Some years back, when I was employed as a staff member in one of the biggest insurance companies in Nigeria, I worked as a marketer and a financial advisor. Our job was to convince people to get their properties, lives, children, and almost everything insured. I initially thought the job was going to be very easy for me because, during the training, the sweet talks were too convincing and encouraging. However, when I finally entered the field, I discovered that it was very challenging to win people over in the city I chose to market.
Almost everyone had one excuse — THERE IS NO MONEY TO SAVE. Honestly, I understood their point because, to save money, one needs to have enough in the first place.
I often hear people say that saving money is a discipline and that one does not need to have enough before saving. That is a lie! One needs to have enough to save.
So, how do I save money?
For me, my savings habit goes hand in hand with budgeting. Once money comes into my hands, or even before it comes, I draft out the things that are needed. After all expenses are fully considered, if there is any portion left, I then push some of it into savings. That is how I do it. I do not save when I do not have what to eat. There are important needs that come first before saving, and once those needs are taken care of and there is still enough money left, then savings come into play. Or is this not how it is supposed to be?
Also, when I save, I make sure the money is properly locked and not easily accessible for withdrawal. In fact, most of what people call saving is not really saving. Some people simply put money into a bank account so it can be used whenever the need arises. My own savings are done on a long-term basis, which is why I only save money that I know I will not need for a long time.
One of the methods I engage in is locking my money in the savings options provided in my bank app, where it takes a lot of processes before the money can be unlocked. This discourages unnecessary withdrawals. Additionally, I use the HBD saving method on the Hive platform, where it takes five days before I can withdraw my money. This delay greatly discourages impulsive withdrawals, especially when someone urgently feels the need for money.
Some of the money locked in savings also yields returns, as we see in most bank apps and on platforms like Hive.
Thanks for reading.
This is my entry to Indiaunited contest
The photo used is mine
