What Has Been Your Practical Savings Methodologies?

[Rachael]

The New Year came with its clime of ecstasy. So many resolutions were made by different individuals while some do not see the need of a resolution. Well, for me, I rarely make any resolutions but I do have goals which I set out to achieve and if I put all my zeal and best effort in accomplishing them but if by peradventure, I find it difficult to attain those goals, then I keep trying for the next year. This year came with a sigh of relief and positivity because I had passed through the worst kind of flame in my life in the last two years.

One of the targets I made this year was to cultivate the habit of saving money in my local piggy box. My aim of wanting to save about $300, is so I could use it to learn a sewing trade. I would like to go to a proper fashion school but such budget is beyond my means so I have to settle for what I can afford at the moment. The challenge is that, since this year emerged, we are in the third month already and we have like nine months to enter into another year yet I cannot boast of saving a penny because of so many responsibilities I have to take care of. At times, I try to save no matter how little, but I still end up using the money. Please I would appreciate if you can offer your practical saving tips.

 

[Kendy]

It is such a bad experience that even after making a budget, it gets so hard to stick to the budget because of fluctuation of prices and hike in fuel price. There are so many others who made such targets and even more but they still find it hard to save a penny. One thing about setting yearly goals is that we should be aware that a year might seem very long but in reality, it is just a space of 365 or 366days and we should always set realistic goals. In a year, the highest goals that should be achieved should be 2 or 3. Anything set beyond that is obviously not a goal. You would notice that even billionaire investors do set goals for even 5years to 10years interval and do not rush it but take it steadily.


Well, I also have a goal of saving almost within the same range as yours, but I do not save in the piggy bank because obviously, when the money is in the house, I would be forced to make use of it. I think the best saving method for you would be to join a group of people and contribute monthly then your turn to pick the contribution should be at the end of the year so it could favour your target.

 

[moonchild]

The problem is not from savings, it is self discipline, from your entry, I can deduce that your problem is not making money per say but keeping the money, you have to check yourself and cultivate discipline, it is very hard but if you achieve it, it will be the best thing that will ever happen to you.

There were times I had an addiction way back, there's no method that I haven't tried to stop but I couldn't, I started thinking maybe the problem is spiritual, because It took me like 4 years before I came to terms to reality, I realized that the problem isn't really my addiction but my self discipline, I had been lying to myself all these well, blaming outside forces, but when I got tired and I started practicing self discipline, I was able to overcome a lot of things in my life, my addiction inclusive.

You have to ask yourself hard questions and face your fears, you'll be able save and you won't touch the money no matter what happens.

But if you did not the hard things now, you'll just be going through the same thing over and over, this is my honest contribution.

 

[Bookwormlux]

I would like to admit that being able to save money is not easy at all , and this is why individuals have to make sure they develop a good sense of self-discipline and also financial discipline ,as this is the only thing that can enable them have a good savings habit .

The best strategy that I have seen working for me and other people is by, making sure you have a bank account that is dedicated solely to savings .

With this type of bank account , you won't bother to collect a debit card or any other credit card available .
This goes a long way in making sure that you do not get tempted to spend the money easily .

I have been thinking about this strategy for a long time, and I thank God that I have been able to start it last year and currently benefiting from that decision now .

I am of the opinion that , individuals should try as much as possible to try something of this nature , so that it will help them to have good sense of discipline and be able to save large amount of money even from the little money that they are managing to make on a daily basis.