To fully understand what is meant by the term saving culture we must understand what is meant by the term saving, why do people do not save, benefits of savings and how to develop a saving culture.
Saving is a type of mentality. Many people often think that saving money is putting money aside for emergencies but saving is more than that, saving culture is to discipline yourself into saving money on a regular basis regardless of the circumstances. Saving is cutting your budget on luxurious commodities and also things that you can afford to do with out
Reasons why do people do not like saving:
1.They do not have enough income.
2.lack of financial vision.
3.over spending on unnecessary expenses.
Benefits of saving are more than you can think first by saving you become independent thus you can depend on others for financial support
By saving you are able to escape poverty thus reducing poverty globally.
Here are some of the ways that you you can develop a saving culture :
1.identify your goals.
By identifying your goals you will be able to to create a strong motivation that will help you to achieve your target.
You can achieve a goal by noting them down and where you want to reach after a certain time.
This should be done keeping in mind that goals should have a sweet ending rather than a complete pain in the head.
Examples of the goal can be you want to further your education or expand your business.
2.check your financial assessment.
Without being bias with your self be honest with your self. Look how you are managing your finances daily.
Ask your self the following questions :
1.Are you happy with your spending?
2.Do you have a saving culture?
3.is debt withholding you from living the life you want?
4 do you have a budget?
5.Are you spending less than you make?
There is no correct or a wrong response because all we are doing is accessing how you are using your finances. By answering the questions you are able to know the obstacles and how to overcome the obstacles.
The answers to your financial assessments will help guide you on what you need to do in order to take the next step towards building wealth.
For instance a budget will help you to cut off over spending on luxurious commodities and getting out of debt will increase your saving culture.
The bitter truth is that many employed people all there monthly salary come and go on unexpected expenses.
But worry less technology has your back, with the advancement of technology there are mobile apps that keep track of your daily spending and also gives you notifications on your daily spending and also it gives you reminders to notify you to save.
Please do not dismiss these notifications instead wholeheartedly set aside the amount amount that should go to saving.
Learn to do more with less.
This can be done by cutting down your spending appetite and also avoiding spending more than you can earn.
This can be done by watching out for places where you can get quality items at discounted prices or relatively affordable prices, this means that paying less and getting more. Also make sure you don't miss offers that many supermarket stores gives such as Naivas, Quick mart.
And if you are a nairobian you can go to ghettos to buy some household items and also you can bring food stuff from "ushago".
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