The dreams of every income earner is to save in other to solve future needs that are beyond what is considered as utility bills such that probably one month salary may not be enough to handle and hoping in future that savings may grow to acquire assets, investments and many more that life may require to cushion the basic necessity of life in general. Though an income earner’s big dream is to save and also retire into comfort that may have come from efforts inputs during years of service. Well base on my careful analysis and considerations to the big picture of workforce that cannot be true, it is not possible in most reality cases.
It is pertinent to note that most or rather the large number of salary income earners may retire into poverty. Is ok to wish to save but base on self analysis I discovered that it is obvious that 40 to 50 percent of salary earners in my country Nigeria would not be able to save a penny or rather a kobo in Nigerian terms throughout their years of service but rather would retire into poverty, 20 to 30 percent that may have lunched petty business and are able to run it consistently may retire and be able to sustained the petty business for one (1) to two (2) years if there are no family pressures on the petty business that is helping in generating little income for self sustenance, such category will run into difficulty when bigger problems like house rent, hospital bills, schools fees comes up, this may be so due to lack of basic knowledge on savings, lack of exposure of proper guidance on the need to prepare for retirement very early. Some couple percentage groups that are caught with bank loan mostly don’t end up well they are usually broke always, day after days month after months thereby end up in a bigger mess that may even consume their expected gratuity. Ten 10 to fifteen (15 percent that are exposed to finding possible plan B may be able to build a successful savings by engaging directly or indirectly into MLM Network business though in many cases such business are presented in a scammed formation therefore many people are venture in with high expectation and after venturing they find out it was not as easy as it was preached to them they thereby got caught up in stagnant waters after a while give up. (I will be writing an article in relation to MLM in my next article).
One (1) percent of the salary income earners that stumble on cash mostly the higher placed individuals at the helm of authority will last for three (3) to four (4) years after that money will meet them at their level.
Considering that is very difficult for a salary income earner to save from his monthly pay cheques below are step to step guide that can help you cultivate a habit to save.
Is always easier to spend your hard earning even though it took you time and hard work to earn them, despite the struggle to work, manage through the entire month many don’t consider evaluating their earnings before spending it.
It obvious everyone has something pressing on their list that need urgent attention to take care of anytime there is money at hand. Such that some took soft loans to meet up, such needs will always be there but your attitude guided with discipline will do you good. If you make it a habit such whatever money that comes into your hand or bank account will go to your savings for a day or two before putting it to use I believe that would do u real good.
Plan your spending by creating a daily, weekly and monthly budget, that will help you base on the type of income you are expecting. Some are salary earners therefore their income comes on a monthly cheque basis, some are daily paid workers, others hourly etc. if you are in any of t his categories and you want to save you have to budget your income. Doing so will help you ascertain how much you can safe base on your method of earning. In doing so that will lead you to our next step
Prioritizing your spending is very important and essential thing to do, make a list of priorities, arrange them base on importance, consider those that are necessity such as utility bills and groceries before any other thing. Deciding your priorities can most be achieved when you have self control
If applied will help you against impulse buying, it is a good result of self discipline that mostly comes from resolution.
Too many bills to pay like light, water, gas, cable subscription, internet and the likes, pick the most important first and consider which one will follow.
This are just but few suggestion from me, I will be updating the entire article consistently in order to help cultivate a habit to save.