I wonder what comes to your mind when you are asked “How much money have you saved this year?”.
Many people say they find it almost impossible to save because they don’t earn enough to enable them save or they don't have a regular income.

The truth is that we all have heard how important it is to save. We are often told to always set aside an amount or a percentage of our salary or earnings every month for future needs or to meet a set goal. Yes, that is such a brilliant idea. But in reality, how many people are actually able to achieve that?. With all the unending list of expenses that come up daily and monthly, having a savings sounds almost impossible, like something that is far-fetched. But with this hack, saving as much as #400,000 can be a realistic target for you.





Why You May Find It Hard To Save.....

One major problem many of us face is being able to differentiate what we NEED from what we WANT. I’ve seen where people who don’t even have a steady income spend huge amounts of money, buying things they often don’t really need and before they realize it, they are left dry again till the next salary comes in or till God knows when. They never made savings a priority.



What You Need To Help You Save...

Savings comes with a lot of PLANNING, SACRIFICE and DISCIPLINE, as well as having the right TOOLS to help you achieve your savings goals. Until we learn the habit of saving money and make a conscious effort to save, many of us will still find it difficult to save and unable to meet our needs when we want to. I’m sure many people will think that saving up to #400,000 in a year sound very unrealistic, especially for those who do not earn so much in a month, but this is far from the truth, well depending on how disciplined you are and the efforts you put in towards saving your money.



The Different Ways You Can Save.....



Photo by Kristina Paukshtite from Pexels


There are many ways one can save money, either by using a piggy bank which most parents get for their kids and sometimes for themselves, or the Cash Envelope System, or depositing a fixed amount in a savings bank account, or the traditional way popularly known as Esusu, which is where a group of two to ten people of common interest contribute equal amounts monthly and each member of the group collect the accumulated funds in turns until every member collects.
While each method of savings has its pros and cons, I personally find the use of piggy bank very convenient. I have always used a piggy bank mostly for my kids. The ease and convenience of easily throwing loose cash when I have it inside the piggy bank is very encouraging. However, I realize that when I urgently need cash for any purpose, the speed at which I run to the piggy bank to take money out is so discouraging. And most times, I end up using up all I have saved even before the end of my target date. This is because i know how easy it is for me to open the piggy bank. Some of them come with a lock or cover underneath it, while for others, you will have to break or tear open depending on the type of material used in making them.






Recently, I joined a challenge with Mykolo.ng. MyKolo is a financial inclusion company that teaches youths and kids the importance of financial literacy and helps to encourage them to save money by introducing a challenge at the start of every year. They have a wide variety of piggy banks/saving boxes made from waste wood materials with artistic designs that are aesthetically pleasing. They come in different shapes, sizes and lovely colours and can meet the savings needs of both young and old individuals. Every box has its capacity of how much it can take which makes it easier for you to decide on your savings target.

You can check out their catalogue of products here and you can visit Mykolo's Instagram page to watch video reviews and testimonies of customers sharing their stories.



What I find interesting about mykolo.ng is that, apart from how they encourage their customers who purchase their boxes by setting up a challenge at the start of every year; their boxes come with only a very small round hole, enough to take just a small amount of money at a time. You will have to roll the cash to be able to put it into the small hole, and so, once anything has gone inside, you can’t take it out. You will most likely need a hammer from your carpenter to break the wood open. And once you have broken the box , it cannot be used again. You will have to purchase another one to start a new challenge. How does that sound? Surely, that does not sound like something anyone would want to do regularly.

When you think about how much work you will need to put in just to break it open, you won’t want to break the box until there is no more space to put anything inside. But hey, that won’t seem like too much hassle when you know you have been consistently putting in money daily.





Tip:

Setting aside money every month usually seems harder, because then, you will have to put aside a lump-sum which may weigh heavily on your income, and depending on the expenses for that month, you may have to cancel the savings for that month.

However, if you set aside at least #1,000 (Naira) daily in Mykolo box in a year, you would have saved #365,000 (i.e #1000 * 365days). Imagine if you have been putting up to #2,000 or more into the box in some days, then you will be sure to have up to #400,000 or more at the end of the year. Even if you decide to save #500 daily, still you would have saved up to #182,500 (i.e #500 * 365days). And this could be more if you have been saving more than #500 in some days.

The interesting thing about saving little amounts of money daily is the convenience and the fact that almost anybody, irrespective of how much you earn, can actually save with any of Mykolo.ng boxes. Mostly, when you save daily, you can afford to miss some days out in a year and make up for the lost days later before the year runs out without feeling too guilty.


https://trippin365blog..com/2020/12/how-to-save-money-simple-hack-to-help.html

saving is a spirit on it own before it generate into a lifestyle & if you lack the spirt,then it becomes a struggle