The act of saving - gaining financial stability.

It was enjoyable to grow up small, and after a visit, our uncles and older cousins would always give us money. Back then, I had a favorite uncle who would show me joy (money) every time he came to see Mummy.

I found that while I was getting these funds from Uncle, I wasn't satisfied with how I was using them. Nevertheless, even though I was little, I would go fetch a can of Peak Milk, put the cash inside, and bury it in the ground. But because of the coldness of the earth, I came to the realization that burying the money wasn't actually a good approach to save the little money I had. I even went so far as to store the money beneath the living room carpet. However, after a few weeks, I saw that the paper money I had stored there was also deteriorating due to the ground's cold.

_{Designed with canva}

I asked my mother to help me save the money since I was having trouble saving it on my own. I'll take the money to my mother to be saved for me once I get it from Uncle. However, saving money at mama's bank was dangerous since you'll never get it back when you need it [laughs].

I dislike spending money that comes into my possession, yet there have been many situations when I didn't even know what I was saving the money for.

As I grew older, I began searching for a reliable and precise way to save money on my own. It has been evident to me that conducting an accurate income and expenditure analysis is essential for having a successful savings plan. For instance, if your monthly wage is $200, you should always consider how much will cover your expenses and how much you can save to avoid going into major debt before your next paycheck.

Unless you're a student living with your parents, in which case it might not be necessary for you to help out around the house, you cannot receive $200 as a salary and then save the entire amount. If you are a family owner or live alone, however, you will undoubtedly accumulate excessive debt. I would advise a man who receives $200 to save $100 and spend the remaining funds for himself; you will realize that you have made a significant savings in the end.

Source

My guy makes $120 a month, but he already owns roughly $170 in debt before the money ever comes in. I think that's hilarious. However, it's ironic that a higher proportion of people actually operate that way.

I had to give the guy a call and teach him prudent money management. I learned that certain banks have a savings system that enables you to save and reach your objectives after doing a tonne of research in the financial industry. so we went to the bank and made him an account. Depending on the year you select, you may only receive your money back in this type of account after one, three, or more years.

However, this bank's restrictions prevented you from depositing modest quantities of money that were less than the chosen amount. This cannot be advantageous for students; it can only benefit workers who receive a fixed amount of money monthly.

I made the decision to do some research in order to find a platform that would enable students to save their little amounts of money effectively without having to worry about having to wait a year to get their money. I will still come back and write a post about this research once I've finished it.

"Your savings will save you tomorrow" is a wise proverb. Regarding the topic of finances, this is a quote that I adore. It is impossible to be alive and not save. Living in this world and not having a sound savings plan is equivalent to not living at all. Even the ants in our immediate vicinity are aware of the secret of storing [food]; they will gather it in one spot and hold off on eating it until the day when there is flood everywhere where they are not free to go outside and eat, they make use of their savings in peace.

I traveled to a region of southern Nigeria, where I spent almost three weeks without having power supply. I found out that years ago, their transformer malfunctioned, which is why they started to feel so at ease in the dark.

My next course of action was to access my funds, gather some cash, and place an order for solar panels from Jumia. I then phoned a specialist in the industry to come and fix the panel. I took pleasure in my own light in a dark village in this way. That was made feasible by my savings strategy, even though I had already saved considerable money. However, at that point, I realized that installing the solar panel was essential.

In summary, you should always have a solid savings strategy that controls the money you have access to as a human being. Spending money carelessly is not a good idea. Establish goals for yourself. By the end of the year, how much do you want to have in your hand? A solid savings plan is the most effective way to survive in this world. Save your money as a king and you'll be saved on the day of drought as a King.

Posted Using InLeo Alpha