No one wants to be broke much more so, no one wants to go broke when the economy is bad. It is synonymous to wallowing in ocean depths that have no end.
Your reason for saving money may differ from those of other people but ultimately it boils down to a few main reasons. These are;
- To build wealth
- To plan for the future
- To achieve target goals such as travelling or purchasing our fantasies etc.
But in a bad economy it becomes increasingly difficult to make money much less talk about saving money. So in this little guide I will earmark some simple ways through which you can learn to side step the harsh economic realities and then build an effective yet efficient money saving culture that will not only transcend the current economic realities but will also stand as a guide for modelling your own personal money saving culture.
Without much ado, let me begin with the 3-step approach to developing a money saving culture in this ouster period or any period with harsh Economic / Monetary realities.
Cut down on Unnecessary Expenses
The first step is to calm down on unnecessary expenses, the major bane to money saving is uncontrolled and unmanaged expenses, this could be in form of outings such as naming ceremonies, weddings, burial Ceremonies , name-giving Ceremony, Religious Outings etc. or simply our insatiable fantasies such as travelling, shopping or unwarranted publicity.
Cutting down on unnecessary expenses would ensure that you have enough to save or at least enough to spend without borrowing.
Though it is obvious to recognize that we live communally and we always love to felicitate with other members of our society but building a system to curtail unnecessary expenses is the first step in the right direction.
Take Less Loans (None If Possible)
Loans come with interest often calculated as compound interest, it is therefore important that you as a person that intends to build a money saving culture reduce the number of high interest loans you receive, while loans may serve as a palliative measure for your current situation if you desire to create a money saving culture you should do away with high interest loans.
The lesser the loans you receive the easier it is to improve your money saving culture.
Create a Newer Income Streams
Even with the harsh economic realities, People would still require services and who better than you to provide those services. With a proper pricing model, you can generate newer income streams which could serve as a model through which money saving can be achieved. By learning to diversify your income streams also by providing low cost yet in-demand services you will not only increase your potential revenues but mostly likely have the potential to create more money that can be saved to ensure that you stay afloat during the harsh economic situations you may find yourself
If all these steps are put to mind, you would gradually see an tangential increase in your money saving culture which would serve as the first ingredient in your pathway recipe to staying afloat in a bad economy.