Savings to put it simply, is putting aside money for tomorrow. It is something which is very important but something most of us find very difficult to do.
There was something my lecturer said back in school which I find very true. He said it does not matter how much you earn you should always be able to save something at the end of an example. Giving as example that someone who cannot save out of the ghc800 he or she earns a month will most likely not be able to save even he or she earns ghc5000 a month or even more
There is a saying that our taste and preferences grow as we earn more and that is what gives credence to what my lecturer shared with me. It is only with discipline and sacrifice can one hope to save for the drought season.
The first step of making sure you are able to save is to put aside the money you plan to save before making any expenses. Most at times we tend to save what we have left after we are done with our expenses and when there is nothing left we have nothing to save. To be able to save you must allocate a percentage of your take home as your savings and take it out the moment you are paid for the month
Record every expense made daily to keep track of what eats into your income. Most of us don’t know this but data purchase is one of the leading consumers of our income. I can already imagine you saying but what difference is Ghc3.25 spent on vodafone special offer going to make on my finance. But look at it this way, 3.25x30days gives you ghc97.5 that is just a little below ghc100. And if you think it still wouldn’t do much to change your finance, 3.25×365 gives you ghc1186.25, yet some of us can complete a year without being able to boost of ghc500 in our savings accounts
Open a bank account today and whatever you do, do not link your bank account to your mobile money wallet. Linking your bank account to your mobile money wallet is supposed to be a convenience to you as you are able to withdraw cash from your account to your wallets from the comfort of your home. The downside is it feeds into the withdrawal tendencies of customers to buy stuff which they not even need
Savings is good, but I would not advice you have too much idle funds lying dormant. The best form of savings they say is investment. Invest your money but have a little in your savings account for just in case.