STEPS TOWARSD DEVELOPING THE SAVING HABIT

In line with my promise in my last article, that I will outline steps to help you save a portion of your income, this article will be dedicated for that purpose. I hope you will enjoy reading. Before I go on however, I will like to stress the fact that it is not enough to read this article, you must put into practice what you will read in order to effect a change in your financial fortune. I know you are interested, the steps are as outlined below:


Always plan your expenses for the month: If you have been working for sometime, it should be easy for you to estimate amount needed for your basic needs for the month. When you make your plan, always do it in such a way that you still have at least 10% of your money for savings. A reference book for this information, which I think you should read, is the book titled THE RICHEST MAN IN BABYLON. It explains in details all about “paying yourself first” which is another term for saving.

Avoid impulsive purchases: It is common for people to buy things they did not budget for. This happens impulsively and financial resources are wasted as a result of this. One needs to be disciplined to avoid impulsive purchases that waste resources. It is important to develop the right mindset for this to be possible. Read about the correct mindset here .

Make saving an expense: When planning your expenses for the month, experts advised that saving should be one of the things you plan for . It should be planned as part of your expenses for the month. If this is done correctly, you will not struggle with how to remove this amount dedicated for saving anymore. Little drops of water makes a mighty ocean, as you continue to practice these steps you will eventually become debt-free and financially prosperous.

Be disciplined: I have come across people who are interested in being rich and prosperous but they lack the discipline required to make this happen. They dream of six figure income, but find it difficult to achieve their aim. Read about the simplest way to avoid this problem here. It is very true that without self discipline to follow your plan, saving will be impossible and you will still remain in debt. Out of the four steps outlined here, the issue of discipline is the most crucial; therefore do everything possible to attain self discipline. Thanks and God bless.