Save Like a Pro | The Smart Saver Strategy
By: Bolanle Adetula
You have always heard of saving for the rainy day right? But it is not funny that the free fall of the value of cash at hand vs the cost of goods at the market leaves us wondering if savings really matter. But, yes it does, it really does. It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”- Robert Kiyosaki
Expenses go wan whine you, but no panic, savings and investment have got you.
Here are nine tips to help you save like a pro investor:
S- Start Early: The earlier you begin saving the better. It’s just the second half of the year, you can begin to set aside something no matter how little. Setting aside 10% of your income is an easy starting point. The earlier you begin saving and investing, the more time your money has to grow through compound interest.
M- Make a Budget: Sit down and plan, draw a budget that accommodates your necessities, and track your income(s) and expenses. Dedicate an hour or two to achieve this task and eureka you will realise the superpower in you to choose budget-friendly clothing over branded/designer accessories and still maintain stunning appearances.
A- Automate saving: Set up automatic transfers to your savings and investment accounts to ensure consistent contributions. You can use savings apps to make this easier for you, so as the credit alert rings, pay yourself first before paying others by saving. Remember, “Do not save what is left after spending; instead, spend what is left after saving.”- Warren Buffett
R- Research investment: Look before you leap, A 2020 survey by NFIU (Nigerian Financial Intelligence Unit) shows that 1 in 5 Nigerian youths are victims of fraudulent investment schemes. Ensure you follow who sabi road, before you lose your money under the disguise of investment. Research to understand savings and investment options, and compare the rules before making a decision.
T- Track progress: Regularly monitor your financial progress and adjust your strategy as needed.
S- Set goals: Have a well-laid out goal to achieve with your savings, and stick to your goal sheet to ensure a tangible outcome
A- Avoid distractions: Learn to say No, No try dey form Bigboyz and Biggirls at every slight opportunity. Minimise or eliminate impromptu purchases to avoid financial strain and increase savings potential
V- Value Money: Understand the value of money and make spending decisions that reflect your long-term financial priorities. Learn to appreciate every naira saved and understand that every naira in your purse has its value. It will help you develop strong financial habits you will benefit from all through your life.
E- Educate yourself : “Financial freedom is available to those who learn about it and work for it.”-Robert Kiyosaki Financial literacy is a life-long learning process, If you continuously learn about personal finance, savings strategies, and investment opportunities, you will easily top the chart in the savings game. (Read the book- “The Richest Man in Babylon”).
There you have it, S.M.A.R.T.S.A.V.E to your rescue, as the popular saying goes “the art is not in making money but in keeping money”, your ability to save and invest reflects your persona and boosts your chances of financial freedom.
Take that step now by choosing wisely to SmartSave
What savings advice do you have from experience? Share with us in the comment section.
