Money is a thing everybody is working so hard for. Everybody wants to make money and spend the money they make at the end of the day. But, a lot of us want to do all of these without actually understanding how to save the money; keep the money somewhere without actually touching it (in layman language).
There are three different levels to this; making money, saving money and spending money.
While we know that there are different ways of making money, a lot of us by-pass the saving money part and just go straight to the spending part. Therefore, because I’m a very nice persona and I want you guys to enjoy your money in full, I’m just going to be stating some tips that would help you to save money.
The first tip here will be having priorities and knowing what you want to use your money for so you can use the money to solve your immediate needs and fulfill all important responsibilities. Let me give you a typical example. Students for example, usually have pocket money sent to them on a monthly basis and this means that whatever they are spending has to be tailored according to their pocket money. So, let’s say, for a student, you get 20 thousand naira monthly. You know this is not a lot of money and you should manage it well, right? So, what do you do? You write a list of the very important things you need the money for. It’s not even possible that you’d be needing to buy provisions and foodstuff every month. I’m a student, so I know.
There are things you can replace because they would obviously not last so long but, then, that’s why you also have to learn to manage (this is the second tip and I don’t want to expatiate on it here) the little that you already have.
After making the list of the things very important to you, you would notice that there’s some left that you know very well that you wouldn’t be needing, unless you just want to squander money. Yes, you know what I’m talking about. That extra money that you won’t be needing, you should save it. It might hurt that you did, but, just do it. You’ll thank me later.
Next, like I mentioned above is management. It’s really annoying when you just want to eat that barbecue fish and get some KFC and maybe, Coldstone by the side and you just realize that you really cannot afford it and you might probably stay very hungry for a while if you dare buy those things you are presently craving. The idea is to understand what you really need (first tip) and finally learn how to make sure the money you have will be enough for you. Management in this case means making sure that your available resources can take care of your expenditure. Like my dad would say, “when you realize that you don’t have enough money and you desperately need to manage your money, you’ll learn to understand that when the preferable is not available, the available will become the preferable”. I am sorry. I know this is currently breaking your heart but, you need to save that money and not use it on just anything.
Finally, invest your savings. It’s not so advisable to just keep your money in the bank or in a saving box or piggy bank unless you’re still a kid with zero worries. It’s much more advisable to invest your money in a business that could bring out profit for you. So, have you heard about a very legitimate business that could fetch you some money and you won’t be needing the 20k you have saved up in the past four months? Do you think you like the business and have you checked the profit and loss margin of that new business venture? Then, if you are satisfied with it, please make sure you invest your money in it. If you’ve saved up bigger amounts of money, buy stocks, buy properties, buy lands and see how much you’ll be getting in a few years’ time. That way, your money will be making money for you. Isn’t that just beautiful?
Thank you for reading today’s article. See you on the next one!
Wink’s Corner
