HOW TO SAVE MONEY
By: Saul Kalivubha
Worth Noting:
- If you know how many shillings you are earning maybe per month now you will also need to know what you’re spending per month is. How much money does it cost? And does your daily use of the money allow you to reach your goals? Once you have the answers to those questions then you will now look at what can be reduced so that your monthly expenses can be reduced.
- The second step is to list your expenses in two columns, one for mandatory use for example food etc. and the second for non-essential expenses then look for the possibility of reducing unnecessary expenditure so that the money that was spent on those expenses goes into savings and also start cutting back on spending to earn extra money.
Money education every day becomes a new challenge for many people that is why there are still people earning enough money but their spending is not friendly enough to keep them with extra money. It is possible that! even you belong to this group of people who set goals for daily economic liberation but its implementation is limited or nonexistent, if you see yourself in that situation then realize you have a challenge in the whole way of managing money and the easiest way for people manage this is through saving and effective planning on how to generate such savings in order to make a profit.
Savings by informal interpretation is how a person cares about tomorrow is why today you give up so that tomorrow you can succeed in something, for example you earn ten thousand shillings every month and you want after a year to have a capital of two hundred thousand then the goal is you to get a capital of two hundred thousand but the pocket has ten thousand shillings which you get every month, you can usually find it small but there is a great deal that no one can deliver for a year.
There is a lot of savings education that is provided every day and you are probably one of the people who have already used those methods but without any success, what do you think the problem is? There is something important to realize before you start the exercise of saving money and that is the main idea of tomorrow, ask yourself tomorrow what do you want to do?
And how much money do you need in order to be successful? If you know the amount of money you need to achieve that goal you will need to know how much money you are currently earning. Whether it is for a month or for every important day be sure to have that amount of money.
If you know how many shillings you are earning maybe per month now you will also need to know what you’re spending per month is. How much money does it cost? And does your daily use of the money allow you to reach your goals? Once you have the answers to those questions then you will now look at what can be reduced so that your monthly expenses can be reduced.
The second step is to list your expenses in two columns, one for mandatory use for example food etc. and the second for non-essential expenses then look for the possibility of reducing unnecessary expenditure so that the money that was spent on those expenses goes into savings and also start cutting back on spending to earn extra money.
The third step is to set strategies to remind yourself of your goals for example you can have a daily routine in the evening going through your goals book to be motivated to continue the fight tirelessly. You need to respect your strategies by being disciplined in saving so that you can achieve your goals.
The last step is to make sure that when you get the money you give first what you have agreed to put before any other expenditure do not make the mistake of starting to spend money first and then save, do the exercise with all discipline and do it guided by tomorrow’s goals.
This article was written by Scientist Saul Kalivubha
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