MY PREFERRED SAVING METHOD

Hello friends! I'd like to share my views on saving so ride with me as I take you.

Special thanks to @okere-blessing for this amazing contest.

MEANING OF SAVING

Have you ever kept part of your resources for future use? If yes, that means you have saved before. Saving is the act of taking part of your income and keeping it safe for future use.

The habit of saving is essential for every one because it helps us to achieve long-term goals and financial stability. Long-term goals are goals that will take longer time to achieve like buying a house or retirement. We can also save for short-term goals like funding a vacation or holiday.

We need to save for emergencies also because something could happen unexpectedly that requires fund like medical bills. We never plan to fall sick, it just happens unexpectedly. Sometimes, we fall sick without any pre-signs so we need to be prepared.

MY METHOD OF SAVING

Let me mention few methods of saving before talking about my preferred method of saving. First is opening a high-yield savings account in a bank. This type of account offers a higher interest rate than traditional savings account and allows you to save and grow over time.

Second is piggy bank or you can call it cash box which is a traditional method of saving where you put your money in a container.

The third one is automatic saving apps which we have nowadays. This apps can be linked to your bank account and set in such a way that it automatically helps you save your money.

About my favorite method of saving is what we call "savings Association" for "etibe" where every member contributes is certain amount of money on a weekly basis and failure to pay will attract penalty or fine.

This approach works best for me because it allows me to set aside a fixed amount regularly which helps me to stay consistent and committed to my saving goals. I appreciate the discipline and structure that comes with making weekly contributions.

It is easy for me to manage my finances as needed when I know exactly how much I need to set aside each week. Being part of a saving association that works towards achieving the similar goals provides an added motivation for me to keep saving.

I will also advice you to try my method by finding a trusted saving association to engage in around you. There are some that saves monthly too.

MY BELIEVE

I know that most of us want to enjoy the fruit of our labor and indulge in life's pleasures. I strongly believe that saving is equally very important. In fact, I think it is vital to strike a balance between spending and saving. Enjoying our money is okay for our mental and emotional well-being.

Meanwhile, saving is what secures our financial future and helps us to achieve our goals. For me, saving is a mindset, its about being mindful of our spending habit making intentional decisions for our well-being. I believe in enjoying our money but I strongly believe in saving too. If we can find a balance between this spending and saving, we can live a more fulfilling and secure life.

MY BAD SAVING EXPERIENCE

I have tried various methods of saving money and one of them was using a piggy bank. I thought it was a simple way to store my money but however I learned the hard way that not all piggy banks are created equally.

Unfortunately, the wooden piggy bank I used had a major flaw as it wasn't well ventilated and as a result when I finally open it after months of saving, I was the devastated to find that the money has spoiled.

It was heart breaking to see my hard-earn saving gone because of a poorly design piggy bank. I know some of us still uses piggy bank but please be careful of the quality so your heart won't be broken.

Thanks for reading my post💕.

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