DEVELOPING A SAVING HABIT*
By Precious Kingsley

Most people think about savings as being one of the hardest things in the world.

Women especially Young women like us  often think that we do not  have the luxury of saving because of the numerous things  we need to use money for at the moment

Most times a person might sum up courage and start saving  but along the line realities of Life interferes and all your months savings  slips through the cracks,

 before you know it the end of the year has arrived and you are no closer to saving than you started. 😊

Today I am going to show to u my lovely sisters Steps  that can help you develop a simple and realistic plan to save for your goals, either big or small.

 *STEP 1*

 *Pray to God for Guidance*
In anything you want to do the first vital and most important step to take is to pray to God for Wisdom,  Guidance, and Strength to successfully carry out your goals and trust that he shall grant it unto you. (Proverbs 3:5-6, James 1:5.)

 *STEP 2*

 *Assess your financial Strength*
another major step to saving is assessing your financial strength , ask yourself this question

how much money do I make daily, weekly or monthly depending on your income stream and how much expenses do I make out of this my income.
 in doing this you must consider all your sources of income and expenses no matter how small they may be, also do not leave out expenses that occur irregularly throughout the year  such as car maintenance, children's school fees, house rent, bulk purchases,  etc..

You need to have a clear picture of your income and expenses in order to know what takes the bulk of your money, and also try to ascertain whether you are spending more than you earn .

you can write them out in a jotter for clarity.
When you have this all figured out then you can move to the next step.

 *STEP 3*

 *Have a target*
The best way to save is by having a target I.e something to save for,  saving without a target might not keep you motivated, but saving for a target keeps you motivated and focused.

What are those things you really need to do or buy,  think about them, list them all out in a jotter and put a monetary value on them.

Your savings target can fall under these three categories.

 . *a. For emergencies* :
That is to make sure there’s money available if something unexpected happens.
Emergencies happen all the time, it is something we have no control over . The best way to handle emergency is to save , so you won ’ t be left out stranded and miserable 🙆‍♂🙆‍♀ when the situation arises.

 *b.To fund Specific needs*
this might include needs like buying a new car, paying fees, starting a business, you can save for your wedding or for buying of items such as phone, laptop, shoes, cloths 🚘🛵✈🏤⛪👗👠👝 etc. Specific needs can be anything you seriously need but cannot get it at the moment because the cash is not available.

 *3.for the future:*
This can be savings to achieve long-term goals or for retirement.  although it might seem very far away, once you stop working or you retire your income will go down and you’ll probably have to rely on money you’ve saved to keep up your standard of living.

Now that you have your clear target of why you want to save or what your savings is for, the next thing to do is to start saving.  How do you do this

 *STEP 4*
 *START SAVING*

There are several methods or approach to adopt for your savings but I will only discuss on three approaches

 *a. Fixed Savings* ( Monthly, Weekly or Daily) this involves setting apart a fixed amount from your income as savings.

 *b. Compulsory Contribution* this involve entering into a contribution with other people to contribute a certain amount of money to each member of the group at a particular time, this is best done in a monthly basis when you are on a fix monthly income such as salaries and wages.

 *Flexible Saving*
 this involves saving any extra money you have at every chance you get.
If you ever have any money left over at the end of the week or month that you don’t need for essentials, try to save it.

Also involves saving once you’ve paid your main bills.
If you find that you can do this,  the more you’re able to save, the better.

But, not every method works for everyone, you just have to examine yourself and your income flow to determine which method works for you and adopt it, you can adopt the three method  if you wish.

🚶‍♀🚶‍♀moving on🚶‍♀🚶‍♀

Now that you have finally started your savings how do you stay true to it and carry along till you achieve your target savings.

Here are a few things you can do.

 *STEP 5*
 *Start Slow*
Give yourself permission to start slow. If you save N 1000 every week and you  are consistent in it by year end you will have N52000 .

 *STEP 6*
 *Question All of Your Purchases*

Another great habit to get into to save money is to question all of your purchases. Make sure your purchases are in line with what you want in life.
Keep track of your spending

Your spending habits would determine if you will be a successful saver or not . Keep track of your daily lifestyle and what you spend your money on .

After assessing where your money goes , look for ways you can minimise how much you spend on miscellaneous items

Do you want that flexing life, expensive shoes and clothing's  more than you want that education, house rent, school fees, or business ? If the answer is No? Then it might be time to cut back on frivolous spending and focus more on necessities. Don't get me wrong if the clothes and shoes are a necessity my sister by all means try and get it if you have the available cash
The point is to stop buying things without thought.

