HOW TO SAVE FROM YOUR SMALL SALARY?

Some days ago, Emeka and his friends had an argument. The bone of contention was, “Is it possible to save when your income cannot cover your basic needs?”. As expected, there were arguments for and against.  

Not minding which side of the divide you stand, it is certain that anything is possible if you want it hard enough. The questions are: “How bad do you desire to save?”. "What are you ready to give up to achieve your savings goal?"

Sure you will love to know 7 nuggets that can help you save money when you don’t make much. Take a seat and enjoy the ride. Let’s go!

1. HAVE A BUDGET

As the saying goes, "If you fail to plan, you plan to fail". This holds true till today. If your goal is to save from a meager salary, then there must be plan. the plan is laid out in a Budget. having a budget helps you decide where your money should go, before your feelings do.

Someone said, a budget tells you what you can’t afford but it doesn’t keep you from buying it. This leads to the second nugget.

 

2. BUILD SAVING INTO YOUR BUDGET

Let saving be part of the plan. It should be a non-negotiable item on the budget as food, power, rent and other basic survival needs. Incorporate savings contributions into your monthly budget and be just as committed to following through on those payments as you are to rent and food.

3. USE PERCENTAGES

When income is tight, even small savings contributions can feel like a large sacrifice.  To get into the habit of saving without feeling like you’re giving up too much, try implementing a percentage savings system.  While experts recommend setting aside between 20 and 30 of your income for savings goals, feel free to start smaller with as little as 3 to 5 percent of each paycheck and increase your contributions as you’re more able 

4. DOWNGRADE YOUR LIFESTYLE

You can’t eat your cake and have it. Simple reason you need to cut your coat according to the amount of material available. If downgrading your lifestyle will help meet your savings goal, why not?

5. PAY YOURSELF FIRST. 

Don’t wait to fund your savings until the end of the month.If you wait to set aside whatever money is left over, chances are, there won’t be any. Pay into your savings at the start of each month before it gets squandered on unnecessary expenses and impulsive purchases.

By making savings a priority, even when income is low, you’ll be better prepared for a healthy and stable financial future. There are ways you can subtly force yourself to save. One is by having a Direct debit mandate on our salary account and the other is by joining a Cooperative society. Remember, whatever you can keep aside in a month, is your own salary. 

6. OTHER COST-SAVING STRATEGIES

To a large extent, your savings is dependent on your ability to keep your expenses under control. So, having some cost-reducing plan will help your saving goals. Examples of such are planning your meals and shopping, staying out of restaurants and Insurance. Yes, Insurance.

For example, having a Car insurance will save you from unnecessary expenses via emergencies and this can derail your savings goal.

7. DILIGENCE IS KEY

Of course, there are plenty of ways to save money if you put your mind to it and get creative.But when it comes down to it, diligence is the key to save money on a low income.When you deploy any of these nuggets mentioned above, you have to be sure to stick with them for the long term.

Finally, when you determine how much you’re saving from each one, put that money in the bank as an emergency fund, or into investment accounts to provide for your future needs.

Experience shows that saving money on a low income can be a daunting task, but you CAN do it.Your goals are valid.

For more information about the other saving cost (Insurance), contact us on our twitter handle & facebook page - @con_hallmark & conhallmark respectively. 

Visit our website for tailor-made insurance policy at www.consolidatedhallmark.com
Disclaimer: names and event are fictional and do not reflect any real person.

SMART WAYS TO SAVE MONEY - CONSERVE ENERGY

Energy conservation is the act of saving energy by reducing a service. In other words, to conserve energy, you need to cut back on your usage. Examples include driving your car fewer miles per week, turning off your air-conditioner during the rainy season and unplugging your computer or home appliances when they are not in use.

"Saving energy is all about making choices and rethinking your lifestyle"

In all of these examples, you are reducing the amount of energy you use by doing without or making due with less fuel or electricity. While energy conservation might cut down on your comfort level and make things a bit less convenient, it can help reduce monthly electricity bills and save money at the gas pump.

Based on current realities, it is expedient to devise means of conserving energy. There is an urgent need to save energy in order to reduce your monthly payout on Power. We may be used to a particular way of life, but there is need for a paradigm shift as the cost of power is increased.

"The best way to save energy is to conserve it"

Habits, as we know, are difficult to change overnight but if they do cost us more in payouts, we may have to watch those habit closely. Replacing those habits should be our priority. Do you know that a change in habit as regards energy conservation can help you save up to N15,000 yearly.

There are some indispensables in the household that require energy for its production. A good example is water. It is absolutely one of the most important household resources. Since energy is needed to make water available, its conservation has to be priority. 

Saving energy is all about making choices and rethinking your lifestyle, so here are some energy conservation tips to help you make the right decisions.

• Defrost your fridge and freezer regularly. The more ice builds up, the harder they have to work and the more energy they use.
• Even if they’re supposed to defrost automatically, keep an eye on them to make sure the automatic function is still working.
• An outdoor clothes line is the most energy-saving way to dry clothes – using an indoor airer is better than a tumble dryer.
• Check the seals on your fridge and freezer to make sure they’re still airtight – otherwise the appliance has to work harder and use more energy to maintain a steady temperature.
• Keep curtains and blinds open during the day to let the warmth of the sunshine into your home.
• Dust your light bulbs. The dust reduces their intensity, which could encourage you to buy higher-wattage bulbs.
• Switch to new, energy-efficient light bulbs. If you do need to use traditional incandescent bulbs, make sure you buy the lowest wattage possible.
• Still using a full-size computer? Swap it for a laptop or ultrabook.
• It’s better to keep your fridge full, as it will use less energy when it’s well stocked.
• Don’t leave the tap running while you’re cleaning your teeth, shaving or washing (your face or the washing up). A running tap wastes more than six litres of water a minute.
• Get dripping taps repaired – they probably just need a new washer. A dripping tap can waste more than 5,500 litres of water a year.
• Don’t leave electrical devices on standby. you could save around N10,000.00/ year doing that.
• Don’t leave electrical devices on standby. you could save around N5,000.00/year doing that
• Turn off the lights as you leave a room, unless you’re coming straight back.
• Don’t leave electrical devices on standby. you could save around N10,000.00/ year doing that.

The few tips noted above can go a long way in freeing scarce resources from your electricity bills to other projects and assignments. Practice them today and you will be glad you did. 

Drop a line and let us know ways you have employed to conserve energy apart from the above. We would love to hear from you.

Follow us on out twitter handle - @con_hallmark & facebook page - conhallmark

Visit our website for our tailor-made insurance covers at www.consolidatedhallmark.com