Personal Finance: Achieving Intentional "Saving" Goals
Saving is one of the most difficult things to do and practically the most searched word on some search engines. It's always going to be like this and people will always require new ways to do it. This is because it's difficult to establish goals when there are blockades.
In this video, I address some of the reasons why people cannot save and why these reasons will keep making it easier for traditional banks to take advantage of people to establish long-term bank schemes that will relatively make it difficult for people to primarily have access to their money.
Access to money is one of the biggest barriers to savings. Traditional banks offer secondary schemes, especially in places like Nigeria. They create the illusion that inaccessibility is the best way to keep money while giving people a very tiny commission for keeping their money for a very long period.
So over time, people lose money to inflation by keeping their money with third-party options, just because they're not disciplined enough to handle their money. In this video, I talked about why that discipline is almost unachievable and why this has to do with our emotions and sentiments.
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Saving is tough and people need to be consistent if they do want to save. This requires them to actually put in some work and build out a plan because throwing the money into the bank isn't going to help too much. You got to let that money work for you but most people don't have the financial education to do so.
Some people do not even care about throwing the money into banks provided they would not have access to it. It takes a certain kind of sophistication to establish the discipline and consistency to develop a workable saving plan. But since early you are actually right one must try to make their money work for them.
This is really true. Most people are unable to save due to many hardship they go true. In Ghana for instance, things are really expense, the hike of fuel prices and hyperinflation have become a menace to many people especially the average people. Even the basic needs like food and shelter are increasing daily, how can people save if sometimes there is the need to collect for their daily routines in order to survive.
Irrespective of how things are difficult. People need to actually save to accomplish things in life. That's what I was exactly trying to say. There will always be hardship, we just need the discipline to actually save.
Finally!!!
I have been refreshing this page in the last 3 hours.
I have a friend whom I tried to encourage to save. Ha! My friend swore for me because she kept telling me that she doesn't earn enough and that she will start saving when she starts earning more money.
One of the few times she saved with me, she was able to keep up for two months and then one morning she came up with a good story and got it back before the due date. ..
The next time she wanted to save again, I had to choose the fixed deposit for her money. And I clearly told her it's locked up until the due date. And to make her not feel bad about not accessing it when she needs it, I told her that she will have more by the end. That's because the saving scheme I used gave 20% interest rates.
Yes, banks use various schemes to take advantage of the money people save to make money. And oddly, it's because of impulsive buying that makes us spend recklessly.
Piggy boxes were great for us because you didn't get to use the money unless you had it broken.
Saving with our parents wasn't welcomed after a while though because mums for instance will often say, the food we ate is the from the money we were saving with them 😂
Yeah I have been trying to get the video to upload, so it took almost 3 hours.
As for your friend, people establish saving goals only to break them give to the slightest of financial provocations. This is because deep down we all want to save comfortably without any sort of issues challenging us. But we all know that the only way to save very well is to actually established discipline. Your friend is always coming back to take her money because she has not allowed her mind to save as much as she actually wants to. This is why people actually choose third parties just like your friend did with you because no one trust themselves when it comes to keeping their money.
Telling her about the 20% and hbd is also very good. Even sitting with hbd comes with decentralized accessibility so unless somebody is disciplined within themselves it will be difficult to establish savings Goal within themselves.
The actually were great, I had some while growing up. In as much as they really did not amount to anything, as kids we loved the training and education that came with it.
No, this wasn't HBD because HBD isn't fixed. You can take it out in 3 days... Lol.
Ouch! Sorry about that.
Last week I missed some of your posts because we did not have power supply for some days. This week, I am hoping I wouldn't have any reason to miss them... So I am trying to start on a good foot 🙈
Definitely. The training was worth it although there weren't interest and inflation could have done us bad.
I personally do not trust my friend with her own money. She has this saving demeanor (I have forgotten the words used to describe people who save others even when they need help themselves and do so frequently without control). I don't blame her though, there was a time I lived like that but now, my eyes have opened but there are a few remnants 😅
Well, You have said it all @josediccus ......we need more of this factual content. I was able to attend a seminar last year, and it get to a session we need to have some finance gist it get to a point we were discussing about saving and all the factors affected saving, but I keep hearing lack of budget, goal and so on, with alot of research and as a psychologist I discovered you might even have a budget and goal without you able to save, because discipline is very important even if holding any seminar I make number 1.like you've said discipline is very important in saving
Thanks for the insightful post @josediccus .