Ask yourself if what you’re spending your money on is bringing you any happiness and if it’s bringing you closer to your goals. If it’s not a necessity (like food, water,  clothing's and shelter), and it’s not making you any happier or helping you, cut it.

 *STEP 7*
 *Be Discipline*
If you are saving in your bank account
Be disciplined about not making withdrawals unless it’s a life-or-death situation.

Some banks will apply penalties in the form of fees if you go over a certain number of withdrawals from a savings account in a given time period, which is a good incentive for savers.

And some savings accounts come with debit cards for easy withdrawals.  You can either decline the card, keep it in a place where it’s not readily available, or cut it up.

 You want to make it harder not easier, to make withdrawals from your savings.

 *STEP 8*
 *Be debt free*
Try as much as possible to live a life free of debts . Manage your finances judiciously and avoid having to collect loans . Live according to your budget ; this would help you in the long run . but if you are in too much debt its probably not a good time to start saving.


 *STEP 9*
 *Pretend you are paying off a loan*
The best way to frame your mind - set towards savings is to pretend you’ re paying off a debt . Continue making the monthly payments into your savings account . Even after you reach your set goal

 *STEP 10*
 *Avoid gatherings and friends that would give your saving a setback*
Friends are important, but when you have friends that won ’ t let you save , it’ s best to minimise the way you see them .

Gatherings and friends that prompt you to spend money won ’t only kill your savings but might even push you to spend above your earning

 *STEP 11*
 *Continue to save despite the odds*
Armed with that knowledge of what you need your savings for , you can determine when it’ s safe to stop or pause .
The more cash you have stowed away , the better you will weather downturns .

ask yourself
 How much cash is enough ? The last recession in Nigeria lasted for 15 months . Therefore, saving a year ’s worth of expenses will provide a sufficient buffer to weather nearly any recession.
But You don't have to keep saving if it means denying yourself of the basic things in life, know when to stop or take a pause.

👏👏👏👏👏👏👏👏
Well-done.👍👍👍👍👍 Take a deep breath and relax  as we continue.🚶‍♀🚶‍♀🚶‍♀

Saving money often means making sacrifices, and it can wear you down after a while.
especially If your self imposed restrictions on spending are too hard, you may set yourself up for failure.

There is no reason saving money has to be completely miserable, sometimes you have to pause for a moment and encourage yourself

 *HOW DO YOU ENCOURAGE YOURSELF*

 *STEP 12*
 *Reward your Effort*
set up an occasional reward for yourself. For instance, if you have a long-term goal of saving N100,000, and that means giving up that daily cravings and your monthly happy hour with friends, buying of your expensive clothing's etc, set mini goals along the way.

Once you hit N50,000, reward yourself with something nice, like buying yourself some nice shoes, jewelries or some nice food. Have a sit out with friends or family and enjoy.
💃🕺🏻🍎🍹🍾🍿🍦🥧🍡🍢🍤🌭🍇⛸⛷🏊‍♀

  by giving yourself small rewards, you’ll reinforce the idea that you’re doing something that will (quite literally) pay off in the end.

 *STEP 13*
 *focusing on small wins,*
No matter how small your savings are at a time be happy about it,Celebrate Even the Small Savings

 *14.Say NO to temptation*
Do you fall into the trap of impulse buying? Perhaps you promise yourself that this is the last thing you’ll buy on credit - and you’ll start saving as soon as it’s paid off.
That habit of buying first, saving later will leave you worse off financially. So make it your New Year’s resolution to say no to temptation and start saving now, and you’ll have more money to pay for the things you enjoy in the future.

*STEP 15*
 *Appreciate your Financial Independent*
The measuring stick for being rich is different depending on who you talk to.

However, the one thing that the notion of “being rich or wealthy” means to most people is having financial independence and savings to depend on.

 Calling your own shots, financially speaking, means having the freedom to make choices in your life.

This may mean being able to take a vacation whenever you want to, going back to school to further your education, starting your own business, Sowing seeds in church with ease, making contributions in your church fellowships and organisations with great excitement ,

Taking care of your family without struggle,  helping family members and giving to others when they are in need, retiring in style and having something to sustain you.

Financial independence isn’t the same as being rich, but not having to depend on somebody, or on a monthly income to solve your pressing needs can sure make you feel rich beyond your wildest dreams!

Having savings that you can rely on is what it takes to become “rich,” no matter how you define it.

So my lovely sisters, the new year is just around the corner what are those things you need next year?

 *START A SAVING HABIT TODAY.*

 *Dynamic Sisters Association.*