Learning to control yourself when it comes to spending goes a long way, you first need to be able to identify and differentiate your want from need as they are two different things.
Needs are pressing wants while want is desires that you can do without for example having a bigger TV, or buying a new shirt etc. Every money that you waste on something you don’t need is money that you could have saves.
Let us review seven ways to save money for the long term.
Plan Ahead: Have a saving goal in mind. Having a written plan is the first step and most important step to long term financial success. Have a plan to save money for your retirement.
Become Debt Free As Soon As Possible: How can you save money if you are constantly paying for credit card bills, a new car, a bigger house, or student loan debt?
Eat Homemade Meals: Look at your current bank statement and calculate how much you spend on eating out at restaurants each month, you may be surprised at how much you really spend on food. Commit to eating all your meals at home everyday, this will likely safve you some cash per month.
Get A Piggy Bank and save all your change everyday: This may sound like a small step, but saving your small denominations each day and watching it grow slowly will motivate you to keep saving. Make a plan for that extra change, take it to your bank monthly and put it directly into your savings or retirement account. Remember every naira counts!
Use Cash Instead Of Credit Card: It is so easy to spend frivolously using a credit card and not even thinking about how much you are spending. Credit cards are also terrible for impulse shopping so stick to cash as it forces you to buy only what you can afford.
Set Up An Automatic Payment For Your Retirement Account: Determine how much you will need for retirement. Then, set up an automatic payment for that amount each month.
Always Think Long Term: Thinking about long term financial goals like retirement, this will motivate you to keep saving your money long term and also keep you on track.
Start saving your money today and set yourself up for a successful and enjoyable retirement. Good luck!
Source: FAB.NG
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