Top 9 +1 best saving tips and tricks

Recently, Africa’s Richest Man Alhaji Aliko Dangote rolled down and out of the top 100^th richest men in the world (thanks to the economy of Nigeria). When I heard this I wasn’t worried less, just thinking to myself “if Aliko Dangote could be affected by a recessive economy, how about the “non-Alikos” around? Mind you, Aliko’s case might be temporal, he has everything to bounce back. (in his case, he is not broke and that is because he is well over becoming broke). Then I thought of sharing this with the rest of us today because I’ve confirmed that anyone, anyone at all can go broke at any time if what we are going to see today is not properly given attention. More like every other trending factors that demand attention in the world today, cutting cost has crawled into the cart. One time rich people are becoming broke one after another, you can blame it on poor saving habit. Saving is actually important against the “rainy days” ahead. Today, it could easily be said that if you fail to save, you are already budgeting to go broke soon, especially as a business person. Just like if you fail to plan, you plan to fail. Saving has become that pertinent to our everyday life and survival. Seeing that overspending can be quite unsuspecting and adventurous, and most times, fun, it is very important that something or someone waves a red flag from time to time because no matter how many our income figure is, everyone needs to do some savings, you just never might say, life is somewhat dramatic. I happen to come from a family where overspending was just like one of those things at one time, it never once  occurred to us that spending should be planned and money should be saved, that was not until ‘’uncle broke’’ came with his lesson note to teach us evening lesson. Thank goodness, that was then, men are wise now. Here are some crucial factors I thought of sharing with you what will help

1.      Understand your income; This is (should be) first .Get to know exactly how much comes into your account on a daily, weekly or monthly basis including your extra cash, or lucky tip. Get familiar with your earnings. This idea is against the backdrop that some people don’t even know exactly what falls on their labs on a daily and weekly basis apart from their salary. It is very important that one get to know it. Understanding your earnings is the first step to proper saving. it is only who knows how much comes into his account that can plan spending and do so properly.

2.      Plan your spending( Make a budget): decide on how much you’re spending for a day and stick to that. Do not add a dime to an already budgeted expense except in the case of a life-threatening emergency, but if it is trivial, try not to bother. The basic idea here is the ability to plan and decide on exactly what goes out of your account every day. Avoid superfluous spending and spending to impress.

3.      Buy things in bulk: Avoid retail purchases as well as you can especially those pettynitty things that you will always need. This is a secret many people do not know. Buying things in bulk helps you cut cost tremendously beyond what you’d even think of. There is what we call ‘’the power of a dozen and half a dozen’’ i.e. the power of 12 and 6.Take for instance, one match box (contains 50 sticks) sells for 10 NGN and a full pack containing 10 boxes (500 sticks) sells for 50. A box containing 50 sticks would be exhausted between two and three weeks and calling to buy another, Whereas a full pack of 10 boxes will last almost 365 days use without having to buy again and that means that the cost of having to buy matches for a whole year have been cut but one who buys one box at a time spends money on every 2 to 3 weeks on matches. Now one box or one pack?, which is better?. Same thing goes with buying airtime (recharge cards) and toiletries, buy them in bulk. As a matter of fact you’d even get to see that whenever you go for either a dozen or half a dozen, sellers often are ready to sell at discount price

4.      Spend at convenience: By this, I mean do not be forced to spend, and do not wait to spend under pressure because by then, you definitely would have to overspend. For example, you do not wait until your car will squeak and scream before you think of taking it for a routine servicing, do not wait until your service providers warn that “your account is too low” before you think of recharging your phone. The best time to spend and wisely is at convenience

5.      Buy original: Try as hard as possible as you can to buy original things, you are actually saving money at that. Original thing lasts longer than those fancy fake ones. Always remember that a little extra buck can save 10.

6.      Record your expenses: Keep track of your general spending, like what you spent to get that dress, that glass cup, those shoes etc

7.      Plan on actual saving: Make your savings need affirmative, always remind yourself why you want to save and that you really want to save

8.      Set saving goals i.e. what you want to do with the money you want to save.

9.      Prioritize:  sketch your scale of preference like which of what is most or more important to you now or next etc.

Storing up money in the bank is definitely not it!

So what would you think it is? , I had to disappoint you by first stating that it definitely is NOT at the bank. The world’s strong forces in the world of business do not consider storing up money in the bank as a proper saving method- to them, the bank is considered as “temporal” store house. According to one of them-Robert Kiyosaki founder of Rich Dad poor dad company, he maintains that the idea behind storing up money in the bank is “out of date” . According to him, “ready-to-prosper” business minds do not store up their money in the bank to just sit there and be waiting for bank interest, they rather engage their money to get back more money. They only make temporary use of the bank to preserve their money pending the ripe time (which is not always long) to lounge out into the deep. it is ....

INVESTMENT. Yes, it is Investment, investment is the principal power behind “money doubling and tripling”.  It is the top one best saving method; there is no other method like it.

Investment, investment, what is it?, may I ask what your idea about investment is? (I’m waiting for your answer/s in the comment box. Let’s have a digest on this.