One of the purposes of each New Year is to save, and it is a very noble one since saving provides us with those extra funds that we can use if necessary or if a good opportunity arises, or simply to start with the mattress for your retirement.
But, unfortunately, it is more difficult for some to start saving, mostly because of lack of will or simply because they don’t know how to start. To help you endure the temptation to break the piglet, we give you these simple tips:
Know your expenses
If you have a plan of how much you are going to spend and try to follow it as well as possible, you will be on the other side. Consider that there are unavoidable expenses and others that you could save. Paying the debts of a credit card, your rent or services are expenses that you cannot ignore, but on the contrary, you can save some pesos if instead of two you limit yourself to a single streaming account or instead of going to the cinema every week, you only go once a fortnight.
Create a budget
Always contemplate in your budget that a certain percentage of your salary will go to a savings account since if you have planned it from the beginning, it will be easier to allocate that amount of money. There are even apps that help you make that save automatically.
We have already seen that there are expenses that you cannot avoid, such as the Internet and telephone services, but that does not mean that you cannot save with them.
In Nigeria, there is free competition, therefore it is possible that if you give yourself the time to search you will find the same service at a better price with another company. Do not marry a company, if you find one that gives you better things for less money, change immediately. Your pocket will thank you.
Set a limit
Regardless of how much sits in your account, your debit/credit card should not be used unnecessarily. Compulsive spenders might not find this easy but the best way is to cap your cards by saving a certain amount of monies in an account you cannot easily reach.
Stay tuned for payment deadlines
There is nothing worse than paying interest due to carelessness, keep an eye on your court dates and the deadlines for paying your credit cards so you don’t have to pay too much.
Buy only what you need
If you think that the real-time replica of the Nimbus 2001 is a completely necessary expense, think twice.
Many times we embezzle ourselves to believe that we really need something when in fact we would not even know what to do with it, or tell me, where would you put a very expensive replica of the Sagittarius armor? We do not say that you do not give your tastes, but be careful that they do not threaten your savings.
Monitor your accounts
Be careful, sometimes due to human or system errors, double charges are made or of products that you did not buy, it is your duty to keep an eye on your accounts and to find any anomaly, report them to your bank so that they are responsible for clarifying the situation. There are several applications that notify you every time a charge is made to your card.
Do not abuse online shopping
Out of sight, out of mind. This saying was never better applied as now, since not seeing “physically” the expense you are making, you can pass your hand and at the end of the month you will get an account so large that you will regret having gone to Uber to your work daily.
Take advantage of offers
If you see something you like in an online store and it is not absolutely necessary, keep it as your favorite, most online stores give you the option to monitor its price and notify you when that product has a discount.
Avoid Quick Loans when you don’t need them
Quick loans are super tempting. They are seen as ‘free money’ and could wreck financially wreckless folks with bad saving culture. While the problem in itself is not in getting the loan, their interest are pretty higher than the traditional, regular loans.
In Nigeria, there are many quick loan providers that give loans without collateral, which makes it super easy for anyone but trouble for those who intend saving. At all cost, avoid borrowing when you have no need for it and do not necessarily create the ‘urgent need’ just to borrow. You definitely don’t want to put yourself in a tight corner.