4 Strategies To Improve Your Money Savings Ability.

Saving money could be a very difficult task for most low-income earners especially for those who have got so many bills to pay or have got too many persons depending on them. Sometimes, it could also be for the reason that they easily get access to their money whenever they need it, for a whole lot persons. Sometimes, it smacks of lack of financial discipline.

Saving money is really not an easy task. It requires enormous amount of discipline and determination to consistently save, and maintain a money saving habit. It's for this reason that so many persons at the beginning of every year, usually have a new year's resolution of saving a particular percentage of any money they get, but rarely do keep to such resolutions.

Then at the middle of the year, they look back and realized that they couldn't keep up with their resolution, and they back- track from their decision eventually. 

Saving money might be a hard thing to keep up with for some persons, but there are some basic tips and strategies you could adopt as a low-income earner, in order to be able to realize your money saving goals and objectives.

In today's post, we want to consider 4 key strategies that'll help you to build and or improve your money saving habit, and also achieve your money goals as a low-income earner.

4 Money Saving Strategies For Low-income Earners:

There are four strategies and techniques I considered as a beginner as at the time I was trying to raise a little capital to start my small business. As someone who had tried them myself, I can tell you that they were really really effective, at least in first of all building my saving culture, cutting down on my expenses, and eventually, I got the money I needed. 

The truth is that these strategies will help you to cultivate a saving habit by instilling some discipline in you, adjust to a new life of better spending culture and money management, so you'll be to save more for tomorrow or to start any project. Let's consider these strategies one after the other.

1. Have A Personal Money Saving Box:

In personal finance, you're totally in control of your money and you're often in charge or responsible for what you do with it. If you do not want anyone to have access to your money or having people to become aware of your financial transactions and dealings, perhaps if you're a conservative. I think adopting this strategy will be the best option for you.

A personal money saving box is a small box with a very small hole at the top where any money in form of coin or note could go in, but very difficult for it come out. There's practically no way of removing any money that has entered inside the box, unless you destroy the box. This is a 🏠 household money saving facility to enable you quickly throw in any money you've got no urgent need to spend it on, or perhaps a particular amount of money that you need to save everytime you get paid.

Having personal money saving box at home will enable you to easily save some money right from the comfort of your room without necessarily going to the bank. This box is usually made of hard wood material with a very small hole at the top that a single coin or at most 3 notes could pass through. And they cannot be taken out unless the box is broken. 

This money saving method will help you to imbibe a personal saving culture and easily save your money. But you still need some level of discipline to become consistent with the practice. Remember, it's your personal finance, and you're totally in control of what happens and did not happen to your money especially when using this money saving method.

2. Join A Money Saving Co-operative:

This strategy is often used by business owners or someone planning to raise the capital to start or invest in a particular business. The method is still very effective today in raising a bulk money to finance a project or to start a business.

Sometimes you may find it very difficult to discipline yourself enough to engage in personal money saving in order to be able to realize that huge capital to finance a particular business project. Joining a money saving co-operative is sure one of the best way you can easily achieve that.

In this case, 5 or more persons could form a co-operative and decides to go into a daily, weekly or monthly saving schedule and agreement, after drafting and also appending their signatures to the terms of their agreement. 

There are two different approaches to this. The first is that the individuals may agree on a specific amount that they'll be paying daily, weekly or monthly, but it's usually weekly or monthly in this case. And at the end of each month, each member of the group or society goes home with the contribution of each member depending how many they are. For instance, let's say you're five in the group, and each of you decides to contribute $500 monthly, at the end of every month, one person goes home with $2500 for the next five months until everyone has been contributed to.

The second part to this, is your personal savings in the group. But in this case, you're not mandated to pay any specific amount, but you pay as small or as much as you can. And the money will usually be in the custody of someone else who usually will come by the end of the month to give account to you personally, and how much you've accumulated for that particular month. We usually refer to this as "akawo" in our local parlance.

This method has really helped a lot of persons to save money or even raise the capital to invest in their business, and or perhaps start a new business. Which they couldn't have been able to raise if they were trying to save money on their own. As a low-income earner, joining a co-operative could be one of the best way for you to go, in trying to quickly raise money to start or invest in a business.

3. Avoid A Savings Account Debit Card:

It's possible that sometimes, having a debit card will make you unable to save. Because more often than not, you'll be tempted to always go to your account to withdraw money. A debit card makes it very easy for you to withdraw from your savings, even when you've got no urgent or pressing need for it.

Normally, I do have two savings account. I'll prefer to have a debit card for one, for my online  transactions while the other will specifically be for savings without a debit card. In this latter account, whatever 💰 money that goes into that account will remain there. Not having a savings debit card has enabled me to save more by reducing unfettered access to my account.

Therefore, if you really want to cultivate the culture of saving more money into your personal savings account, you must avoid having a debit card to all your accounts which makes it easier for you to have access in withdrawing your money.

4. Invest In Stocks And Shares:

Investing in shares and stocks is also another way you can easily make money especially if handling cash is one of your major weakness. You could be a typical sanguine who's very extravagant and lacks the discipline to stop yourself from having to buy everything thing your eyes can behold. One way you could be able to easily save money and remain financially afloat without going 🏦 bankrupt is by investing your money in profitable shares and stocks that'll appreciate overtime.

This strategy will enable you to stop having an easy access to lots of money that you squander on frivolities and living exuberant lifestyles. Which you'll often regret when the money is no longer coming as before. For you as a typical sanguine or any other temperament for that matter, who lacks financial discipline. I believe investing in shares and stocks is sure the best way for you to go. Especially if you find numbers 1 to 3 difficult to cope with.

These are my 4 strategies and techniques that'll enable you imbibe a saving culture and also help you to save more money.

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