Steem4nigeria Accelerator Contest Week 38: Savings and Spending

INTRODUCTION

hello good afternoon everyone, I believe we all are enjoying the day and what it brings. It's a pleasure being here, and I'm going to use this opportunity to participate on a contest titled ➡️Steem4nigeria Accelerator Contest Week 38: Savings and Spending organized in @steem4nigeria published by @ruthjoe.

People definitely save, Savings is important part of financial planning and can serve as a safety net during unexpected circumstances or a way to achieve long term financial goals. There are many different ways that people can save such as setting aside money in a savings account, investing in a retirement fund, or even just cutting back on unnecessary expenses.

It's an interesting topic though, so before I continue my writing I'll love to pause and invite my friends @preshy001, @jeph001, and @tripsy to participate in this contest.
With this I continue...

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What is your definition for savings and Spending?

Freepik

Saving and spending are two financial behaviors that can have a big impact on someones financial health. Let's read from my own perspective below.

Saving: This refer to the act of setting aside money regularly to use in the future. Saving can be done for short term goals like buying a new phone or for long term goals like retirement as I earlier state in my introduction. Savings can be in the form of cash in a savings account, investments or even assets like property, cryptocurrency etc.

Spending: This is commonly refer to using money to pay for goods or services. Spending can be either for necessities like food, housing, and transportation or for discretionary items like clothing, entertainment or traveling.

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

Freepik

The state of inflation in Nigeria is indeed concerning and has course a lot of crisis it difficult to save. But, despite the high inflation rates it is still possible to save, though it more challenging comparing as before. Below are a few tips I practice so I can save during this periods of high inflation:

1. I learnt to save at least 25% of my daily income from my hustle.

2. I consider investing in foreign currency. investing in foreign currencies, such as the US dollar, which tend to be more stable during inflationary periods.

3. Then I prioritize spending on essentials commodity, like foodnand reduce discretionary spending where possible.

Those are the few steps I'm practicing, still looking forward if I could fine a more better way of saving, if possible I'll need to amend.

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

Freepik

Steemit has the potential to help me save and invest in my future. As a platform that rewards users for their content and engagement, Steemit allows me to earn STEEM tokens, which I can then convert to other currencies or hold as an investment.

This is a great way that supplement my income and potentially contribute to my savings. I've seen the benefit ever since I joined steemit platform, I can boldly attest.

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

I would say that my financial target for the year is a work in progress. I've been trying to budget and stick to my savings plan, which can be tough, but I'm determined to make it work. I'm also looking into investing in different markets and doing some research on diversification to spread out my risk.

It's been a bit of a learning curve, but I'm optimistic that I can reach my financial goals with a little discipline and smart investing. Achieving 2000sp 💰💰 and above is part of my target which I'm working hard to achieve it.

Conclusion

There are many different ways that people can save, such as setting aside money in a savings account, investing in a retirement fund or even just cutting back on unnecessary expenses as we discussed. Having a savings plan is highly recommended by financial experts as a way to prepare for the future.

So, saving is definitely a good practice that people do, and it can be beneficial in a many ways. So I'll urge my friends here in steem to also practice saving and spend when necessary.

Thanks you for your time, love you all💚.