Everyone has goals in life set to be achieved within a specific time. We often keep procrastinating this goals due to lack of enough money to excute them when the set time for the goals catch us before we raise enough money. Many people are unable to start saving for any goals they have set and often leave such goals to be striken by others or simply imagine that some sort of luck or a fortunate event will happen in their lives and make them achieve such. Many youths find it hard keeping financial goals when their income is low and they resort to activities like betting thinking that an unfortunate event may happen to another person turning out fortunate to them so they win alot of money. This seems t take soo long.  The bottomline is that we all need to save for our financial goals. How do we do this?

  1. Know Your Goal


When starting a long journey, we prepare well in advance before we set foot to start. Write down the amount you are saving for, the set date for your financial goal and for how long can you save. You could use an Excel Sheet and list the dates from the start date of saving to the last day, being the day of  achieving your goal. Breakdown the amount equallly among the days you have for saving to know your daily saving requirement. The longer the period of time to save for the easier it will be for you.  Make sure you maintain a daily register for all the days that you save to avoid too much procrastination and eventual relapse. Discipline is the key.

2. Know Your Earnings

Saving simply means putting aside for future use. A steady source of money is important in setting a goal. Do not rely on gifts and occassional treats from friends as a source of your savings. The best and reliable sources of income for saving could be business income, royalties or simply  salary. The source and basis of savings is a steady source of income.

3. Set Realistic Goals

It is advisable to be realistic in setting aside a specific amount. List down all the fixed expenses then the variable expenses to follow. Vary down your variable expenses by cutting on unnecessary spending. Expenses that you may not be able to do without can be reduced or simplified to a reasonable degree. The difference between the expenses and earnings after review constitute the amount you can save. Do not overestimate your ability to save thinking that you can keep a simple lifestyle, set aside an amount that could be easy for saving to you.

4. Create a side Source of income

Creating a separate source of income will reduce the obligation of saving carried by one source of income. If one is employed, you could redistribute your time and apportion some time to an activity that has little or no capital. There are several of such activities that range from Drop- shipping, online content creation etc. Apportion the amount you earn from your side activity after deducting your mandatory expenses, to the time you take to earn it. For example if you earn $100 weekly, devide it by seven to get the daily contribution of the side source to your saving. It will be now easier to save from the main source of income like your salary.

Having more than one source of income is the best way of surviving. Many employed people are unable to save any income because they rely on one source of income. In his book, Rich Dad Poor Dad, Robert Kiyosaki says that the poorest of ll men is the one who relys on one source of income.

5. Take Care of Emergencies

There are sevreal ways of avoiding occurences that are unforeseen interrupting your savings. Such occurences will never seaze and it does not mean that we stop sving. Insurance against possible emergencies like heath covers, accident covers, fire covers and such dangers are important. Insurance serves both savers and non-savers because everybody needs compensation from loss.  Emergency occurences often lead many savers to spending their money laready saved procrastinating their goals to a later date. Such may include falling ill, accidents, theft and many more. Its often important to be very decisive about saving and avoid any relapse. Many who are not savers argue that they could die anytime having lived a life of denying themselves. While that is true,  its possible that such people could live long and suffer later to have retired without any savings. You can never be sure what will happen the next minute leave alone next year or any bit of the future.

6. Discipline

Sticking by a plan is not an easy thing to achieve. Be determned to retain a status quo that will make it easy to change your lifestyle when you achieve your goal. Remember it is much  more comfortable to reinvest your money saved for a longtime so as to increase your cashflows that to buy an asset that can only generate money when sold.  All the best in achieing your goals.


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