Slippery Kwacha! Good Reasons To Save It.

Its either you are saving or paying debt. Its always unpleasant to fall in the pathway to paying debt with interest.

We save because we have a plan and we don't save from without. They say that in life if you dont find any pleasure in saving then you will bear the burden of paying debt with interest which is not a pleasant matter. There is what is called target saving which is a strategy to help you save for a specific purpose. People save at the bank not because they want interest but because at least their money is safe and they can easily invest in an asset in the future so that it can be used to generate more funds for them. There is a spending plan they call 50, 30, 20 Rule of spending where the first 50% of your income you spend it on necessities like food, groceries etcetera while 30% you use it to enhance your self growth through learning new ways of generating income or ideas as well as networking with peers that can help you grow in your finances or business while the last 20% you use it to save for future emergencies or for that important project you would like to do in the future with many people targeting to save at least between three to six months of their Salary such that if you would have lost your job you could have something to see you through as you bank on another plan.

Personally i save because I want to venture in something. Saving is not limited to putting money at your bank but in this trying times saving your money in assets or commodities such as essential food stuffs like maize or livestock like goats or chickens is also practical as it can help you grow your income faster due to fluctuations in prices but you should ensure you have put in place measures to protect that investment from theft, diseases or rotting otherwise its a great idea. In addition to this, many banks in Zambia have developed products that not only help us to save money at an attractive interest but also to ensure that we have limited access to use the funds unnecessarily which can be a an area many of us find it hard to save. I will be highlighting top 10 banks that are revolutionising our savings and the types of products they are offering on this platform. Above all always understand that there are goals that we set which should motivate us to save and that sticking to that goal is what defines financial discipline.

#targetsaving #letstalkfinancialmatters #slipperykwacha