[ 1 ] May 26, 2014 |

Money is a necessary thing in our life. There is a saying that say, “not all that glitters are gold” but paper currency is in fact gold. We cannot exclude money from our lives as we need money for different things. Every good and services are paid for by money.
The difference between a poor man and a rich man is their mentality. When a poor man gets his salary; he ends up using it to purchase beers, such a person cannot be rich due to the fact that he can not save.

The money saved is invested into the future. Money can not keep coming in everyday but saving helps to prepare for rainy day. A Billionaire is a big saver. Listed below are ten tips of saving money;

1.    Have a Savings Bank Account: this is one necessary step to take in saving money. Some banks in the world today have different withdrawal minimum limits with high rate of interest. Saving money in a bank is a means making money because the bank will pay you for saving with them as an interest.

2.    Plan your budget considerately: Careful planning of the expenditure for each month should always be taken into serious consideration. There is a saying that goes, “He who fails to plan has planned to fail”.

3.    Spend wisely: “do I really need this?” should be a question you should ask yourself if you want to purchase something.

4.    Go for quality not quantity: there are different kinds of quality for different goods. Some are durable while some can’t last long. Go for those which can last longer.

5.    Don’t invest in rosy business: Investment is a delicate thing; don’t invest in business that takes a bounty from you today with big promises for tomorrow.

6.    Don’t be too expensive: Flashy things are expensive besides they attract thieves. Instead of buying an expensive wristwatch for $5,000 buy $50 worth of wristwatch since the time will also be accurate on it.

7.    Make reasonable phone calls: Phone credits are very expensive; it is not a must you call everyone on your phonebook everyday. SMS is not as expensive as making phone calls.

8.    Create a household income: You have to plan your means of household income so as to ensure the continual flow of income into your household.

9.    Don’t spend big money entertaining your children: the purchase of big screen TVs and paying high subscription for cable TV is exorbitant and it can affect your savings.

10.   Drink more water: Water promotes good balance and it is highly recommended by health Experts to consume water every day. The purchase of acidic drinks known as soft drinks can also affect the health; when it affects the health, it will also affect the savings.

This is a guest post by Oluwasegun Onipede of & I’m sure you’ve learnt one or two lesson(s) from it and I implore you to practise them

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Category: Be your Own Boss

Comments (1)

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  1. Jemi says:

    Really great article. Thanks for taking the time to explain things in such great detail in a way that is easy to understand.

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