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This phrase instruct(advices) us to have savings and be careful of our spending habit as there would be a time when we would be in need of money urgently,it's only our savings that would save us then as we don't have anywhere to run to.
I have come to realise that saving money is a good thing to do as most times we might need money badly and there's no one to run to or nobody to ask for help as everybody are facing different problems in their life,we ought to save money at least 25% of the money you get.
In order to be able to save we need to be determined and separate our wants from our needs,that's the first step we need to curve out so we can be able to save money.
Identify your needs from your wants.
Make a list of your spending.
Save more than you spend.
Make a budget on how you want to spend your money.
Identify your needs from your wants.
The first and foremost thing we need to do is to identify our needs for our wants as it is necessary to avoid over spending so we can save,make a list of things that are important to you like for instance;house rent,food and clothes those are the basic necessities of life which a human needs as they are important to us,you can satisfy your wants some other time but make sure your needs come first on your list.
Make a list of your spending.
Track your spending and learn how to manage resources wisely as it's hard to get money but it's easy to spend.
This reminds me of my school days,there was a young boy back then who used to save often and often,he saved money for upto 9 months and decided to check how much his money was,could you believed he saved upto 1 million naira equivalent to ($2,406) in dollars, he was surprised seeing what he saved for 9 months but he didn't make plans on how he wanted to spend the money instead he called for a party to be held and invited many people to his house to celebrate with him...within the period of 12 hours the money he saved for 9 months was gone.
You might wonder why I brought this story??its easier to spend money then to save,it might take many months to save but spending it would be in a twinkle of an eye and all your savings is gone so make the right plan and spend wisely.
Save more than you spend.
Don't let your spending rate be higher than your saving,try to minimise it and save more often then your spend so that when you are in need of money you won't be stranded.
Make a budget on how you want to spend your money.
As a salary earner who gets his money at the end of the month we need to make a good budget on how to spend our money till the next month before we get paid again, make your needs come first and sort out your wants later when you have enough but always save all the time.
Closing thought.
There would always be a time we would need money urgently and our savings would save us from those times,let's try to save more and spend little.
Let your needs come first before your wants as you can always find time to sort out your wants some other time to focus on your needs and things that are more important to you,which includes food,clothing and shelter those are the basic necessities of life.
BCH skyrocket from $276 to $318 at the time of writing,let's hope it crosses his ATH very soon.
It's another weekend once again to have fun with our friends and loved ones,this is the only period and holiday we have from work to spend with them,let's have fun with them either in the cinema or take them out.
Meet my awesome sponsors,they are the best I've had to far,thanks for believing in me,I love you all💙.
It's weekend once again, let's have fun with our loved ones and enjoy the best moment with them,I hope you all enjoy this weekend with your loved ones.
As I get older I find that much of what I have spent money on is mere wants and not needs. I still spend a decent amount on wants but not near as much and cut back more every day. Now that I am entering retirement, I am sure my wants and needs will change and decrease significantly.