I have met people who had spent their money before they got it. They always have a lot to spend on that at the end of the day, they end up borrowing money from others before they earn it. Have you ever considered the art of money saving? As a budding productive youth, you need to cultivate the habit of saving for the raining day. Here are some effective ways to save money.

MAKE MORE MONEY

This is very essential if what you earn is not sufficient to cater for your needs. Do yourself some favour by seeking alternative means of generating income. It could mean taking out time from your busy schedule to do some ‘petty things’ that you can ordinarily do and get paid for that. Some people are well skilled in areas other than the one they choose as their profession. What’s your own? Is it baking, home teaching, programming, writing or event management? Take up some other enterprise to make more money and save more!

DON’T SPEND ON ALL YOU NEED

Human needs are insatiable. There is no need wanting to meet all your needs since you can’t possibly achieve that. Have a list of what you need and prioritise on what is essential. If you can’t afford some products, look out for alternatives – that’s if you really need them. One essential way to get money saved is to establish a saving discipline such that you ‘save’ an amount equal to whatever is spent on nonsensical indulgences. Another is to keep a ‘thirty day list’ which ensures you delay spending on those things you think you need. Wait till thirty days after to consider whether those things are really needed before spending on them.

HAVE A BUDGET AND STICK TO IT

With a plan of what you want to do, you’ll have a guide on what to do. A budget takes into account what you want to spend on as well as what you earn. It would guide you to spend if adhered to. You know your income and can decipher when not to exceed your spending limits. Basically have a list when going on shopping and stick strictly to it. Don’t allow much flexibility on your budget in order not to affect your chances of saving.

GIVE UP EXPENSIVE HABITS

Some people spend money to impress others and be seen as well off. If you are one of such, it would be difficult to save. You know that you ordinarily can’t afford those jewellery, clothing or food. Don’t you? That is why you are still finding it difficult to have something to keep. Give up on spending beyond what your pocket can carry and you’ll find that money staying in your pocket instead of burning up and floating away.

GIVE OUT OF THE LITTLE

You might be wondering how giving out of your money makes you save them. I can assure you that giving out to charity is in some way an investment. By so doing, you’re adding value to other people’s lives. In some other way, God would open doors of opportunities for you elsewhere. Parsimony is not what made the rich men rich but their commitment to help others. Give out alms and you’ll be good for it!

TRAVEL LESS

Travelling can be fun but can also be expensive. It wouldn’t be a bad idea you travel only when necessary. Apart from money, time is also gone. The time spent travelling could affect your money making prospects. Cut the cost of frequent travelling to meet friends and families by using alternative mediums such mobile phones, courier services or internet chats to reach out to them. Reducing leisure travelling to once in year too wouldn’t be bad an idea.

HAVE SHORT TERM SAVING GOALS

Look at your earnings and consider setting a goal for yourself to save a proportion of that daily, weekly or monthly. If your goal is to save N2000 weekly, you could possibly achieve saving a lot on a long run rather than when you set a saving goal of N350,000 annually. People save more successfully when they keep the short-term goal in sight.

RENT OUT UNUSED ASSETS

Do you have some appliance there that is not in use? Consider renting it out to those who need it and get some money for that asset you’ve got. Rental service is a money making/saving venture if done rightly.

REPAIR RATHER THAN DESTROY

When some appliance get damaged, it is cheaper to repair than destroy them. Make the wise decision of meeting an honest and moderate technician to handle such service for you. When it becomes obvious that such appliance is non-repairable, buying another durable one wouldn’t be a bad idea.

INVEST IN VENTURES

It is not just about keeping money in your safe or bank account that makes you a wise safer. Think about ventures that you can invest in and make profit from. This could mean buying shares, joining mutual benefits corporations or opening a store with money from your savings. At the end, you and other business partners share the profit or loss accrued. Get things in place to make sure you’re investing in lawful ventures. Be wise to invest!

LOOK FOR A CHEAPER PLACE TO LIVE

The standards of living in various parts of the country vary. It would be better to move to areas where the standard of living is cheaper and affordable. In any need for you to see sights in high brow neighbourhoods, you could do so once in a while. Take a serious look about moving to a less expensive area – if you can find work there, then a move can definitely put you in better financial shape.

FINALLY…

Money is not everything. Yet, some would beg to disagree. You don’t have to make money from every venture you engage in. If your impact is felt, money would surely come. It could be with your knowledge or skill you use to provide charitable service to humanity that would lead to you being spotted and rewarded by who knows. Add value unto others. It saves you a lot of money!

Do you know of any other money saving tip? Share below!

http://ibnamoo.com/money-saving-tips/

CC: FOD, puskin, naijacutee, Lalasticlala, Crazyman

Wise talk

This post is insightful and loaded with wisdom. Op thanks for this info.

Great piece

op my only gross with u is the mistake on the topic.it should have been "silent steps of becoming ur own milloniere".

Okay

I think planning is an essential part or the money saving tip that must not be ignored. With a proper planning and budgeting, your goal of saving good and sustainable amount can be achieved.

Another important factor not to be ignored is your ability to re-invest your money into a profitable business.

Source: Money Saving Tips.