Saving ability is a virtue, ability to save is better than wishful thinking

Hello fellow steemians, today I'll like to touch a very important topic that changed my life for better, if you look closely to the framework of steemit, you'll find out that it's all about informations, and that alone possess the capacity to change lives, therefore, we are encouraged to continue sharing ideas.

Today I'll like to take us down memory lane to consider again this ancient world's culture that is fast diminishing in our generation which is ability to save.

But before we proceed, let's clarify something here. Saving and savings are closely related but are not the same; the need to save is the factor that leads to savings.

Saving and Savings closely identical

" Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recurring costs. In terms of personal finance, saving generally specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is a lot higher; in economics more broadly, it refers to any income not used for immediate consumption.

Saving differs from savings. The former refers to the act of increasing one's assets, whereas the latter refers to one part of one's assets, usually deposits in savings accounts, or to all of one's assets. Saving refers to an activity occurring over time, a flow variable, whereas savings refers to something that exists at any one time, a stock variable. This distinction is often misunderstood, and even professional economists and investment professionals will often refer to "saving" as "savings".
(Wikipedia)

Time is no more when patience is cultivated in the lives of children by their parents as it relates to issues of life, before now things were always put in consideration and adequate planning, but now that's not the case anymore, every one want to hit a jackpot today today, and that's the mindset that have ruined many individuals, families, governments and countries.

THE GOLDEN SPOON 🥄

It's not everyone that was born with a golden spoon in their mouth, these are things we should always put to consideration as we live our lives, I take myself as a case study here; when some people who knew my background see me today, they always found it difficult to understand how I managed to achieve some of life's necessities but for me that's the fruit of saving/s.

They see you put up a house in your town, living in your own house in the city and probably driving your own car, they marvels knowing fully well that the capacity of your GDP could not have produced such achievements.

ACHIEVING GREAT PROJECTS THROUGH SAVING/S

It's a mere deceit to believe that one can only achieve great things and accomplishments when he/she is thrown to big encounter with wealth, no that's wrong, with saving/s one can actually achieve greater things through little earnings (that's growth)

The best way to live a happy and fulfilled life is by noting down your needs according to their urgency and how necessary they are, there are some genuine needs that as well may not be that urgent that we can't do without them immediately, we can put those ones as long-term projects which we can achieve by saving toward them, take for instance; I built a house in my village not because I had the money in bulk, but rather it took me years of savings because I considered it a long- term project since I already had where to lay my head which was my father's old ancient house.

DIFFERENT METHODS TO SAVING/S

Savings account:
a bank account that accumulates interest

When considering opening a savings account with a financial institution, it's good to go through they policies, check their interest rate if it's something that can benefit you.

pension plan; pension account; retirement plan; retirement savings plan; retirement savings account; retirement account; retirement program:

This is a plan for setting aside money to be spent after retirement.

This type of saving works best for civil servants and other employees, it's a process that enables their employers to withdraw some certain amount of money from their wages and salaries which is deposited to government approved pension firms.

This money can only be retrieved to the individual employees after their retirement.

Savings and loan; savings and loan association:

A thrift institution that is required by law to make a certain percentage of its loans as home mortgages.

Cooperative Savings account

Cooperative society allows a group of individuals with the same interest to come together and help themselves by contributing and assisting members with loans for micro businesses, in it a provision is also made through the guidelines of the bylaws which allows the members to have what is called 'thrift savings'. Thrift Savings is an amount determines by individual members to save per month under the cooperative account which is advised that they should not touch till a certain number of years.

IN CONCLUSION

With all these explanations on saving/s, I believe that you're lifting in your mind to make plans for saving.

Gradual approach as they said is the best tactics to catch a monkey 🐒

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Thanks for reading 📖