If you’re like most people, the thought of saving money conjures up thoughts of endless budgeting that denies you enjoying the fruits of your labour now. What if I asked you to challenge your perceptions about saving? Let’s dissect some of the most popular thoughts many people have about saving.
Are you one of the “I could be dead tomorrow so spend today” group? While I don’t have a crystal ball to predict your individual lifespan, I do know middle-income people are living longer than ever before.
OK, you say, maybe you won’t be dead tomorrow, but you just earn enough to scrap through from one month to the next so how can you think about saving for the future? And besides, any amount you can spare is so small it can’t possibly amount to anything, can it? Well, I must disagree. Actually, you would be surprised what saving small amounts can amount to over a period of time.
A good time to start saving is never later. First of all, you can be sure that something is always going to come up that can prevent you from setting aside money. So first, you need to identify your opportunities for saving. Obviously, surplus money after expenses is a prime candidate. But changes to your spending habits may provide additional savings as well.
Second, the longer you wait to start saving, the more it will cost you in a big, big way. The one Kwacha saved and invested today will be worth a lot more in 20 years than the kwacha saved a few years down the road.
Look at saving and investing as an exciting means of getting the most out of what you earn so that you can accomplish what you want. Whatever spending you deny yourself today will be there tomorrow when you most need it.
If you think am joking, just ask a few people that have retired. Some of them will tell you how they wished they could re-wind the clock so they could save enough. Ndalama ‘mukusakaza’ panozi, mudzazikumbuka mawa! (You will one day need the money you are ‘wasting’ today).
Have a blessed day as you get really troubled by this article and get jotted into saving action.