**Steem4nigeria Accelerator Contest Week 38: Savings and Spending
Introduction |
|---|
Saving a part of one's income is very essential for humans. The saying, "saving for the rainy day" is true, not until I came one on one with a challenge that I never had envisaged, and my savings helped me overcome the challenge.
My new phone pack
What is your definition for savings and Spending? |
|---|
Saving is a part of our income kept aside for a special purpose or unforseen circumstances. We save most time not because we have something reasonable in hand, but we save in order to be able to save a future situation. For example, I never planned to buy a new phone this year, but I don't know what happened. My phone got spoilt so that I couldn't type for days. I had no other option than to buy a new phone two weeks ago. That was possible because I had savings.
Also, saving could be for short or long term goals, and it can be for a specific purpose or unforseen events.
In other words, spending just as the word, is how we use our income. That is the expenditure which you use your income (money) for. For instance, expenditure on feeding, accomodation, clothing etc.
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 |
|---|
Yes, I have saved. In my office, I joined a monthly contribution, I save 75% of my salary and use the rest. Though it is difficult, I have to do that to enable me achieve my goals at or before the end of this year.
What is the place of steemit to your savings culture? Has steemit help in your spending or savings? |
|---|
Steemit has helped me save. It's because I have a side business which is blogging on steemit that makes me be able to save up to 75% of my salary because I know I'll get a little income from steemit. Apart from that, all my monthly power ups on steemit are means of saving my income too. So, steemit is a strong support to my saving culture.
Thus far this year, is your financial target been achieved? How have you been going about it. |
|---|
It has not been achieved because my goals for this year have not been achieved yet. I hope before the 10th month of this year, I'll be able to testify of my financial achievement.
Conclusion |
|---|
It's getting tough by the day, the cost of items and living is increasing every day. The worst is that people's monthly income remains the same and daily/monthly expenditure is more than the money earned. Therefore, one needs multiple sources of income to survive and also make savings. This is because relying on a single source of income will only make you spend without saving.
I'm inviting
@chilaw
@realitytrend
@impersonal
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
X link https://x.com/EvelynEtim61489/status/1781430732134449557
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.