Saving A Bit And Making Big Things Happen Beyond World Savings Day
Maria Karima
Head - Corporate Affairs & Marketing Investrust Bank Plc
Dear Reader,
We trust that you are well and that you are keeping safe from Covid -19. Please do not be laidback in observing the health guidelines shared by the Ministry of Health because Covid is still real and alive. Remember to keep yourself and your loved ones safe.
October 31st is not an ordinary day in the World of Savings, it is the World Savings Day (WSD). This is because the world at large commemorates this day annually through holding various activities that serve as a reminder to all of us regarding the importance of saving and how we can do this easily. Zambia, joined the rest of the world in the commemoration of this day last week. Outdoor activities were not encouraged this year due to the Covid – 19 pandemic. Activities were restricted to Savings Messaging mainly through electronic and print media as well as indoor branding for branches in the case of Banks.
This year, WSD was observed under the theme, ‘When You Save A Bit, Big Things Happen’. In last week’s story, we shared about the day detailing its origin and why it is commemorated. This week, we delve into the theme for all of us to learn about what this really means and what we ought to do to make money work for us through saving. This is with the ultimate objective of creating quality lives for us and our loved ones.
Savings Post Savings Day
Just like other activities that seem daunting in the beginning, Savings can appear complicated and difficult to do. You need not fear or relax because once you get started, it is easier to do. This is because mastering the art of saving is more behavioural than it is a skill. The power is within you to make it a success and to make it your lifestyle. of life if we are to change the quality of our lives and that of our loved ones. We should always remember to involve our young ones in money management planning so that they learn about this way of life early enough in their lives. This will translate into raising a nation of Savers who will ultimately contribute to the growth of our economy.
Saving A Bit To Make Big Things Happen
This year’s World Savings Day theme endorses and reaffirms the importance of saving so perfectly. Indeed, savings a bit leads to big things happening. Savings are a cornerstone to our financial stability. This calls for us to be vigilant and consistent in the manner in which we Save. We have to be intentional and deliberate about it. Getting organised in keeping your personal Savings on track is extremely important in your Financial Freedom journey and Financial health. The same principle applies for salaried people and entrepreneurs; as a matter of fact, you need to really step up your game as an entrepreneur so that you do not experience big money challenges should you face financial emergencies.
Mastering the Art of Saving Couldn’t Be Easier
Whereas we stick to reasonable amounts that we can spare or save each month, there is no harm in increasing your Savings when you can. Aiming to do this is a very smart way of accelerating your Financial Freedom journey. Sometimes we have a weakness to increase our spend when we unexpectedly find ourselves with money (which can range from pay rise to bonuses). When this happens, the next natural thing we think of is to spend; it should, however, not be this way. We should develop the habit to save such monies. Like we keep saying, making Saving a habit is more behavioural than it is a skill, so the power is with and within you to make big things happen in your life and that of your loved ones. Following the guidelines below can help you to attain and enhance your Saving goals:
1. Set Up An Emergency Fund Goal
This is the starting point – when you decide to increase your savings and when you are intentional about it, the first thing that you do is set a goal. Remember that this goal must not be general because if it is, you are most likely going to fail. Your goal should be achievable and realistic and should depend on your recurring expenses and the likelihood of facing a costly emergency. To shield yourself from any unexpected eventualities, ensure that you save enough to enable you to live normally should you face the unexpected. Remember that no one plans for job losses, layoffs, injuries or car accidents, these just happen. Experts advise that you put aside enough money that can keep you afloat for three to six months should the unexpected happen. If you are self-employed, you are encouraged
2. Make Savings Automatic
Savings can be hard! Most people say that one of the hardest parts of saving is remembering to do it. This translates into the fact that when we take care of this aspect, then we are set to succeed. With modern banking facilities and tools available to us, this is a no brainer. Make the process automatic and be sure to ensure that it is the first thing that you do when you receive your income. Pay yourself first! Every kwacha counts so, do not be discouraged by how little you think the money you are putting aside is.
3. Split Your Accounts
Splitting your accounts makes ‘business’ sense. Ensure that you separate your money into accounts that will help you to manage and monitor it well. The best practice is to have a transactional account which you can use for your regular expenses and to have money that you do not have an immediate use for in other interest-bearing accounts. Again, you need to be sure to be consistent with this task and to do it as soon as you receive your income.
4. Save Cash Windfalls
We all love cash windfalls. Work bonuses, pay rise, tax refunds, and even cash gifts excite us. With these come the temptation to spend. We forget that our lives are normal without these amounts; why do we all of a sudden think we need to spend more just because we have money we did not expect? The temptation is great, but we can use our Saving will power to withstand it. We can use such money to build greater emergency funds or to increase our saving pots, we must embrace such moments as savings opportunities which we much never squander.
5. Make Yourself A Saving Expert
When all is said and done, only you can account for your progress regarding saving. Learn as much as you can about how you can do it better. Remember to take your family and friends along with you on this journey, the many the merrier! Teach your children about the importance of saving early enough in their lives. It is your responsibility to create a quality life for them, and there can be no better way to do this than to raise Money Smart kids.
6. Master The Art Of Saving – Save Even More!
Your personal finances are an integral part of your life, and they are too critical to ignore. Organise yourself in this area of your life. Start now if not doing so already. Money is more than good, it improves our quality of life, and it is sweet, it gives you freedom, it protects you from the stress that comes with the lack of it, it brings sanity in your life and more importantly, it is essential!
Until next week dear Reader, please stay clear of Covid -19 by observing health guidelines as shared by the Ministry of Health.
Remember to save each month and stay blessed and always be a blessing to others. to increase this to twelve months.