Savings is a song we’ve heard for years, from our mums to elder siblings, I remember when I got my first piggy clay bank, even though we saved a little over 1000 Naira then, we only used it get “something” for Christmas. Fast forward to another 15-20 years, we have formed the habits of saving but for spending. That is the reason why we have avoided the need to save because we don’t see the need to. But here’s why starting your savings journey now can set you up for future success.
Saving is income not spent, or deferred consumption.
Building on your savings will help you keep a healthy financial habit around money, you have a sense do something more productive with money than to excessively spend it with no control at all. Saving money allows you to give your money a chance to compound with interest, which will over time become a tangible amount of money. Savings will give you a sense of safety, knowing that you have money saved up somewhere for rainy days will definitely give you peace of mind.
Starting with your savings now is easier to begin now than later, we have said over and over again but tomorrow is a fairy-tale at this point. While inflation hits the top, so does our tendency to seek for more resources outside our own. Saving now is the easier than starting later because we have no idea which economy the future holds, I know internet memes say “chop now, God will provide tomorrow”, but God also does not want us to be wasteful.
With Fin-tech companies on the rise, saving with interest has become easier, if you have an unhealthy urge to settle things as soon as the money hits your account then you have the option of automating your savings, set goals around your savings, knowing what you plan to use the money for, how much you plan to save for it and how long you plan to save the money for will help you build a healthy financial diet.
You don’t have to start with huge amounts, like as kids we started with 5-10 Naira, find an amount you can afford to save, start small, start now, be consistent, be disciplined not to touch it until the set date, keep the future in mind, know why you are saving, and also, save to invest not spend. Delayed gratification over instant gratification will still be a pleasure given at the right time. Keep building, keep being intentional.