Riches and Savings – Money Saving Tips to Take You to the Top!

Hi guys. Been some time… I hope you guys have been doing great.

I saw these money saving tips on the Nairaland Forum, and thought it was so rich, that I would share it with you guys. Savings are the key to riches guys. Enjoy!

@acidtalk on the Nairaland Forum:

I saw a thread yesterday of a young man who is very uncomfortable because he isn’t saving as much as he really desires.

I have gone through that road before. I read All the books you can think of on Money, Finance Management, Business, Entrepreneurship, Investment, Network Marketing and Saving Tips, etc. Inshort currently I have over 1,300 books of such books in my private library but the truth still remains that there are way more little (nitty gritty) things one must put up as a new attitude in order to break through the habit of not being able to save.

Below are some very most important things (steps) you need to take to see a considerable change.

First and foremost, I want to first bring your attention to the fact that MOST people still don’t know the difference between NEEDS and WANTS.

Needs : this are those essential things they you most likely can’t do without I.e, transport fare, Feeding, House rent, Certification or Professional courses, Utility bills (PHCN, Water, Recharge card, Internet).

Wants : this are things that we get to help us feel better in our social life. Sometimes we think we can’t do without them or they are very important but as soon as they are paid for, we realize that we could have used the money to pay for more essential things. Examples of wants are ‘excess’ clothes or fashion accessories, communication gadgets (Phones, tablets, ipod, itouch, camera), eating outs (eatries, pizza/shawama joints, suya spots),excessive clubbing, Satallite TV subscription e.t.c.

Below are immediate steps to take to curb excess spending :

Saving Tip 1: Have at least THREE bank accounts in different banks. If at all you want to have an ATM Debit card have it for ONLY one of the accounts. One account should be for very long term expences I.e, house building projects, towards starting a business, planning for your wedding,retirement plan.

The 2nd account should be for average long term projects I.e House rent (once a year), buying a car, Going for pilgrimage, vacation.

The 3rd account should be for your monthly expenses I.e, transportation, recharge card, internet, Cable TV, clothes, fueling of car/generator, feeding, and alms giving (charity, tithe, allowance to parents, siblings and relatives).

NOTE : you should only have an atm debit card for this 3rd account and no other account.

Saving Tip 2: Have A Budget : everything in life is all about planning, there’s an adage that says “he who fails to plan, plans to fail”. Budget and budgeting is an Extremely important part of planning to have a profitable business, happy marriage, successful career and every other facet of life.

Ensure you have a budget for every single day, week, month and even year. To be very honest, keeping budget is a very difficult task but with discipline and determination, it is very possible and worthwhile.

You MUST STOP Impulse spending as that is the only barrier between a rich man and an average man.

A rich and successful man will NEVER enter a shop/market/mall to pay for what wasn’t initially on is to buy list no matter how fine or attractive the item is, unless he thinks he is getting it far cheaper than the usual price.

Saving Tip 3: Have more friends who are more Business inclined than Social inclined : if. I tell you today that this is the MAIN reason why some people will most likely never have a breakthrough in life.

“Show me your friends and……” Also “Birds of a feather……”.

As funny or strange as it may sound, you will NEVER find the likes of Dangote, Jimoh Ibrahim, Jim Ovia, Tony Elemelu, Otedola (some of the richest men in Nigeria) and others going to a social gathering or event without the intention of coming out from that event being more successful. They always and only go to events to Network (expand their business horizon), track than someone of great relevance to them (i.e., a top Customs Boss, CBN director, Governor, Minister and the rest). If They weigh their option and see such invent will not benefit their business and financial status, trust me, even if Queen of England or Obama will be present they will not step foot there.

So many of us today gather friends (majority of whom are not useful) just as a symbol to prove how social and friendly we are. Some people have been going to viewing centers every single saturday for the past 10years to argue about EPL matches and all through those years they have NEVER benefited one single positive thing be it contract, admission, business or finance from the people they meet there and yet they still claim they can’t do without going to viewing centers to watch match. The people you have been going to scream your voice out are getting paid and become richer whereas the same can’t be said about you.

Saving Tip 4: CUT DOWN ON CREDIT. Try your best never to borrow, or charge credit cards as much as possible. Borrowing is only deferred payment. If you would still pay with your money anyway, why not do so now, or else consider the purchase, etc very effectively?

That’s it! Powerful one, don’t you think? Let me know what you think, or any additional saving tips you have in the in the comments 😀