Over my few years of working and earning an income, i have come to realize that it takes a lot of strength to save. Saving is an art and an habit that most people are not used to but it is also the very first step towards financial freedom.
Many people have reasons they don't save. Some have too many responsibilities, some do not make enough money, some are waiting to hit it big to save and some simply do not give it too much priority. Whatever your reasons maybe, saving is fundamental and key to living a life that you want.
While you may not want to be the Bill Gates of your generation, it is important that you are able to take care of yourself, your family and if possible your community and you can only do this when you master the art of savings.
It doesn't matter if your income is one thousand dollars ($1000) or one million dollars ($1,000,000). if you do not know how to save, you will never experience financial freedom.
I have seen and read stories of people whose income were in the thousands yet they had assets worth millions and similarly i have seen and read stories of people whose income were 6 figures and had no assets at all. When you look at them, they look rich rich and their pay stub says they are rich but when you get into the details to subtract their assets from the liabilities, they were truly in huge debts.
While it is good to enjoy the great things of life, it should never come at a huge cost that rubs you off your peace of mind.
Spending money is easy and fun and you necessarily do not have to think about it, but savings on the other hand requires calculated steps and living on a budget and below your income. so i get it, it is hard to save, but this is one thing you must do if you desire to be wealthy.
It all starts with savings. Almost everything you need requires money. Savings in plain terms is putting away a percentage of your total income for the future. I bet you need money for a lot of things. You need money to invest, you need money to give and you also need money to spend. All of these things do not have to be complicated if you do one thing which is SAVE. Even if it is $100 you are able to save every month, just do it, at the end of the year, you would have saved up $120 which can be used for anything you desire. Every little thing counts so please do not wait to hit some big money before you start saving. If you do not know how to save with the little you have, making more money would not make any difference. Savings is all about percentages. If you can save 20% of your $1000 income and you have mastered that art then you will have no issues saving 20% of your 6 figure income.
Before i conclude on my post i will like to share 3 ways to make savings a lot easier for you.
1. Open a savings bank account with no debit card and make your employer automatically send direct deposit to that account. That way you don't even have to see the money, it is automatically done for you so have no need to worry about being disciplined to keep it.
2. Learn to have projects for your funds. Short and long them goals. When you have goals for your money, it makes it a lot easier to save. It could be setting aside money for your education , your business, your dream car or dream home. It could even be a goal to buy a designer bag or shoe. always choose the option of saving instead of borrowing for your projects
3. Get an accountability partner who has the same desire to improve on their savings and both of you or a group of you should share your progress often. Be truthful with the process and you will find out how easy it is for you to save after a while of staying committed to the process.
It is my desire that you live out to your full potential and live the life that you want financially.
Lots of love from your one and only
Adey
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