If you are not conscious of your time yet, this is just to remind you that you have spent the first six months of the year and soon, the year would come to an end.
This reminder is not intended to give anybody high blood pressure or create panic if you are yet to start off with your savings or investment projection for the year, but to put you on the alert that time waits for no man.
At the beginning of the year, many of us had outlined plans including savings and investments to be accomplished in the current year, but here we are some have not accomplished one and we will soon be reminded that it’s time to make another resolution.
Can one start now? Experts say it is not too late.
Late last year, many people wondered why they could not make reasonable savings despite the fact that they made so much money.
According to some of them, list of expenses, bills and family dependants and others already forgotten, were major impediments to achieving savings target in that year.
Here again, six months are already gone with those expenses that undermined savings the previous year still posing a serious hindrance.
As personal finance experts put it, this is a good time for an honest self-analysis: What has your saving habits been like in the last six months? If it seems like all the money you make falls straight through your fingers and gets gulped up by bills and other expenses, think hard about a reasonable amount you could start to view as yet another monthly bill.
Denis Nnorom, managing director, Pinnacle Insurance Limited, says savings culture is a personal decision which an individual takes to better his or her future.
He stated that there is nobody who is not under pressure to spend for himself, his family or other relations, but somehow, some way, one must try to put something aside for the rainy day.
According to him, it is only about self-discipline and again, getting a savings plan that would not be tampered with to solve immediate problems.
Dual Citizen in his article on “Savings Culture among Youths” stated that it is not too late to start saving, but you can start today.
He observed that sacrifice is the name of the game. No pain no gain. “If we look deeply and sincerely into our budgets and the kind of lifestyles many of us are living, we will be able to cut off some of the extravagances and put the difference into our savings, and few months down the road, you will look back and be proud of yourself,” he stated.
After living in the US for many years, Dual Citizen observed that he could save very little because of pressure from personal expenses, family and relations at home who on regular basis make demands via the telephone even for things that are not necessary. But, he began to do better when he decided to say no to some of those demands, on the premise that if he had no job those relations could as well do without those demands.
His words: “Way out for me was to learn how to say ‘No’ more than ‘yes’ when they come with their stories. I weigh what’s more important. For instance, school fees or feeding will come first before ‘Broda’, I want to buy black berry and iphone; can you send me the money? I answer ‘No’ to such request.
“I have set a goal for myself to save more than I spend henceforth. How is that possible? It is called aggressive savings. If I was used to eating two pieces of meats before, now I reduce it to one and eat the other the next day and that way I cut cost on food and so I did in other things.
Just look into your lifestyle and cut those things you can cut and in few months down the road you will be able to boast of some money in the bank.
“But, don’t forget your family o, if they need serious help, please do o, but you have to be able to weigh the priorities and if what they are asking for is unreasonable, say no politely.”--PERSONAL FIANACE
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