title: **Steem4nigeria Accelerator Contest Week 38: Savings and Spending

Warmest greetings from my own part of the world. Hope you all are doing well and are also having a happy life.. I am @owulama, and I specially welcome you to my blog today.
I will be participating in this contest titled: Savings and spending. It's really an interesting and exciting contest, I find it a great pleasure to be part of it.

What is your definition for savings and Spending?

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Savings can simply be seen as that portion of your interest that is not spent on current expenses. Savings can be used to achieve alot of goals in the long run or short term run. Savings in other words is that money which we keep aside for the purpose of future usage.

Savings can also be used to safe us from alot of life uncertainties such as illness, or an urgent trip to a place you didn't planned on going but the need to travel just arise suddenly. Savings can also be used for investment, which result to profit maximization.

Savings is a very good and healthy habit, which we all need to develop in a daily basis. Incase you haven't start saving, Start saving today until it becomes a habit.

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SPENDING: It is a process of disbursing or disposing of money, wealth or resources in order to get a goods, product or service in return.
Spending is simply seen as the act of using , or paying out the money saved to buy or to purchase something.

Spending is just a part of our daily routine, especially spending of money, cause there are a lot of spending aside money, we also spend time with our loved ones, so they all are part of the spending.

We hardly go a day without spending on one thing or the other, cause in each day of our life, there alot of things that we need, and we cannot get them without spending. So spending is a part of our day to day life.

In summary: savings and spending is what we often do in our life. We save money to spend it when urgent needs arises, or for unforseen circumstances.

Presently with the state of inflation, have you been able to practice the action of savings? If yes, tell us how and if no tell us why

We all know that inflation is the constant increase in the process of goods or commodities in a given country and it's has a lot of negative effects on the economy of that country.
Therefore making the practice of saving very hard or difficult.

Yes, I have practiced the action of saving but unfortunately it didn't work. As a student I need money for alot of things, I need money to write term papers, write assignment, buy handouts, etc. So saving money becomes a very hard thing for me to do, coble with the facts that there's inflation in my country.

The last time I bought a saving box to save money, I ended up still braking it even though the money I already saved there was not up to a thousand naira, it was after two days when I bought the saving box that I broke it, cause I needed to use the money very serious and urgently.

But thank God for Steemit now, I am able to save a little already, and hoping to save more as time goes on.

What is the place of steemit to your savings culture? Has steemit help in your spending or savings?

Okay.... this is really an interesting question, despite the fact that it hasn't been long I joined Steemit I can testify that Steemit has really helped my savings.

Steemit as a platform that encourages, appreciate and rewards it users for making valuable post, and also allowing them to save their money through powering up etc, has really helped my savings alot.

And I am also looking forward to save more on this wonderful platform "Steemit" which has recently and will always be my strong drive for a better saving habit.

Thus far this year, is your financial target been achieved? How have you been going about it.

So far this year, I must say that my financial target hasn't been achieved, but then I am currently and actively working so hard to achieve them before the year runs out, I hope and believe that it is going to definitely achieved before the end of this year God's willing...

HOW I HAVE BEEN GOING ABOUT IT?
I have actually minimized my spendings, expenditures and expenses and have greatly increased my savings. I am also working so hard to ensure that my earnings are much more than my expenses, cause this will really help me in terms of meeting my financial target for the year.

Thank you all🙏🙏, for your usual support 🙇

I invite @patjewell @josepha @goodybest to join this awesome contest.

Kind regards @owulama🤍🤍