Five (5) Simple Ways to Save Money in 2019

Five (5) Simple Ways to Save Money in 2019

One of the greatest challenges students have had is the challenge of saving money. Many times, I have heard people say… “How much do they give me from home? My monthly allowance is not enough for me to feed, do assignments and the other necessary things in school and now, someone is here, talking about saving money!

Funny enough, these are same set of students you would see at Mr. Biggs or Shoprite eating food with assorted meat, they buy recharge cards almost everyday, either to subscribe to WhatsApp and other social media, or to send go their girlfriends (for the guys). I have seen ladies whose phones are not less then #70,000, carry designer bags, wear Brazilian weaves and yet all they have in their bank account is their minimum balance.

It is expedient for us to know that human wants are insatiable, and anyone who is driven by his/her wants will definitely run into debts. It is important to ignore some flashy, eye-popping but debt inviting and humiliating demands in order to live a satisfactory, debt free and comfortable life with sufficient money in your account that you can boast of. Here are 5 tips to save money according to the Bank of America.

Five (5) Simple Ways to Save Money in 2019

1. Record Your Expenses: This is the first and very important step. For one month, keep a record of every dime you spend, and what it is spent on. That includes every recharge card, every snack you purchase, even to the amount given to beggars. This will help you know how much you spend on both important and less important things.

2. Differentiate between your needs and wants: Now that you have list of how much you spend per month, you can now begin to analyze your needs and wants. Your needs are things you cannot do without (i.e) things that are of immerse benefit to you. E.G food, shelter and clothing. The aspect of clothing has caused a lot of crisis among the women folk, but the truth is, you don’t need to have an over flowing wardrobe before you make a statement in fashion. Set your wants apart, you don’t have to touch them or regard them at that point in time.

3. Prioritize your needs: When it comes to your needs, some are more important than the others. Make a list, with your pressing needs on top and the less pressing ones after them. Do this in the order of priority.

4. Make a budget: Create a budget of your income and expenditure, which will comprise only your needs. Regarding the remaining balance as money to be saved. In addition to the money separated for expenses, you can take 20% of the money meant to be saved and add it, call it “Miscellaneous expenses”.

5. Visit your Bank: Take the money regarded as savings, to the bank. For the Miscellaneous, you may not take it to the bank, depending on how much of self control you have. It is not a bad idea to buy a local bank (Kolo) to put the money.

Try these diligently for 5 months and you will be surprised how much would be in your bank account as your savings.

Leave a Reply

Your email address will not be published. Required fields are marked *