How Saving Habit Can Save You

We do certain things without a prior thought. They become reflex actions or habits. Some habits are positive while many are destructive – 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 can’t 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.

  1. Whenever you feel the urge to splurge — whether it’s for new shoes, a new video game, or a new car — force yourself to stop. If you’re already holding the item, put it back. Leave the store.
  2. 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.
  3. Now post this note someplace obvious: a calendar, the fridge, a bulletin board. (I use a text file on my computer.)
  4. For the next thirty days, think whether you really want the item, but do not buy it.
  5. 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, don’t you think you deserve more interest rate? Sign up for iSave Plan: It’s 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

Learn More About iSAVE

31 thoughts on “How Saving Habit Can Save You”

  1. 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.

  2. 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!

  3. 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.

  4. 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!

  5. 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.

  6. 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!

  7. 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 don’t 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.

  8. 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!

  9. 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!

  10. 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!

  11. Hi, I do believe this is an excellent blog.
    I stumbledupon it 😉 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.

  12. 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!

Leave a Comment

Your email address will not be published. Required fields are marked *