If you must save money in this current financial crisis, (and you should)….
You need to ‘Make Effort not Excuses’.
Excuses I Gave For Not Saving Money
I have never always been that thrift … even as a child, I spent all my allowances while my younger sister saved a greater part. I liked to feel good at the moment, maybe because there was a certain degree of certainty that there will always be money to spend, and I wasn’t the one bringing the money, either. I thought i had legitimate excuses for not saving money.
But now, I am a wife and mother, I am expected to help manage my family’s finances. My husband believes I am good in everything, he counts on me to make sound financial decisions, and I don’t want to let him down.
At first, I spent all my earnings and feeding money (from hubby, inclusive) before the month turns the 15th. I blamed this on all sorts of things. I had a full baggage of excuses….. I don’t spend the monies on myself as such. Really … I am not the typical ‘lover of shopping’, ‘new-cloth-new-trend freak’ or ‘must-wear-human-hair chic’. But I love good food, and I greatly wish that my kids will have everything and more.
All these years…here are the excuses I gave myself:
- The Economy is Bad – Yes undoubtedly, that is one of the truest saying of all time. People’s income are becoming more and more ‘useless’ due to rising prices. This make it nearly impossible for one to save. It is all too easy to live by the day, spend as you earn, or even borrow to pay and borrow again to pay again.
- I Wish I Were Living In A Cheaper City, Life Here Is Too Expensive! In some cities, rent, transportation, groceries and social life is costly because it is believed that the residents are high income earners. Those caught in the web are mostly fixed income earners who aren’t working in multinational companies or those who are simply, civil servants. So it’s challenging to stay afloat financially, talk more of saving money, amidst these difficulties. Even in hustling, oil rich cities, one can still live simply, with less anxiety and some savings. This requires discipline and determination. This might help: consider increasing your income or reducing your expenses, or do both.
- Am Paying Bank Loan – Yes, loans split your income especially if they aren’t loans for business. It is pretty difficult to save whilst paying off debts.
Do not save what is left after spending
Spend what is left after spending
- Am Not Earning Enough – Another true talk! ….But that’s not the point. We are not discussing what you are earning…but what you are saving. At a point, in my office…the only person building a house was the driver to our Director (he also was one of the least paid in the office). He keeps updating us in his Pidgin English style, about the progress he was making month by month, in his building project. Meanwhile, the rest of us step out from our ‘bank – loan’ funded push car…, leg crossed in our turkey Suit – Italian Shoe – Versace fragranced outfit, until the driver finally moved into his own house.
Money is a terrible master but an excellent servant
- Am still young, Let me enjoy Life First! It sounds old fashioned to save money yourself, in your own bank account. Well if you feel it’s trendier to sign up to mutual funds savings, cooperative societies or treasury bills, bonds… then go ahead!, whatever rocks your world, whatever works for you. However, be alert to fraudulent and less-reputable cooperative organizations or firms that promises to help you save or invest whereas their main goal is to make away with your savings just when you started trusting them.
- It’s Not My Fault, I Tried! Saving does not come naturally to many, it requires willpower, discipline and determination, but you can succeed. Lots of self-control is needed in making sound financial decisions, and for a woman, it is double trouble because we have other needs aside from the basic. People who are able to delay or postpone self-gratification for a larger reward in the future are better able to save. Try to make friends with such people instead of hanging out with babes that believe in spending or those that earn far higher than you do.
- I want my kids to have fun always, be happy always, look fabulous always! What you call a need now may not really be. Saving helps to safeguard your children future too. So think not only of the present but of the future, Above all, teach your children to save. They should learn self-control, so that the struggle to save will be easier for them when they grow up. Help shape the formative years of your child. I started by buying a piggy bank for my son, he saves monies for projects, and it makes him feel good after he has sacrificed some pleasures to actualize his project. For instance, I have three daughters, and I love English Ready-made Ball gowns, I love everything thing about them except their prices. So what do I do? I close eye and buy them ‘cos I have devised a way of making them serve their tenure wella, in my house. I started insisting on going home with the transparent nylon used by the boutiques to hang these gowns. So when I get home, I hang them with the cellophane. Less dust = less wash = longer lasting. And once they we come back home from an event, I take back the clothes, air-dry and keep away immediately, in that way, these clothes stay longer and their younger ones still rock the clothes….(‘Cheaper by the Dozen’, Right, Yea).
When taking kids out, it mustn’t be an ‘eat out, or ice cream and pop corn’ evening…you can explore options that leaves the monies in your wallet intact, and that leaves your bank account in peace. How about, sight-seeing, playing game in a field, ludo, card games, word puzzles and others.
- Healthy Living is Expensive! Absolutely… A bottle of carbonated drink is way expensive than a bottle of apple smoothie. Leaner meat options and fish are costlier than simply eating red meat. But Healthy Eating is not as expensive as a visit to a Doctor, Pills, Procedures and Medical Laboratory Investigation. So make your choice. And in the real sense of it, unhealthy highly processed meals make you keep eating, crave for more junks, get ill, disrupts your body image, relationships, mood and eventually costs more.
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