Cultivating the habit of savings is a very
important one; this habit can help you in many
aspects of life. A good saver can save out funds
for business, a good saver is debt free, a good
saver has already made a right and bold step to
financial freedom, a good saver can reach
certain goals that can’t be ordinarily attained
with the limited revenues he gets.
Cultivating a savings culture is always ideal, but
is never easy. Savings entails starving yourself
off certain wants and pleasures, and that takes a
lot of discipline. Many people want to save,
many people wish they could save, but just few
succed
There are certain ways you can cultivate a
savings culture.


1. ASSESS YOUR FINANCIAL HEALTH
The first major step to savings is assessing your
financial health; this would help you know the
direction you’re headed and how to get there.
You need to have a clear picture of your income
and expenses, you need to know what takes the
bulk of your money, and also try to ascertain
whether you’re spending more than you earn.
When you have this figured out then you can
move to the next step.


2. HAVE A BUDGET
Having a budget would help guide you on what
you ought to spend your money on and what you
shouldn’t. With a budget, you would know your
needs and wants and have a clear picture of how
to cut down on spending on your wants. Wanting
to satisfy your wants would make you unable to
save. A budget would help you plan better, save
better and cut down unnecessary expenses.


3. KEEP TRACK OF YOUR SPENDING
Your spending habits would determine if you
would be a successful saver or not. Keep track
of your daily lifestyle and what you spend your
money on. After assessing where your money
goes, look for ways you can minimise how much
you spend.


4. HAVE A TARGET
The best way to save is having a target; saving
without a target might not keep you motivated,
but saving for a target keeps you motivated and
focused. Have a realistic goal and save towards
it.


5. BE DEBT FREE
Try as much as possible to live a life free of
debts. Manage your finances judiciously and
avoid having to collect loans; live according to
your budget, this would help you in the long run.


6. SAVE FOR EMERGENCIES
Emergencies happen all the time; this is
something we have no control over, and the best
way to handle emergency is to save, so you
won’t be left out of the dark. Set about 5% of
your income monthly to save for emergencies, so
you wouldn’t be left in the dark when the
situation arises. Your emergency savings should
be different from your normal savings.


7. PRETEND YOU’RE PAYING OFF A LOAN
The best way to frame your mind-set towards
savings is to pretend you’re paying off a debt.
Continue making the monthly payments into your
savings account. Even after you reach your set
goal, never stop this habit.

8. SET YOUR MIND TOWARDS SAVING
Having your mind geared towards saving would
help you save better. Also, if you notice you still
have money left at the end of the month, rather
than spend it unwisely, the best bet is to save it.
This would help you reach your goal faster.

9. SET A FIXED PERCENTAGE
The best way to save is by setting a fixed
percentage to be saved monthly. This way, when
your income increases, your savings would
increase as well.

10. TRY TO AVOID GATHERINGS AND FRIENDS
THAT WOULD GIVE YOUR SAVINGS A SETBACK
Friends are important, but when you have friends
that won’t let you save, it’s best to minimise the
way you see them. Gatherings and friends that
prompt you to spend money won’t only kill your
savings but might even push you to spend above
your earnings.

cc Lalasticlala

This was insightful

Nice piece

Thank you

This kinda piece is what we need on fp lalastical pls do the needful

It is good to have a guide worked out in accordance with one's stream(s) of income.

Point 9 the best

Number 7 all the way