When I got my first job, I was so excited about my professional prospects that I made a few financial mistakes/commitments. Reality hit when I witnessed some colleagues whose contracts had ended and without a renewal, were left having to sell their cars. We all acknowledge the importance of saving, but reality has shown that it is not easily achievable. I’ve heard people say it’s due to lack of discipline from the younger generation whose focus is on living the instragram lifestyle, it’s due to ‘black tax’, it’s the low economic growth, debt is easily accessible, we get sold the lifestyle in school etc Are these reasons valid/ fair? How do we still manage to save in spite of all these challenges? What initiatives do you have in your company, social group to encourage and make saving practical and sustainable. Let’s use our mistakes to help others.
The key to an ideal savings method is to ensure that it’s practical and sustainable. These are some methods being used by other people for saving:
-Monthly debit order to your savings account
– Discipline – learn live within your means
-Find other sources of income
-Start saving with little until it becomes habitual
-Education on different financing and investment options can aid wise decision-making
– If you can’t do it alone, save with a friend, group or get a financial advisor to assist you
– Work on a budget or savings plan that suits your situation.