THINK ABOUT TOMORROW
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In my earlier posts, I have been handling on the issue of savings and it’s important. Today, I want you to think on the below statement that is so common to many of us today:
“I can’t save!” “There’s nothing left to save at the end of the month!”
How many times have you heard this? Have you said it yourself? Not being able to save is one of the biggest reasons why some people don’t become wealthy.
Almost anyone who earns a regular or irregular salary is able to save something each month, even if it is only a small amount. Our powerlessness to save is usually because we lack discipline and commitment and are attracted by things we see in shops, on TV or magazines. Advertising makes us think we need to spend. It always leads to impulsive buying. In reality, we probably don’t need expensive new shoes or a hi-fi and even if we did, cheaper ones are often just as good. Some of our spending habits are influenced by our peers; seems like we are in a competition of outclassing each other.
However, how much you earn whether regularly or irregularly; Think about tomorrow. Even if you cannot afford much, get into the lifelong habit of saving. You are never too young to start saving neither are you too late to save. The earlier you start the better. I will mention it again that there is always not enough to save. Nobody earns enough to put aside a certain amount for his future. So, develop a savings plan NOW. This is the first step towards taking control of your future.
Today, I will share on a secret of lion that I believe will help you and to develop a good saving plan. Lions live in families called pride. In a pride would consist of up to 11 lionesses and several cubs and at least 3 adult male lions. After a hunt, the leader of the pack would eat first, all the others will back off so that he can eat first and alone. This might seem to be avaricious, but the leader will always ensure that there is food for others and also providing security to others as they eat.
By this habit of the leader eating first, in savings we say “save first”, ahead of all other expenses, and not last, or out of any orts. Like the lion, which eats first ahead of the pride, you should pay yourself first and save a fixed amount each month. Make this saving a reflex payment taken from your pay, before you start shelling out. By looking after your savings needs first, you are making safe the future of your own pride – your family’s future.
Holding to this principle of saving will help you to transform your spending patterns. Even if you start with a small savings amount, should you be disciplined and committed to this, you will build up a savings habit. This habit will make it easier to increase your savings over time. Make sure you put your savings in accounts that will give you returns after a period of time.
How much can I save?
This is a question that I have encountered a number of times in my working place. And I would say, depending on how much you earn, save as much as you can. Remember the lion always eats as much as it can since it is not sure of its next meal. Also, your needs at hand can help you determine how much to save. After my long struggle of savings, I have set my thumb rule to save between 10% and 15% of my monthly salary. What do you think about this? It can be good to you too. However, if you think that is too much, get going with what you can afford at the moment and be realistic i.e it is not realistic to save Sh. 500 monthly from an income of Sh. 20,000.
It is better to start saving now rather than later and with a smaller amount rather than not at all. You can always increase the amount later, when you can afford more.
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