How Saving Became A Priority For Me

I didn’t start saving till I was twenty and I started by putting coins into a tin. Then, I moved on to saving in a bank account. Saving seemed like a way for me to prepare financially for large expenses- like going on a holiday or as a backup for tight times. My mindset on saving changed while listening to a podcast where Arese Ugwu, a personal finance expert spoke about how saving can help with generating income. This helped me understand that saving isn’t just a way for me to store money for experiences or purchases that depreciate or end the minute the experience is over. For example,  the money I spend on a holiday ends once I return from the holiday. Meanwhile, I can invest in property or other assets that can generate income.

This doesn’t mean I won’t spend part of my savings on a holiday or on other things. It’s just that now I plan to allocate my savings in a way that adds value to me financially and I can still have treats from time to time. Saving requires that I control how I spend. I created a budget for the first time over Christmas and failed at following it but I hope to try again. Having a mental budget is what I run with now but I want it to be more concrete. In the mean time, I’ll remember that “there’s rice at home” so as to control my spending on takeaway or eating out. 

2 thoughts on “How Saving Became A Priority For Me

  1. lize

    As we grow older, saving is definitely important to get down pat especially if you love to travel. Of course saving to get your first home is also a big deal.
    SewaFolie.com

    Reply
  2. Tunrayo A.

    True. I realise when I don't save, I spend what I could have saved on something I can't account for. Definitely, travelling costs money so saving seems like the best bet to get money towards it.

    Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s