Simply put savings are income not spent. Remember that girlfriend you dumped – or maybe that girlfriend that dumped you?
Does that bring tears to your eyes? Think of it this way that was one more extra date you did not have to spend on. The end of your relationship actually saved you money! Go ahead, call her and tell her thank you.
You see for us the most difficult thing to do is save. We are pretty malleable and marketers out there know this. We fall in love with what we see and we would probably go through hell just to acquire the latest gadget in the market. Never mind that your data bundle balance is higher than the figure in your bank account.
We tend to see saving as a task – a hard one at that. Personally, I tend to derive so much satisfaction from present consumption that I rarely pay attention to the future. As I have come to realize this is a big mistake. While living in the moment is awesome I have to admit that all the partying, clubbing and drinking (my guilty pleasures) would ruin my future faster than the vodka would my liver.
So when exactly do you start saving?
NOW! That is if you haven’t already. There’s no prescribed time to start saving the earlier the better. You do not even need a bank account to save you can do it from the comfort of your phone, thanks to advancements in technology.
A common excuse with guys in my age bracket is that they have no income. These same guys will later in the day call you over for drinks and some nyama choma. Should you ask the source of their new found wealth, they will just chance it upon a windfall of luck. They will be as thrifty as possible and by the end of the day end up in the same position – if not worse.
Here’s the thing – if you cannot save the little that you have what makes you think you will be able to save the millions to come? It kind of reminds me of a bible story involving a rich man his servants and coins. Even the bible itself talks about saving and investments in its own vague way. Why aren’t we?
How can I save?
Its simple reduce on your spending. Is that extra bottle of tusker really necessary? I’m sure one would do. Do you really have to impress that girl in your neighborhood? Why do you have to go to an expensive coffee house while every evening she’s across the road enjoying one or three smokies? These are just but a few questions you need to ask yourself. Stew on this for a while.
On the next money sense I will be talking about ways to save.