5 Ways to Boost Your Savings Culture

If you were not born with a silver spoon in the mouth, it is likely that your one very first step to a life of financial wealth is saving. If you doubt it, simply take your time and examine how you got the major personal effects you have or have had in time past. You would quickly discover that you saved; however short the saving period is. 

Many people argue against saving on the basis of how small their income is in the present but any true financially intelligent person would have at some point reaped the fruits of saving.

The reasons why you should save can not be overemphasized. However, what we are concerned with in our financial intelligence series today is how you can increase your savings. There are five basic tips we want to share with you and they will prove valuable if you engage them.

We will get right into how to boost your saving. 

Saving regularly has a two fold effect on you. First, it helps you to build wealth quickly without even realizing it. Imagine saving 100 Naira everyday for one year; that is 36,000 Naira. That amount even in these times can achieve something tangible in our personal lives. Secondly it helps you to develop the habit of saving. In essence, every time you save it makes you want to save more. When you save regularly, it becomes a habit and there is no need for me to stress that it is a good habit.

It is easy to conclude that not everybody can save because some people earn very little. One of the keys to increase your saving is to save no matter how little that income is. If you own a shop for instance and you think that 1,000 Naira is too small to save something, you should have a re-think. Simply engage the 50:30:20 principle; save at least 20 percent of every little amount that comes in. It may be inconvenient at the moment but it will help you to increase your reserve and save yourself in the future. Pay now, play later.

This one is both obvious and automatic. When your income increases, it gives you the breathing space to save more. This is why it is important to develop the habit when you still earn little. Mine is not to tell you how to increase the income but to make you understand the importance of the increase to improve your reserve power.

A number of people around the country have more than one bank account amd use whichever is convenient at any given time. How about having one simply for keeping money. 

This helps you to clear your mind when budgeting and yiu know that any money in that account is strictly reserved for a rainy day or towards a project. You could even refuse to get a debit card for this savings account to reduce your own accessibility to the funds in it.

In the 21st century, Fintechs are gradually becoming common place. As a financially intelligent individual, you should take advantage of the automatic saving feature (if present) from any trusted fintech product you find available. This helps you to save without even pressing a button. In most cases, you only need to add your card to the product and select a savings plan so you can be automatically debited at a specific time. What this does is that you don't even need to think of saving. It just happens and you will find that you become less stressed because you do not have to go through the process of fighting the temptation to not save that amount that drops in your account. The point we discussed in number four above also works hand in hand with this. When you automate savings like this, and make your access to it difficult, in no time you will realize that the amount you save within a given period has increased and you get to enjoy the benefits.

Other Useful tips...
The junk we eat daily is the culprit in the case of leaking pockets. Cut back on junk food; save the money instead and reap the fruits later.
Saving is a smart way to use money so why not increase its potential in your finances today?

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