Healthy Saving and Spending Habits to Upgrade your Wealth

If you hope to develop a healthy saving culture the first thing you need to remember is that, there is never going to be enough money for you to save. There is no right time or age-appropriate for you to start saving.

Getting older does not guarantee that you will start saving neither does getting a salary raise, your children finishing school or getting a bigger client for your business. In most instances these are excuses we make to avoid having to start saving today. If you are not saving the little that you have today, chances are that you will not save even when you have more money.

It is important to develop a healthy saving culture for yourself as early as now. Think about this: Culture is described as a way of thinking; behaving or working that exists in a society or an organization. By doing something consistently it becomes a habit and habits done over and over again will become a way of life.

Most people in society have a spending culture as opposed to saving. This is why for most people, the more money they earn the more they spend even though we delude ourselves that we will invest or save more when we get a higher income. Never forget that the world will never run out of things to buy. There will always be a new phone model in the market a better upgrade of the TV you have at home.

Of course the next question you ask yourself is, “What is the importance of consistently having a saving culture?” Well here is why:

1) It helps you get rid of the scarcity mentality

Most people do not save because they believe they do not have enough money to save. If you believe that whatever you are earning today is not enough then you will never save. Start saving now because nothing is too small for you to start with. Do not wait to feel you can afford to start saving.

2) Developing a saving culture is the doorway to wealth creation

You can never begin to start making wealth if you have the mentality that there is never enough money. You will never invest if an opportunity came along if you had not developed the self-discipline of putting money aside. How will you invest if you have no money? You do not have to know exactly where to invest before you start saving. You can start by saving small amounts by depositing as little as sh500 in a locked savings account, then invest when the right opportunity presents itself.

3) Preparation in most circumstances meets opportunity

When you have money accumulating, only then will you start looking for ways to invest your money. A conversation with a friend may spark off a great business idea. Or you may read the paper and see a great business opportunity that you would like to try. Once you already have money in the bank only then will start looking for the most appropriate way to increase it.

Developing a saving culture helps tame the inner beast inside you called “Instant Gratification”. It helps you understand the value of money. You are in a position to make healthy choices before you decide to spend your money as it helps you put things into perspective.

So instead of taking a loan to upgrade your car, you will use that money to do something that is of more value to you. Ensure that every amount of money you get however little; make a point of saving a portion of it. Do not spend it all.