See as video and speech is fluid. I wish I can be like this.
This is one thing that's common among people. Tending not to control their emotions when they see something they like. We buy stuffs when we do not even plan them...
Saving with banks would have been really nice if t there is a reasonable interest rate to having a fixed savings.
Loool your videos are mostly very smooth and we'll edited as well.
Impulse buying is something we mostly cannot control. It happens to us when we have limited resources. When we have more money, we don't even attend to impulse buying and that's because we have the illusion that there's enough money.
Some banks have reasonable interest, but inflation often chops it away over the period of time that people would keep their money. Inflation is traditional saving's biggest problem
I tried a lot strategies and techniques that will help me save consistenly and effeciently for a long time but it keeps being broken by life's uncertainty. Discipline is a fundamental part of saving money. The more we stick to it, the stronger the discipline muscle becomes and over time, we form a habit for saving.
You're right, it takes a lot of strategies and technique, but above all, life uncertainties hit and sets us back. I think sometimes we have to try to live above these uncertainties because irrespective of how huge our problems are, we still generally need to have bulk money to establish our lives.
Yes, that's what I always tell myself. It's necessary to save in both good and bad times because it serves as a financial cushion in which we can operate better in life.
blockchain is freedom from the banking system
one thing is living expenses another income.
I will give priority to children or savings. I will survive and invest or enjoy.
what will happen tomorrow, will I invest and what if I die tomorrow? what will it do me? etc etc a lot of questions that a person can ask themselves, and which will discourage them from investing
I think that irrespective of life uncertainties. Cultivating the habit of saving does not just help us alone but it is selfless in the sense that it can help people who are dependent on us and who we are responsible for.
Saving is not an easy habit to cultivate, some of us get into the habit of telling ourselves we don't have much to have and will start saving when we earn more. The downside to this idea is the time when we start earning the amount we think is more for us to save never comes as our standard of living goes high, amongst other factors like inflation, etc.
There's never a good amount to save though and that's why I mostly tell people that it's about the saving habit and not really about the money. Any amount is good enough to save only if we plan.
Saving is quite difficult. Imagine yourself striving to keep some amount of money because of future purpose...but we just have to save. We have to inculcate that habit
It becomes quite difficult when we become intentional about it.
These are the classic reasons that the poor rarely manage to improve their situation 😢
This post has been manually curated by the VYB curation project
Of course, sometimes, these reasons might even feels uncontrollable. Too much to handle. Thanks for curating.
Very true, and in some cases there genuinely isn't a chance to get ahead...
My pleasure, keep up the great work!
!PIZZA
I was in my friend's shop one day when this guy walked in and gave her 2k. She brought out an exercise book from her drawer and wrote something down after which the guy walked away. I asked myself if she was doing contribution and she said no. That the guy begged her to help him save his money. So he gives her 2k everyday.
I was impressed with the youngman. He knew his weakness which is financial indiscipline and so thought out a good way to solve it. My friend too is very accountable and i am sure both of them will not encounter any problem.
Hahaha, this is why people even choose contributions. The young man does not trust himself with his finance and in a bid to establish discipline he went ahead to involve third-party to help him save his money.
I think apart from internet or mobile banking a lot of people trust banks because there are third-party institutions that are responsible for keeping people's morning respective of the risk. So at one way or the other we are often dependent on people or institutions to keep our money.
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Saving is good but it is tough for many out here. Someone who works 18 hours a day and earns below average with a family of four and the economic status can't save a penny. They need to be saved instead.
Though I believe savings help a lot. It does help me in achieving some little unseen things and I am grateful for that.
That's why I talked about the fact that everyone have a saving problem. I recognized this and that was why I highlighted some of the most optimal reasons why people don't save and how they can do better.
Hmm... It is well sha.
$PIZZA slices delivered:
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