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HOW TO BECOME RICH BY CULTIVATING THE CULTURE OF SAVINGS

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HOW TO BECOME RICH BY CULTIVATING THE CULTURE OF SAVINGS

HOW TO BECOME RICH BY CULTIVATING THE CULTURE OF SAVINGS

It is an open secret that most people are finding it really hard to offer assistance to others when they approach them and make these requests. Why so? Many are yet to let go of past experiences they might have faced due to how others disappointed them and even showed no appreciation after they willingly helped them.

Since finding loans from banks has also become increasingly difficult because of the interest rates and other collateral demands, it has become necessary to adopt a cool strategy in making your very self financially sound without relying on others. The solution herein is PERSONAL SAVINGS. In a modern sense, some prefer to save banks for some interests whilst others just want to save (locally called susu) in their very homes or by using Mobile Money.

Let us look at the basis for saving. Why save? For future use, to avoid disappointments and other unforeseen circumstances, we all need to save from the very little monies we take home as salaries, allowances, tips, or whatever name we give it.

One fiercest enemy of saving is overspending or impulse buying. To assist yourself in saving about 30% of your “take-home”, you must always draw a friendly budget. This budget should have fewer expenditure columns and more income columns. Make sure you buy only pressing stuff at the end of the month such as foodstuffs, deodorants, data, etc, and avoid buying too many luxuries. For instance, avoid buying new shoes, clothes, and phones on monthly basis just to impress friends who may be getting these things for free from either their parents or partners.

Try saving at an inconvenient place which will make withdrawal very difficult. For instance, if you save on your Mobile Money account, Vodafone Cash, etc, the possibility of making easy withdrawals or buying credit indiscriminately is high. To prevent this, save with certified banks (with which you have no ATM card or connected to your phone for easy withdrawal). This will make continuous withdrawal difficult since you will have to leave work, drive several hours, or go through other stressful activities just for your money.

Applying the above-stated ideas can help you develop a good saving habit.
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C. A. Asante is a teacher (Village Teacher) by profession who has reported on a number of elections in Ghana for Central Press Newspaper. He is known among his peers as a researcher and regular contributor in Education, Politics, etc. Follow : Instagram- @ chris_asante1...Facebook: CA Asante

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