Saving money is a matter of the mind such that the state of mind is critical if you are to start saving. The mind is powerful and it can be trained to achieve what you want to achieve. All you need is to make that decision. Once the decision to save is made, you need to exercise personal discipline until it becomes a habit.
Developing a saving habit
Part of excelling in life is developing positive habits. Saving is one of those positive habits that you can develop. If you can identify saving strategies and consistently carry them out repeatedly they will become habits.
Before you start to save you must renounce spending and stop believing that you actually need all the things you have been spending money on. Just stop spending.
The next time that you want to buy something, take Kshs100 or Kshs200 and stash it in a safe place. That is called saving. You do not end up with things in your closet but you end up with money. Better still, for every expenditure that you plan to make, set aside an equivalent amount to save. For example, if you are planning to spend Kshs1,500 to buy a shirt or blouse, you need to set aside an equivalent amount first. Firstly, this will keep your expenditure in check, and secondly it will help you save. It all begins with the decision to save.
When I began setting aside 10 percent of my income as my payment it was difficult at first. But after doing it for several months, it became a habit and I have continued to do it since. The first thing I do with any income that comes into my hands is to put aside the tithe (what belongs to God) and thereafter take off another 10 percent to pay myself for services rendered. Use habit to your advantage.
Let me take the liberty to conclude this chapter with a beautiful poem by an unknown author that I heard on audio tape the other day:
You know me; I am your constant companion;
I am your greatest helper; I am your greatest burden;
I will push you onward or drag you down to failure;
I am at your command
Half the tasks you do might as well be turned to me;
I am able to do them quickly;
And I am able to do them the same every time if that is what you want;
I am easily managed; all you’ve got to do is to be firm with me;
Show me exactly how you want it done;
After a few lessons I’ll do it automatically …
Take me. Be easy with me and I will destroy you;
Be firm with me and I will put the world at your feet.
Who am I?
I am Habit
Reflection/Action
The secret to financial success is to spend what you have left over after saving instead of saving what is left after spending. – Anonymous.
