As Pay Day Draws Near...

"Don't save what's left after spending, spend what's left after saving". This was the advice a friend of mine's sister gave to her when she got her first job. I paused and did a quick examination of myself. Do i do the opposite of that? Do you?

A lot of people can't wait for the end of the month when the alerts start rolling in. Some lucky ones have gotten it already. But really how do you plan your expenses. Some people have spent their salaries even before they get it and the next thing you know, you have nothing left. It can be tempting to keep buying and buying and if you are a shopaholic like me then you know that can be a real problem.

Are you thinking of just the 'now' or you have made plans for your future.  A lot of people have this 'tomorrow would take care of itself' attitude, what if tomorrow wants you to take care of it today? Everyone needs to save, no matter how little it is.

A financial mantra is 'save then spend the balance', don't spend then save the balance. It would come as a shock to you when you wake up one morning and have nothing left to save. It's advisable for everyone to allocate a certain amount of money from the on set to 'savings', no matter how little. This way you would know what you have left and can plan your expenses around it.

The first thing that comes to people's minds when they hear 'saving's is to put the money in the bank. With ATM machines springing up everywhere, the temptation to just withdraw a little today then tomorrow then the next can arise. To avoid this, you can invest in shares, insurance or whatever medium you can use. The good thing about this is that they tend to yield more interest than just dumping your money in banks. Cases where bank interests are like 4%, shares can yield like 23%.

Don't come up with excuses for why you can't save. Like i said, it doesn't matter how little. After a while, you will have something set aside for future obligations...Let's act smart, lets start saving.

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