This Tuesday, I would like to touch on savings. The only way to earn your way to wealth is to save some of the money you earn and finding means to make that money grow and generating a little more for you.
But what is an effective way to start savings? why would you be motivated to save? Why do some people that even earn less money save more than others?
The trick is to have savings goals. What is that one thing that you are you are saving for ? how much money do you need to save for that thing? How long do you have or time needed to save?
If you have the answers to the above, you are well on your way to building your wealth. Some of my past savings goals were:
- Saving for my board Examination
- Saving for my Car
- Savings for my mum’s room at the North
My current savings goals
- My house deposit
- Saving for my niece and nephew education
- Savings for retirement
- Saving for emergency
It’s soo liberating knowing that you are a step closer to achieving your goals. If you do not have a goal you might give up along the way.
Have a goal and ACT