BLURT TALK: How To Save Efficiently, Even In Hard Times.

in blurt •  2 months ago 

Regardless of our location, status and income, saving is one aspect of our financial lives that is regarded so important by almost everyone. Savings are a the portion of our income not spent on expenditures and there are several reasons why people save. However, the three major reasons for saving are to have some funds in case of emergencies, in preparation for some investment plans, and to prepare the funds needed to execute some plans in the future.

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In summary, people save money in preparation for the future but as easy as it sounds, saving could be a very difficult task even when a person earns so much. Also with the high inflation rate and global financial crisis, saving may seem like an impossible task. Hopefully this post would help in creating necessary adjustments and help you save better even in hard times.

The first step to saving regardless of the situation is to exercise control and disciplined with the act. Unlike lavish spending, saving isn't an act that brings pleasure instantly. The pleasure of saving is knowing what your savings would do for you in the future. Things like providing financial security, accessible funds in case of emergencies and also availability of funds when you want to invest. Being disciplined involves staying awaying from every temptation that could hinder our saving plans and focus on the goal which is to save as much as we can, of course in a manner that's comfortable for us.

Secondly, watching how we spend money may help us save more in hard times. Unnecessary and lavish spending takes more money from us than if we spent money wisely and cautiously. This is evident in some actions like clubbing, going on dates, eating out, spending to impress people, going all out on designers etc. Don't get me wrong though, it's good to have pleasure but it should be considerate and at a minimal level especially since we have plans to save. Every single penny added to our savings can go along way in securing our future and this is why we need to make these sacrifices.

Finally, as difficult as this may sound, reviewing your expenses either weekly or monthly to make necessary adjustments to your finance would go a long way in helping us save more. This would include replacing dinners, clubbing and outings with eating healthy at home, cutting the expenses on things like dates, internet data plan and every unnecessary spending especially those that have no real positive impact on our lives.

Saving is an action that requires alot of dedication and commitment. It does always pay off however and its importance can't be overemphasised.

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Definitely got it right on unnecessary spending. Cutting that can help a lot.