What is Habbit?
According to Merriam Webster Dictionary, the word habit most often refers to a usual way of behaving or a tendency that someone has settled into, as in “good eating habits.”
Creating a savings culture is an ideal way to live life, but it can be challenging. It involves sacrificing certain things that you value most.
Studies reveal that the majority of working people do not have a retirement plan and save nothing for it. Most of them do not even realize that they do not have a saving habit until they reach the end of their working years.
It is widely believed that many civil servants in Africa will be forced to quit their jobs and start living in poverty once they retire. This is obvious why many died while waiting for their so-called retirement benefit, it is a common phenomenon in my country Nigeria and some African countries, for so many unknown reasons that might have stood between them and their benefits after given in so much to served. Many employees took bank loans, it is a very good thing to do, but because there was no plan for any investment and discipline on how to make proper use of the loan facility taken mostly from commercial banks, such individual end up servicing the loan throughout their years of service.
This step is important because it will help you determine where you are and what direction you want to take in life. It will also give you a clear idea of how much money you have and how much it takes to live comfortably.
Considering these factors and many others prompt me to draw down these steps to guide the common person be it a civil servant or an entrepreneur to develop a habit of saving.
Keep details of your spending
Record keeping is always not an easy task most especially if it had to do with your personal spending. However, if you consider it well you may find out the truth of your expenses. Budgeting look the same. You may not realize how much money you’re spending on cookies, lunch, or clothes until you keep track of it.
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