Financial Freedom Begins With A Penny

Hello Leofinance community,

I believe you’re having an amazing week and a great day today. Today I want to talk about saving and the importance of saving in our lives.

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I believe that at some point in our lives we have all saved to get a thing or two. Now to the question. Did you find it difficult or was it an easy thing for you? I would say it all depends on the individual and the situation. Imagine earning about $2,500 every month and after paying your bills you have about $1000 remaining. Definitely saving will be an easy task for you because you have the funds and your needs are already taken care of. On the other hand, someone who earns $500 or less and has about $1000 worth of bills to settle at the end of the month would most definitely not find saving up to be an easy task.

No matter what you earn, I think it is possible to save at least a percentage of what you earn everyday or every month. Here are some tips to help you save more.

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Create a budget

The first step to effective saving is to have a budget. Having a budget means that you are able to group all your expenses, allocate a portion of your money for essential stuff and ticking out things that are not really essential in your everyday life. This leaves room for some extra cash.

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Set goals

Setting savings goals might sound unrealistic to some of us but the fact is that we mostly set savings goals for ourselves. Imagine saving for a vacation or to buy that Gucci bag you’ve always wanted. That’s a goal you set for yourself and you’re out to achieve it by saving so that’s a savings goal. To be able to save more, we should try to make it a point set short and long term savings goals.

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Avoid impulse buying

Once I complained about not having enough cash but I had a long list of things I needed to get. Someone told me this’ get what is essential in your everyday life and leave your wants for another time’. This advice totally changed my life and way of living because imagine wanting to buy a bed and also not having food to eat. Then you use the last money on you to get the bed instead of getting foodstuffs to cook. I hope you get my point now. One way to avoid impulse buying and saving more is to make a list of all your needs before heading to the supermarket or the market. That way you’re able to manage your spending.

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Be energy efficient

One thing we mostly spend a lot of money on is our electricity bill. Have we stopped to ask ourselves why? I bet we all know why. Imagine leaving you lights and air conditioner on all day and you expect to pay less for electricity. That’s just not possible. To be able to save more, we should learn to use energy efficiently in our homes.

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Consistency

The key to efficient saving is consistency. Aside setting goals in terms of savings. We should learn to be consistent with our savings. We should making saving a habit of ours and an everyday thing whiles also motivating ourselves in our own little way.

Saving is very important in our lives and even if we don’t see its benefit now, soon enough will we come to see its importance and value in our lives. I hope these points are able to help someone out there make their lives better by saving. Thank you for your time.