Steem4nigeria Accelerator Contest Week 38: Savings and Spending

_{A wise man would always see savings as a way of getting out of poverty in the future whereas a man who doesn't think about his future would always see spending as a way of enjoying his life. Money is just like air, which if you have it and you don't spend it wisely you will see yourself going back to square zero begging. Well in this post I have talked about savings and spending.}

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What is your definition of savings and Spending?

In a layman's understanding, Savings is the part of income that is not spent immediately on consumption, whereas Spending is the part of income that is spent immediately on consumption.

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Savings are also referred to as the funds (money) that are set aside from the income earned for future purposes. Your savings can be for a rainy day, for buying something tangible, for meeting unforeseen circumstances, or for building a house.

On the other hand, spending refers to the funds (money) that are spent on the consumption on consumption of goods and paying for services. We spend money on buying food, paying bills, and doing a lot of things which are all categories of spending.

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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 with the stage of inflation, I have been able to practice the action of savings. I have been able to practice the action of savings by diversifying my source of income into another source that would be generating income for me.

To this, I save 10% of my income to my fixed deposit account for future purposes such as establishing a business, furthering my studies, and doing other things. Also for me to practice the action of savings, I spend 50% of my income in crypto which I am preparing myself for the bull run. As a Steemian, my action of savings is saving 50% of my weekly rewards as Steem Power.

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What is the place of Steemit in your savings culture? Has Steemit helped in your spending or savings?

The place of Steemit which is my savings culture is my power-up that I have been doing in building my steem power. Saving in my Steemit is my Steemit culture in Steemit. Anytime I power up my account, I automatically save money for the future which is why I like doing power.

Steemit has helped me with my spending and savings and the money I have been spending and saving since 2020 is through the help of the Steemit platform. With the help of Steemit, I have been able to meet my financial needs, pay my bills, purchase what I like, and support family and friends.

Steemit has helped me to boost my savings both my savings in the bank and crypto Steemit Without the help of Steemit which without the help of steemit it wouldn't have been possible for me to have what I have in my different crypto wallets and bank accounts.

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

Well as for this year, I have a lot of financial targets to achieve, and through the help of God, I have been able to achieve two of my financial targets. My first financial target for this year was to save money and process my ICAN registration, subscription fees, exemption fees and so on which I have been able to achieve.

The second financial target which I have been able to achieve is diversifying my crypto portfolio which is to achieve at least $500 worth of crypto in the first quarter of this year. It is not easy but with the grace of God and the help of Steemit, I have been able to achieve some of my financial targets and hope to achieve more and more again.

**I am inviting: @bossj23, @entity01, and @dave-hanny