SAVINGS
Savings as good
as it might be, a lot of people still give a cold shoulder to it. A lot of
people find it difficult to save especially in a time like this where it is evidently
certain that the monthly pay cheque is not even enough to meet the daily needs.
Let me make one thing clear, the pay check can never be enough. The act of
saving must be done consciously. The routine of saving constantly might be
painful, but trust me it pays off later.
Wikipedia defines
savings as “Saving is income not
spent, or deferred consumption. Methods of saving include putting money aside in,
for example, a deposit account, a pension account, an investment fund, or as cash”
A man said you are as strong and confident as the
amount of savings that you have. In as much as you do not want to hear about
savings, it is important to your existence.
WHY
PEOPLE DO NOT SAVE
·
The
money is not enough
·
I
have a lot of people depending on me
·
I
have an ATM to my bank account
·
Things
are getting more expensive
·
The
value of my currency is dropping everyday
Tunde
Bakare said “you cannot you are financially strong until your savings can feed
you for at least six months if you are released from you job”. Whatever reason
you have that you are not saving is more of the reason why you have to save.
A lot of
us are salary earners and we do not know what will happen if we retire of we
are discharged from our place of work.
WHY
WE SHOULD SAVE
·
We
should plan properly for the day we will retire. One of the reason why some
people are waiting on pensions is because they did not have a proper plan or
savings for the day they are supposed to retire. So the future they were
looking at, came to them unprepared.
·
In
case you are suddenly oust from your place of work
·
You
have a business idea and you need capital and you do not want to go to the bank
·
It
gives you a good confidence to plan
·
Preservation from sudden expenses.
I quote
Sam Adeyemi “Save from very pay cheque. It is also a matter of pay now play
later or play nw, pay later. Whichever you choose, you will still need to pay sometime.
It is either you experience the pain of the discipline today or the pain of
regret tomorrow. Save every increase in income. Do not blow your salary raises.
Try not to adjust your standard of living immediately there is a raise in
income. Save up the difference for some time.”
QUESTION
YOU SHOULD ASK YOURSELF
·
What
will my income/expenses be at my retirement age? I believe a lot of people are
not preparing for this day.
·
How
much do I need to have in investments to yield that amount at a realistic
interest rate?
·
How
long do I want to keep working?
·
Would
I need another source of income? Yes, where will I get the capital to start?
I have a
lot to say about saving which includes;
·
The
perfect formula you can use to divide your income and know which part to save
·
The
perfect company I believe can be trustworthy to commit your savings too
·
My
own personal story about saving
·
3
other business that I believe you can start to multiply your income
·
And
more importance of savings.
·
Then
we will talk about savings and how it can be your way out of recession and your
road to financial freedom.
If you
are interested drop a comment in the in the comment space with your whatsapp
number.
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