 Lust out the essentials to buy and cross out as toy buy them so you don't duplicate. The secret is buying these things are the beginning if the month.When going for groceries, Use the big supermarkets, you will get stuffs at reasonable cheaper prices.
5 After doing all these. You will realize that you still have a lot left. The good news is that you can use what ever remains of your balance to give yourself a treat.

Youre right. Add to that you must have a self-control; especially with the things that only bring luxury to you, prioritize need and save for the future. Only buy the luxury you want when you have more than you earn.

 

[jay]

1. Know my incomes
2. Know my expenses
3. Draft my budget

With these, I know the flow of my money and as such will also know what will be left for savings.

 

[Planet408]

Thanks for this wonderful information. Saving money is not always easy if you are not disciplined enough. The temptation to spend money indiscriminately always comes but with determination, I believe one can save reasonable amount of cash before the year runs out.

 

[Richmond funke abosede]

List savings as a fixed item in your spending plan. You are less likely to spend money you already have earmarked for savings. Use automatic savings methods. Set up an automatic transfer from your checking account to a savings account each useful

 

[Adetayo100]

Aim for a 10 percent savings rate
so don't feel bad if you don't quite meet that goal. Just aim for 10 percent. And if you find that you want to save even more, you can always adjust this percentage later.

 

[Aniwhyte]

One have to be very discipline when saving and spending his money. If I were discipline few months when I have some couple of bucks I won't have been completely broke as I am right now, but unfortunately I wasn't as I squandered my money recklessly which is affecting me today.

 

[Damscooguns73]

Concerning saving strategy. Well,I love to point listed to strategies on how to save money, discipline is really key, you must be honest with your savings and set aside some amount of recurrent expenses like call card, tithes and offering, transport etc.

 

[Hasan Raza]

Amazing dear you made a good point out of your statement, this is great information that can be useful. Anyway, discipline is very important and a good roles in a human life, Who has a positive discipline will have everything he/she wish to have. When you want to save a money for a purpose, you have to make budget of the amount you want to reach before you can use it. But alwsys save a part of your income for future emergency needs.

 

[Tinaconcept]

Very accurate in savings if one is not discipline forget it you can't save because as you said discipline is very important while saving because if you are not disciplined you will find yourself spending beyound the amount you actually budgeted to spend and when the need for your savings arises you start looking for a loan.

 

[Abibatabosede]

It is not easy for anyone to save if you are not determined and disciplined. You must prepare a particular percentage of your income which no matter what you will not deviate from that amount due to discipline which you have trained your self with.

 

[Shaffy]

I like that you mentioned discipline as a core principle of successful savings strategy.

It's really hard to resist the desire to take just a little out of your savings, especially if you are used to living a luxurious lifestyle.

 

[Ibrahim1]

It's not easy to save to be candy because the moment money got to your hand different things and problems started showing face and you just have to settle them but if you can discipline your self I can bet it with you that you really going to have lots of savings than does collect millions of naira because disciplines comes first before anything

 

[Olubayo12]

Whoao. what a best post to wake up with early in the morning talking about savings strategy. I love this post a lot because it encourages one to be disciplined and self determined in order to achieve what you set your mind on to achieve. Thanks for sharing this

The key word here should be " Discipline". Even if you put all your money in the desert, and throw the keys away, fact still remains that you know where the money is and what direction you threw the keys. And since you do, one day, you would retrace your steps back and look for the keys if you are not disciplined.
The success fact in saving substantially is discipline and consistency. Try this
1 Draw up a budget.
2 Set an amount you want to save.
3 Prioritise and set aside a certain amount for recurrent expenses ( tithes, transportation, feeding, call credit, toiletries and so on).
4 Lust out the essentials to buy and cross out as toy buy them so you don't duplicate. The secret is buying these things are the beginning if the month.When going for groceries, Use the big supermarkets, you will get stuffs at reasonable cheaper prices.
5 After doing all these. You will realize that you still have a lot left. The good news is that you can use what ever remains of your balance to give yourself a treat.

 

[Adetayo100]

Concerning saving strategy. Well,I love to point listed to strategies on how to save money, discipline is really key, you must be honest with your savings and set aside some amount of recurrent expenses like call card, tithes and offering, transport etc.

Discipline is very essential and important when saving because it allows you to save and meet your target. But you need to be okay financially before you can start thinking of saving any money from your salary or business.

 

[Nicklas22]

My saving strategy is that I joined a monthly contribution, we normally pays certain amount of money every month and when it's your turn, they will give you the money, this is how I save money for myself and my family

 

[Tinaconcept]

Savings is very important in our life it helps you in times of emergency. Emergency are situation like accident, health care generally and school. In order to save money we have to disciplined as you rightly said though its not easy due to high rate of things in the market.

 

[Shayo]

The key word here should be " Discipline". Even if you put all your money in the desert, and throw the keys away, fact still remains that you know where the money is and what direction you threw the keys. And since you do, one day, you would retrace your steps back and look for the keys if you are not disciplined.
The success fact in saving substantially is discipline and consistency. Try this
1 Draw up a budget.
2 Set an amount you want to save.
3 Prioritise and set aside a certain amount for recurrent expenses ( tithes, transportation, feeding, call credit, toiletries and so on).
4 Lust out the essentials to buy and cross out as toy buy them so you don't duplicate. The secret is buying these things are the beginning if the month.When going for groceries, Use the big supermarkets, you will get stuffs at reasonable cheaper prices.
5 After doing all these. You will realize that you still have a lot left. The good news is that you can use what ever remains of your balance to give yourself a treat.

This is so insightful. It reminds me of when I was still young and I got a piggybank so I could save out of my feeding allowance. I was true to the saving though, but whenever I needed something, I would break the bank and spend the money.
Discilpline and determination is the key, it is not easy to put money away when you can use the money to buy different things.

 

[Godleads1]

In an economy such as ours, the key to savings is the ability to limit, control and discipline yourself. There are a lot of things and reasons that would make an individual not have a savings. But the ability to know when to and when not to spend and keep helps cultivate saving habit.

 

[Khezo]

Good things about your write up is you try explaining more about how to save money in everyday life. But sometimes it's hard to. For example you plan on saving so particular amount of money and something urgent happens that plan as been destroyed automatically

 

[Jomarie05]

Great compilation of strategies, also one needs to be disciplined in following whatever laid down savings plan, outlining the plan is easy but many fail while following them due to emergencies and higher expenses which have to be attended to, your strategies are on point and i have learnt from them.