Tuesday, May 28, 2019

The World of SAVINGS (PART 2)

I think it is necessary we explore savings from another practical angle also.
There are other practical ways you can save money in a lump sum and other areas through which you can save money (by reducing expenses). Here are 16 quick savings avenues you can explore.

1.     The traditional savings percentage from your monthly income. This is important. The rule of thumb is to save at least 10% of your salary. By saving, you pay yourself for your efforts. Don’t keep working for other's sake. Compensate yourself.

2.     Contribution and Thrift Schemes ( Known as “Ajo). Get the right mix of trusted people. This is a good way of saving a lump sum

3.     Have a Piggy bank. Save your coins, loose change and small denominations. This works wonders trust me.

4.     I came across a 30-day rule of purchasing. When you have an urge to purchase something, allow 30 days to pass and see if you still have the urge and drive. You save your money by not buying what you don't need.

5.     Save Money on Airtime. Create a limit on the amount of recharge card you’d buy weekly and stick to it. For those using contract lines, check other options; they may be cheaper. Wifi-calls instead of regular calls

6.     ATM withdrawals: Plan them. ATM charges when added together amount to a lot sometimes. In the US, ATM fees could be as high as $3 . Plan to withdraw money when you would be going towards where your bank branch is.

7.     Endeavor to check your statements for bank charges. Two months ago, I got furious and went to the bank to disable SMS alerts. It’s a rip-off sometimes. If you have credit card debts also, make sure you negotiate rates and pay down as much and soon as you can

8.     Always write a list when going shopping and please stick to it. This is an area in which you can save mega!

9.     Explore DIY options. Sometimes, try out washing by yourself; invest in a good washing machine if possible. Get someone to iron for a token or do it yourself! Sounds unreasonable? It works

10.                       Drink more water, less soda and fizzy drinks. Some people are addicted. It isn’t healthy; for your body or your purse

11.                       Start shopping for Christmas now. Shop winter clothes during summer too. Don’t wait till the last minute

12.                       Cut down on magazine subscriptions, read online. I see some people still buy newspapers. Really?

13.                       Be creative with entertaining your children. You can save some cash by sometimes giving them stuffs to do at home: bake, cook, interesting cds, organize family karaoke. You save money doing that on a particular weekend

14.                       If you like to go out a lot, invite a few friends over sometimes. Cook, watch movies together. Eat out, but not always

15.                       Compare prices always

16.                       Multivitamins to the rescue. Eat well also. Keep your children healthy and you’d avoid constant visits to the hospital. A good fruit diet is super always.

Action Point: Now list out other areas in which you know you can personally save money.

Sola Adesakin is an experienced and versatile Chartered Accountant with about 16 years hands-on experience on Personal and SME finance. She is a Personal Finance Coach, Author of 5 books and a Conference/Seminar Speaker. Through her blog and The Smart Stewards Academy, She has helped many people bounce back from stress to rest and from debt to wealth. She blogs daily at The Smart Stewards (www.smartstewards.com); a forum where she teaches on sound Personal Finance Management. She continues to influence women by her blogs and has been featured on a TV show that aired globally. In addition, she is very versed in developing of solid financial systems for SMEs.
Sola holds a BSC in Applied Accounting from Oxford Brookes University, United Kingdom. She is a Fellow of the Institute Of Chartered Accountants of Nigeria (ICAN) , a Fellow of the Association of Chartered Certified Accountants of The United Kingdom (ACCA) and a member of the Chartered Professional Accountants of Canada(CPA) She also holds an MBA from the Edinburgh Business School (Heriot-Watt University) Scotland. 

She holds a Certificate in Entrepreneurial Management from the Enterprise Development Centre of the Pan Atlantic University, Lagos Nigeria being a recipient of the WomenX Scholarship ( A collaboration of World Bank and EDC). 
She has a thriving Investment Club called “The Smart Investment Club” (www.thesmartinvestmentclub.com) and you can take any of her personal finance courses. (www.smartstewards.com)
You can connect with Sola on her Social Media handles:

Twitter: @solaadesakin
Instagram: @sola_adesakin

Linkedin: Sola Adesakin

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