From when I was a younger boy, I was very careful with how I handled money. My parents, early on, instilled in us good knowledge of handling money. We would usually give our parents whatever cash gifts we received so they kept it safe for us until it was enough to get us our choices toys, shoes, whatever.
They'd go on to get us piggybanks and our saving culture would grow. "Intentional" is how I describe my attitude towards finance. Some of what I know now about money, I learned as a child, some I learned from experience and some from others and by making researches.
Here are three of my savings ideas that have been of immense benefit to me:
Diversification of income
This is one trick I learned just recently. I only previously owned an account with a bank and an online banking system, in addition, which I used for daily transactions. Since both accounts came readily available to me and served the purpose of interest, I easily reached into them and withdrew for my wants.
It was not very helpful as I only had little money left as savings and even that, I dipped and took from. Recently, I opened a fixed deposit account and I also began to save under different classification(health, rent, plans, etc). All i need do is stash some amount in these different places as the money comes in.
Now, it feels easier to spend what I have in my daily account as the others are out of my reach and serve the purpose of actual savings. I just can not afford to put all my savings in a place, it makes it look not as big as I would otherwise feel it is when it's placed separately
Budgeting
With adulthood comes independence and subsequently, responsibilities. It's inconceivable that I ever get to spend so freely and without giving a thought just like I would do when I was younger and only had myself to care about. Now there's feeding, shelter, Healthcare, family support, emergency, savings, entertainment and the rest to think of. Budgeting comes in here to ensure that I spend whatever I earn judiciously without leaving anything out nor being reckless.
There's just a percent of my income that has to be designated for saving.
Buy quality for less
Another way I have learned to save money is to buy things in bulk. Ever since I knew that the more service, the less pay required, I have come to adopt this method and save some coins. Also, I take advantage of promo/slash sales to stock up on things I need. I make syre to not compromise on quality bit get what is needed at the reduced price during the ongoing sales. That way, I have some extra cash to cater for other needs.
Amongst other ideas/tips that have been beneficial to my savings and financial health, these three take the lead and have been instrumental in making sure that I stay prudent. I hope someone finds them helpful.
What are yours?
This is my response to the weekend engagement: week #208 topic.
Images are mine.
Thanks for stopping by.
SOKA🖤