We do certain things without a prior thought. They become reflex actions or habits. Some habits are positive while many are destructive ā one of the destructive habits is arbitrary spending with no saving.
Human nature tends to push us to long for things we don’t need making it easy to spend lavishly. This implies that saving is unfortunately not a natural habit. It takes a conscious effort to train yourself and develop a habit in saving.
As humans, we are wired to naturally run after our desires that money can buy. This desire ignites an emotional impulse that makes us feel we need to acquire those things, especially things we may necessarily not need. Therefore, to develop a habit of saving for the rainy days is a great virtue that everyone should crave.
There are many benefits of saving. It helps you to be prudent and disciplined. However, to be able to fight the human nature of lavish spending, the first step is to make yourself accessible to a limited fund reserved for needs.
To help yourself choose saving money over spending money, consider the following:
- Your Future: You canāt guarantee what the future holds but you can give your future an assured security from now.
- Unplanned Expenses: In as much as we have limited or no influence over certain events that may require expenses, you need to plan for unforeseen circumstances that may incur cost.
- Financial Security: Saving money is the key to developing financial stability.
- Budgeting: Having a budget can improve your level of prudence. It enables you to plan and also encourages you to save and keep a tab on your expenses within a defined period of time. Budgeting is a good way to develop discipline.
Apart from the above, I found this 30-Day Rule as recommended by The Get Rich Slowly Blog feasible.
- Whenever you feel the urge to splurge — whether it’s for new shoes, a new video game, or a new car ā force yourself to stop. If you’re already holding the item, put it back. Leave the store.
- When you get home, take a piece of paper and write down the name of the item, the store where you found it, and the price. Also write down the date.
- Now post this note someplace obvious: a calendar, the fridge, a bulletin board. (I use a text file on my computer.)
- For the next thirty days, think whether you really want the item, but do not buy it.
- If, at the end of a month, the urge is still there, then consider purchasing it.
Where then should you put your money? Err, did you say a bank? Well, you might be right. However, donāt you think you deserve more interest rate? Sign up for iSave Plan: Itās an enhanced savings plan that assists in building a lump sum amount over 24 months, while paying a competitive interest rate which is 4% higher than the minimum savings deposit rate paid by the banks.
Features include:
- You are eligible to take up this plan if you are under the age of 65
- Policy term is 2 years renewable
- Interest rate is SDR+4% (SDR is the CBN stipulated minimum savings deposit rate banks can pay on savings accounts and is usually 30% of Monetary Policy Rate (MPR))
- Policy can be surrendered after a minimum of 13 months with no withdrawal fees (earlier surrender will attract charges)
- Minimum contribution of N5,000
I’m truly enjoying the design and layout of your site. It’s
a very easy on the eyes which makes it much more pleasant for me to come here and
visit more often. Did you hire out a developer to create your theme?
Exceptional work!
Feel free to surf to my blog post :: buy-backlinks.rozblog.com
Hello There. I discovered your blog thhe usage of msn. That is a really neatly written article.
I will make sure to bookmark it and return to learn more of your useful information. Thank you for the
post. I will certainly return.
I blew hot and cold about this subject matter till I read your post.
You gave a balanced perspective that helped me form my point
of view.
Just wanted to say wonderful blog!
You should take part in a contest for one of the finest sites on the web.
I will recommend this web site!
I like the valuable information you provide in your articles.
I will bookmark your blog and check again here regularly.
I am quite certain I will learn many new stuff right here!
Good luck for the next!
Great post. I’m dealing with a few of these issues as well.
I am definitely looking for new info about this significant topic, and
was especially happy when I actually discover websites which have been well-written and well-researched. I want to thank you for featuring this kind of wonderful data, and I look onward to reading more via your blog in the
near future.
This is really interesting. Lovely blog.
I’ve joined your feed and look forward to seeking more of your wonderful
post. Also, I’ve shared your website in my social networks!
Thank you for sharing your info. I really appreciate your efforts and I will be waiting for
your next post thanks once again.
Appreciate the recommendation. Will try it out.
You ought to be a part of a contest for one of the best blogs on the internet.
I most certainly will recommend this blog!
Hello, Neat post.
I believe what you said made a bunch of sense. However, what about this?
suppose you added a little content? I mean, I don’t want to tell you how to run your blog, however suppose you added a post title
that makes people desire more? I mean How Saving Habit Can Save You –
is kinda vanilla. You could peek at Yahoo’s home page and see how they create news headlines to grab people
interested. You might try adding a video or a pic or two to get
readers interested about everything’ve got to say.
Just my opinion, it would bring your blog a little livelier.
Thanks Ariel. We’ll put your suggestions into consideration.
Hey! I could have sworn I’ve been to this blog before but after browsing
through some of the post I realized it’s new to me. Anyhow, I’m definitely glad I found it and I’ll be book-marking and checking back frequently!
These are actually impressive ideas in on the topic of blogging.
You have touched some pleasant factors here. Anyway keep up the writing.
Ahaa, its pleasant reading this post here at this webpage. I have
read everything, the reason for my comment here.
Thanks. This is truly an informative site.
Thanks a bunch for sharing this with all folks.
I constantly spent my half an hour to read this blog’s articles daily along
with a cup of coffee.
Hey there I am so glad I found your webpage, I really found
you by mistake, while I was searching on Yahoo for something else, Anyhow I am here now
and would just like to say thanks a lot for a marvelous post and a all round thrilling blog (I
also love the theme/design), I donāt have time to browse it all at the
moment but I have bookmarked it and also added in your RSS feeds, so when I have time I will be back
to read more, Please do keep up the excellent jo.
Hello there, just became aware of your blog through Google, and
found that it is truly informative. I’m going to watch out for more of your topics from brussels. I’ll be grateful if you continue this in future. Many people will be benefited from your writing.
Cheers!
It is appropriate time to make a few plans for the longer term and it’s time to be happy.
I have read this post and if I may just I desire to counsel you some
fascinating things or advice. Maybe you can write subsequent articles relating to
this article. I wish to read even more things about it!
What’s up, this weekend is nice for me, as this point in time i am reading this
impressive educational paragraph here at my house.
When someone writes an piece of writing he/she maintains the idea of a user in his/her brain that how a user can be aware of it.
Therefore that’s why this paragraph is perfect. Thanks!
Hi, I do believe this is an excellent blog.
I stumbledupon it š I will return yet again since I book-marked it.
Money and freedom is the best way to change, may you be
rich and continue to help other people.
Excellent, what a webpage it is! This web site provides useful
facts to us, keep it up.
My brother recommended I might like this blog.
He was totally right. This post actually made my day.
You can’t imagine simply how much time I had spent for this information! Thanks!
Wonderful content, Kudos!
It’s actually a great and useful piece of info. I’m happy that you shared this useful information with us.
Thanks for sharing.
I don’t even know how I ended up here, but I thought this post was great.
This is a truly great and useful piece of information.
Wow, awesome blog layout! How long have you been blogging? You made blogging look easy. The overall look of your site is magnificent, let alone the content!