10 Ways To Develop A Future-Proof Savings Habit In 2020

10 Ways To Develop A Future-Proof Savings Habit In 2020

10 Ways To Develop A Future-Proof Savings Habit In 2020

It is much easier to work for money, and spend it all monthly without thinking about the future. Since you worked for it, you should have a right to buy whatever you want with it, right? It is not always that way, saving is very important and if you don’t put a structure to it, you might never do it. When it comes to money, we’re not putting away enough to save. According to a research by Northwestern Mutual’s Planning and Progress in 2019, few people in America have more than $5,000 in their account, while some others do not even have a retirement savings.

The future doesn’t have to be something far, it can as well be tomorrow, and there’s a need to plan for it. You do not know what the future holds, but you’ll be safe if you plan for it. As opposed to what people think, you don’t necessarily need to earn large income to save. The truth is, if you can’t save money when you earn little, you probably won’t be able to save when you start earning big, too.

Saving habits falls suddenly on no one, neither is it a gift. Developing a saving habit takes a process and it requires some steps. Here are 10 ways to develop a future-proof savings habit in 2020.

  1. Have a budget

This is the first step to take in getting better at saving. Set a budget and be sure to stick to it. You have to be realistic about your income and expenses, then set an attainable figure that you can meet up with every month. This shouldn’t be a license to set a low budget but you shouldn’t go overboard either. Saving requires your commitment, it is not just enough to think about it or plan to, but actually taking action towards it. One thing about money is that if you don’t set a standard to how you spend money, you’ll be surprised at how the money will disappear without you having tangible things to show for it.

  1. Understand the concept of Cash Flow

Analyze how money comes in and where they go. Do a review of your spending and count down on things that aren’t necessary so you can have money available for saving. You have to be intentional about cutting down cost on things. You shouldn’t just spend money as they come into your hands, you have to be deliberate about what you spend it on per time. Saving is never easy, but it takes discipline and once you can achieve it, your future self will thank you for it.

  1. Work with your partner

If you have a spouse or live with someone, communicate about your household finances. If you desire to safe and cut down on cost in the home, and your partner doesn’t agree with it, it might likely not work. The people you live with has to be on board with you on your plans to save. Make them understand what your plan is and how you intend to achieve them. They can also serve as accountable partners for you. Once you’re accountable to someone, you tend to be more conscious of saving per time.

10 Ways To Develop A Future-Proof Savings Habit In 2020

  1. Make it automatic

Technology has made all things easy, saving inclusive. You can make use of online savings platform, like PiggyVest and some other platforms which allow you to save automatically. Once your account details are saved on the platform, it removes a certain amount of money that you have set from the account at a specified time that you have set. You can also do this straight from your paycheck. Have your bank remove a certain amount into a separate savings account before you cash out your monthly paycheck. If you want to wait till you have some extra cash to save, you might end up not saving at all.

  1. Separate your needs from your wants

Understand the differences between needs and wants. Needs are essentials that you can’t do without, while wants are the things you desire, but can still survive without. You don’t have to acquire everything you want per time, learn to say no to things that don’t align with your financial budget and goals. Even your needs are to be placed in order of priority, if they are not necessary for the present time, you can as well let go.

 

Read Also: How to start a POS Business in Nigeria

 

  1. Look for things to cut off

You may not know what you’re spending money on until you carefully do a review of your finances. Review the things you’re spending money on, what you pay for, and cut down on things that you don’t need, or that you can get at a lower price. Analyze your bills, such as utilities, food, taxes, gas, and insurance, there might be a way to cut down on how you consume energy, thereby reducing the bill you have to pay for it.

  1. Consider the children

If you have kids, you have to think about them too. Most of the things you spend money on might not be for you but for your kids, so there is a need to teach them about spending and saving too. Be an example for them in saving, as they’ll be watching what you do with money and how you actually save too. Make them understand that they cannot always get what they want, but they have to wait sometimes. Encourage a saving habit in them by offering to top up whatever they save, allow them to save for things they desire to get. You can make it easier for them by having a small box, piggybank, or envelopes for them to save in.

10 Ways To Develop A Future-Proof Savings Habit In 2020

  1. Set a target

You can help yourself by setting a target of a particular amount for a specified period of time. You can as well give your target a name, so it makes it more specific. When humans are to meet a target, they tend to take it more serious and aspire to achieve the target within the given period.

  1. Invest your money

Investing is also a form of saving, as it helps you tie your money down in something that will eventually yield profits. Make it a habit to invest, it is one of the essential keys of long-term returns. Invest in lands or real estate, and you can be sure that there will always be vslue on it anytime you wish to sell it.

  1. Start saving

Your actions weigh more than your decisions. After you have decided to save, you have to take a step further by actually starting. You can’t expect it to be easy, as there will be responsibilities that want to compete with your resources, but your determination and discipline goes a long way in helping you achieve your goal. No matter what issues come up in your finances, saving should be a priority on your list of financial spending.

 

Hope you enjoy this article?

Share your thoughts in the comment session.

Contact us today for your business consultancy and business advisory services. We can help you fine tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write business plan and help with fund raising strategies and Grant applications. We can help you start, grow and expand your business.

Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send email to dayohub@gmail.com  and we will solve any of your business problem.

 

Enter your name and email and get the weekly newsletter.. Joining is FREE!

Dayo Adetiloye Logo

Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
– Provide bespoke management and business planning consultancy
– To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
– To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

– Engender national prosperity by contributing to the creation of at least 100 new businesses every year
– Become a go-to brand for outstanding business development services for MSMEs
– Strategic partnership with local and international organization to empower start-ups
– Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness

Share this:

GI Vital Soft Gel

Grant Winning Blueprint

How to Turn Yourself into a Live Breathing Cash Machine

Ecommerce Business

Follow me on Facebook

Follow me on Twitter

Share this:

LinkedIn
Facebook
Twitter
Email

No Responses

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

About Us

Dayoadetiloye.com is a property of Dayo Adetiloye Business Hub committed to connecting entrepreneurs with resources.

We are one stop Business Resource Center where we help you discover, Develop and Fulfil your business potentials.

On this platform, we help you develop business plans and strategies, connect you with funding opportunities and share with your business opportunities.

Facebook Community: https://www.facebook.com/groups/156197005130352/

Twitter: www.twitter.com/dayoadetiloye

Email: Dayohub@gmail.com

Copyright 2023 All rights reserved