FOUR (4) BASIC FACTS ON HOW TO SAVE MONEY AND GET FINANCIAL FREEDOM
The positive factor that will make you to get financial
freedom is to develop specific habits of saving. Savings possibly occur by budgeting,
planning and controlling of incomes. Self-made millionaires today learned and practiced
these habits, and as a result of this, are reaching financial freedom. Learn
these four basic facts today on how to save money and be free from financial
crisis forever.
MAKE A CASH FLOWING PROJECTION: First, you have to make a
cash flowing projection as to know what you are spending on. This will enable
you to avoid buying what you don’t need or impulsive purchase.
One can ask, “how can I start saving?”, the answer is simple,
even as an apprentice, you can save as small percentage of your payment, as
possible, Parents can start saving for their children by keeping aside as
little money as they can.
SPEND LESS TO SAVE MORE: You should spend less to save more,
even as a student, you can save small percentage of your allowances as you can
to show exemplary surprise to your parents/guidance by solving some of your
problems especially when they are financially choked up. As a businessman or
woman, you can start saving by minimizing some merriment activities and by
putting aside some parts of your profits into savings, be it daily, weekly or
monthly. In fact, as a business lady I am writing based on experience which is
said to be one of the best teachers.
To analyze it properly, if one can save one hundred naira
(#100) daily, in a month time, he or she will have about three thousand naira
(#3,000) and in a period of one year would save about thirty-six thousand naira
(#36,000). If assuming the saver is a student running a five years program in
the university, you would stand a chance of saving one hundred and eighty
thousand naira (#180,000) at graduation which would go along way in taking care
of you before being employed. Comparing the above analysis with an apprentice
earning up to forty thousand naira a month (#40,000) whom can save fifteen
thousand naira monthly (#15,000) or a businessman or woman earning up to two
thousand naira profit daily, whom you know can save up to one thousand naira
(#1,000) daily, it would be obvious that the estimation would be very much
higher than could be imagined. Hence would help change the life of the savers.
IMPROVE YOUR FINANCE: As you save one percent of your income,
then you raise your savings rate to two percent of your income. Invest on
things that can yield fruits, I mean business that can give you more money. When
you become comfortable at that level you increase it to five percent and when
you eventually make it to thirty percent, within one or two years you will find
yourself improving your finances and living a comfortable life. Bear in mind
millionaires today spent less and invested more they are very careful in terms
of spending money.
LOVE TO SAVE YOUR MONEY: Develop the habit to save money and
love it. Successful business men today learn to love saving. If you want to
become a millionaire you must cultivate the habit of loving to save money. If you
don’t love to save, you will lose to invest more. Do not look upon saving as a punishment
or a waste of time and associate spending with joy. It would end up your life
miserable. Note that human being are full of creative minds every mind is to
move away from pain to pleasure from discomfort to comfort in all moving out of
poverty to become millionaires and billionaires. According to Abraham Lincoln a
great philosopher, poverty is not lack of knowledge but lack of information and
I add that poverty is not only lack of information but lack of application of
information. That is why this basic fact of how to save money is written here
for our readers. Therefore you are urged to sit up to cultivate the habit of
saving for the betterment of your life for today and tomorrow.
