The art is not in making money, but in keeping it, so says a proverb.

While growing up, there is also another elderly wise saying that says, "Only an unwise person, uses both hands to eat, or better still, uses all the 10 fingers while, eating".

The import of this sayings is simply about teachings on savings.

WHAT IS SAVINGS AND WHY IS IT IMPORTANT TO SAVE? YOU MAY WANT TO ASK?

Well, an excerpt from a financial tabloid reads "Savings is the portion of your income not spent on current expenditures. Because a person does not know what will happen in the future".



Why must we save??[i][/i] - Because money must be saved to pay for unexpected events or emergencies.

An individual’s car may breakdown on the road, fuel price may go up annoyingly, your landlord may come with rent increment without prior notice, your baby may become suddenly ill, or other emergency situations could come up - Without savings, unexpected events can become large financial burdens.

Therefore, savings helps an individual or family become financially secure.

While you are making gains, from a particularly endeavour, it is always safe for you, not to use up everything at that point in time, but rather, keep some for further use or some other days. This is why the advice on saving for raining day comes to the mind - A raining day when going out to struggle, might not be easy, because it is just hard to do so, all because of a climate change.

"But, Savings is hard to do now" - Many would quickly say. Well, it's true, but there are things to do, to make it easily achievable. You just have to understand few things about saving culture.

Hence, I bring to you 3 Salient things that could make savings easier for you. Have a look.

1. Multiple Streams of Income: To say the truth, experience over the years from many people have shown that those who depend solely on only one source of income usually find it hard to save. Except if the only source, is so big, that it may be assumed as one too many. Lol.



While having your NYSC, many graduates usually go with the mindset of saving something form the #19,800 allawee, but more than 90% usually return back home more broke. Lol!

Why? Because it is just not easy to save, with such amount considering the cost of living in most places in Nigeria, particularly on feeding and moving around. But is saving out of your allaweee impossible?

Obviously No. You can even save your whole allawee without touching it - this is why the issue of multiple streams of income comes in. If you see anyone bragging on his or her NYSC days financial prudence, just know that two things made it easy to do so; A waiver/free food, accommodation and utility bills OR another source of income comes through PPA or private engagements.

Personally, the best of my NYSC days was when I started coaching a boy for SSCE for 12,000 monthly. That's when I started planning on saving part of my 19,8000. So, experience is the best teacher as they would say.

Again, when you put all your everyday financial burdens on a particular meager salary or gains from a task, yet, it is still the same source that you are putting all yours future plans on, then is safe to conclude that you are mere hoping on impossibilities, because truly, it is very hard to do.

In doing this, separate your
Living expenses - source, from sources for your capital projects; like money for your professional exams, money for your housing projects, new cars, loans, starting new businesses and others.

How do you this? Decide today to pick up new things that could fetch you side money.

Ever wondered why a banker becomes a baker on weekends? Or why a civil servant is still attending financial freedom seminars?

Well, the goal is to be a bit financially sufficient - at least not to grumble but to be able to afford little things and to make savings easier.

The bigger your streams of incomes, the better for you, and evidently the more easier it is for you to save. Be opened up to new things.

2. A Decent lifestyle : One of the things that I have observed as stumbling blocks to experiencing less financial headaches, is that of indecent lifestyle - This is not talking about social moral issues but financial uprightness.



Most people spend a large chunk of their income on things that add no value to them, beyond mere acquisition, especially on frivolous things, hence they end up putting themselves into serious debts, often.

If you manage your income very well, you might not have to be a pathetic borrower - So cut your coat according to your size, they would say.

If you earn #20,000, go for only little things that 20k could afford you.

With 20k you can pay a monthly house rent of 1000, buy food stuffs of 10k, and keep the rest for your upkeep. You have no business buying new 3 shirts, 2 shoes out of that or going for houses that are far above your reach. Don't just live above your means, just don't, otherwise you will cry.

In living decently, comes again, the attribute of financial discipline. You need to discipline yourself to know what you need at every point in time and how important to you, are those needs.

If you can do this, it will help your saving culture greatly.

Knowing your personality is also important, I mean, knowing yourself.

Some people can not fast when food stares, so is it with money, for some - they would always spend as much as they see those money.

Saving has come much easier over the last decades to help these categories of people to ensure they don't use all the 10 fingers to eat and that's why banks are set up.. - A bank by definition is simply a place where money are kept, that's why Yoruba call it "Ilé Ifowópamó".

Others you can take advantage of, are; Monthly/Daily contributions in Esusu, Ajo, Piggy banks, Cooperative Societies, etc.

When you factor in many of these things appropriately, surely you will find saving much more easier than others.

3. Less Dependants & Financial burdens: No matter how big your sources of incomes are, or how discipline you have become with money, if you are unfortunate to have too many people looking up to you to share part of their financial worries, you may always get broke like every other person who had none of the above two attributes.



How do you help yourself? Well, you have to learn how to be a less cheerful giver, especially when you are still struggling yourself.

Let your "No be No" and don't give-in to emotional distress from callers and even if you must help by all means, ensure it is a little fraction that may never set you back.

Stuffs like, "Hey, friend, My landlady is on my neck, borrow me #50,000" - when all you have yourself is just 60,000, must get you into serious thinking. If you must assist, give out 30k and ensure the remaining 30k will still make you fine even if the debt doesn't turn up as expected.

Issues of dependants from families must also be carefully looked into, otherwise you will realise you keep struggling year-in-year-out just because your 5 brothers are in the university.

Strategize on how you can teach them on how to catch fishes themselves, rather than they being on your neck all the time, otherwise, development will elude you as a man.

We have ungrateful loved ones everywhere - those who never looked back after one or two favours.

If you must help any one, ensure it doesn't totally rub you off of your own growth. Let them grow behind you while you are growing too. Be wise.

Talking or writing further on financial burdens it has been proved that one of the reasons for high rate of poverty in Nigeria and poverty at large, is because of many cultural values.

If culture of polygamy, large family size will burry you in a distasteful lifestyle, then you had better have a rethink.

As a struggling man with two wives and 8 kids, tell me how possible it will be to save? - Still wondering. When it surely appears that you are responsible for 4 families at large; your ancestral family, your immediate family and families of your two wives. Isn't saving a joke in this scenario? Lol! I'm sure, you all know.

Well, that's all I have for this piece. I hope you have learned one or two things. Remember savings is not about today but your tomorrow and if your tomorrow is as important as today, then it is advisable to plan for it as well.

Let me leave you with billionaire Warren Buffett's quote that says "Do not save what is left after spending; instead spend what is left after saving."

Source: http://naijalocals.com.ng/2018/02/12/3-salient-things-that-could-make-savings-much-easier-for-you/