saving is an act of setting aside from one's income or resources for future use, rather than spending everything earned. It should be noted that as women of excellent, to maintain that steeze, it shouldn't be about carrying the latest bag,wearing the most expensive perfumes or body sprays, having the best jewelry etc. We have to save. Yes, we must save!.
What are the excess of saving?
Saving is essential for several reasons, and some of it are;
Unforseen Circumstances;This refers to an unexpected or sudden events that happened. It is usually beyond one's control and often requires immediate attention e.g Medical emergency, financial crisis, natural disasters etc. When these takes place having a separate fund prepared will help in navigating such occurrence.
Long Term savings; This involves setting aside money for extended period, typically several years or even decades. This is done to achieve a long term purpose. Examples of long term savings are; saving for retirement, children school fund, buying a house, accumulate wealth. etc. Long term savings is very important and as lady of substances and influence, long term Saving should be an integral part of our life.
Short Term Savings; This refers to relatively setting aside money to be used for a short period of time. e.g Saving for vacation, holiday expenses, down payments, occasion and functions like wedding, birthday etc. Short term savings is as important as long term Saving if one do not want to touch long term savings in case of emergency.
Having known the reason for saving, how then can we save?
Reduce expense; This can be done reviewing one's budget and look for ways to cut down some expense inorder to save for raining day. For instance, instead of buying cooked food, you can prepare and cook your own food to save cost. Instead of staying a bigger house that you don't need some space at that period, you can relocate to a small apartment.
Budgeting; Is the process of creating a plan to allocate to one's income towards different expenses, allocations and financial goals. It involves tracking and categorising financial expense and also taking a conscious effort and decision about how to use money. Budgeting gives clarity, for instance you won't but what is not useful.
It also helps prioritization.
Invest Wisely; This involves allocating money into assets that have potential for growth, income or both e.g rental service,real estate, stock etc.
So also is collective contributions; This can be done among trusted colleagues, family members or neighbors. A particular amount of money will be pay members, somebody will pack everything this month, next month it will be turn of another person.
Lastly, I will ask suggests Joining trusted cooperative society. Here, you can save money and be able to collect more than you have whenever the needs arise, even though you have to pay back. Depositing money into saving account also helps to save money.
Saving is an integral part of individual finance, which helps one to achieve financial stability, freedom and security. To achieve this, women should learn budgeting,invest wisely, reduce expense,join a trusted cooperative society and or collective contributions group. All these will make women to
take control of their finance and helps them to achieve their goals and dreams.
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Well over twenty years ago I had to have a Financial makeover. The Economy was different and more stable then. Having a long term goal of owning a home for my young children to grow up was a very formidable goal. I was a newly graduated Nurse, so with stable prospects of work and a disciplined but frugal lifestyle I did reach this goal three years ago.
Key was establishing an Emergency fund, I can't begin to list all the times I depended on this fund I built by working overtime, moonlighting and side gigs over and above savings. Rules to draw from this account are strict but comprehensive, any amounts above the target threshold can be committed to my Long termed savings. (My favorite being in Gold & silver).
Getting here required a lot of thought, good choices, sacrifices and sometimes some luck.
And don't forget to put some aside for weekly fun expenditures with the family.Good points @emerald24
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