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How to Save Towards the New Year

The festive season is almost over and the whole fun and excitement, it’s time to start setting your goals and planning for the long year ahead. Don’t you think a saving culture should be added to that resolution? Yes, I know everyone is guilty and we always try to run away from this discussion.

     Saving is a very important part of self growth as life is very unpredictable. As you grow older your financial needs/demands increases and is all in your face but having a savings plan could just be your saving grace!

Need help on how to go about starting a savings plan? Keep reading……

Create a Savings Plan

The initial step towards your saving goal is to create a savings plan. This might seem hard at the beginning but it is very achievable.

If you’re starting from the scratch, start small and with time you can increase it according to your convenience.

 Also, when drafting your plan, make sure it meets your income and lifestyle. There are a lot of apps to help track your savings like PiggyVest, CowryWise and so many others or either ways buy a piggybank depends on which works for you.

Create a Realistic Budget

 If you haven’t created a budget for your expenses, now is the best time to do so. First, start by keeping track of your monthly expenses; then you’d be able to get a record on how much you spend on basic things such as food, bills and other expenses.

 This would help identity the amount you spend on a daily basis: How much you can save from your income and some expenses you need to cut off.

Establish a Spending Goal

  If you want to keep track of all your savings, the best thing is to have a plan of what you intend saving for. For instance, you might want to set aside an emergency fund, automatically you have it in mind that you are saving toward a cause, so you wouldn’t want to spend the money. It could also be other material things such as a vacation trip, saving for a car or house, shopping or whatever.

 It is never too late to start a saving culture, by putting the few tips to practice it gradually becomes a part of you which makes everything a lot easier.