Saving is one of the traits that forms the distinctiveness of successful people from their unsuccessful counterparts. It is a clear demonstration of preparedness for the future. This is not a natural trait for most people as it is learned and adopted as a culture. Very few Kenyans put aside some money for savings from their salaries. Most of them especially the younger demography employees live by the YOLO culture which lands them in chronic brokenness by mid-month. They then start complaining that the salary is shorter than the month.
End month is usually the best time of the month especially for salaried employees. It is a time to buy the expensive shoes you had been eyeing, take your new catch on an expensive date, go out of town for a road trip and even impulse buying things that you don’t need fueled by the ‘special offers and great discounts’ that retail outlets offer. The impact of all these expenses is usually felt at mid-month when the bank account runs dry and one is forced to live within their means. It even gets worse when an emergency that needs funding occurs and one is pushed into borrowing and taking loans which then becomes a habit. However, all these could be avoided if people especially those with steady income could inculcate the culture of saving. Below are saving principles that could help you turn around your financial woes:
- Pay Your Tithe
We are called to give a tenth of everything we get to God. Leviticus 27: 30 record, “A tithe of everything from the land, whether grain from the soil or fruit from the trees, belongs to the LORD; it is holy to the Lord.” This includes our salaries and other forms of income. Tithing honors the scriptural principle of generously providing for religious leaders, giving those in need, and laying up treasures in heaven.
- Pay yourself
This means that you need to first deduct your savings from the salary after tithing. It can be done by automating your savings i.e. have a saving account where your savings are channeled to automatically once the salary is deposited into your account. Many insurance and finance institutions offer such saving plans that have attractive interest rates.
- Start saving now
Most of us believe that saving is a culture for those who earn a lot of money. However, this is not the case as you do not need a six figure salary to start saving. A little something is better than nothing. So plan your finances in order to accommodate a saving plan. The earlier you start saving for you future, the better for you. So stop procrastinating and start saving today.
- Stay disciplined
Discipline is the key to anything in life. Everything you have in your life right now demanded an amount of discipline from you. Stay focused on your saving goals and avoid temptations that will distract you.
- Have a budget
Having a budget will guide you on how to spend your money. Have targets and goals captured in your saving plan so that you can be able to save in systematic way.
- Spend less
Why buy that extra pair of shoe that you do not need? Avoid buying things that you do not need. It is okay to spoil yourself once in a while but spend your money on necessary things only. This will allow you to have a more disposable income for your savings. You can use an expense tracker or other mobile tools to track your expenses and avoid wastage.
These principles will save you from the mid-month financial woes that many employed Kenyans can relate with and also enable you to be financially ready for the future and also emergencies.