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The Future starts now


The Future starts now, you cannot afford to procrastinate.
How do you develop a healthy savings culture?
1. Save first, spend later. Whatever portion of your income you decide to save should be saved first before the remainder is spent. This ensures that you have the mindset that the remainder after saving is the whole amount that is available to you. Thus, if you save 10% of everything you earn, then your mind would believe that you only have 90%, since the 10% “not available”. All calculations would be on the 90%.
2. Have a separate account for your savings. Your savings should be safe from you. The needs and wants of man are insatiable. We also know that whenever there is an increase in income, things to do with money also seem to expand to meet the new amount of money available. Thus, it is necessary to separate your savings from all other funds available to you. It is trite that when access to saved money is too easy, un-saving of saved funds is sure. What to do is to ensure that there is a separate savings account without a debit card, without a cheque book and with rules put in place for withdrawals e.g. withdrawal should be for investment purposes only.
3. Automate your savings. The influence of technology on Banking should be fully used to your advantage. Put a direct debit instruction (also known as a standing order) in place to move your savings from your earnings automatically. Ask Creditors to pay into the account with the direct debit instruction. Ask Customers to pay there too. Use a POS for your business to ensure that your money hits an account from which it can be transferred to your savings account. By all means, use technology.
4. Re-invest the interest from your savings. Savings are not for spending. (Did I hear someone ask “so, why save?”). Saving is for investment. If you save to spend, you are simply deferring the dissipation of the money you retained after earning it. Except in circumstances where you are saving for a project, money saved should be invested in such a manner that it produces more money for you to spend and not be spent in such a manner that its “reproductive cycle” would be terminated.
5. Have only one Capital Project per time. When saving for projects, have only one project in mind at a time. This is called the power of focus. Walking in several directions gets no one anywhere fast. If your eyes are single, your body would be full of light.
6. Start now. Delay is dangerous. Many opportunities to invest and make more income present themselves daily. Many of us are ill equipped to grab those opportunities with both hands because we do not have the required funds to participate. We usually do not have any funds set aside to grab investment opportunities because we did not start saving yesterday.
Visit www.fandksavings.com.ng to open a savings account for free.
Yes! The future starts now.
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