Steem4nigeria Accelerator Contest Week 38: Savings and Spending
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Hi guys, welcome to my blog, am super happy to have y'all here. This accelerated contest topic for the week looks interesting and engaging to me personally. I had to hop in on the contest so that I can also share my thoughts in line with the topic. So guys! Let's get into it right away.
What is your definition for savings and Spending?
In a layman's definition, savings simply means a culture of reserving a part of ones income to cater for future needs and expenses. While spending on the other hand is expending on need from one's income. This is like the opposite of the saving culture.
An average man actually spends and save but I think today people spend more than they save, even though they have strong desire to save up. The present world economy system has put so many in a tight corner where they find themselves spending more than they save from the income they generate.
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
I think I will just continue by establishing the line of thought I already started in the previous section. The present economic system of my country do not really allow for savings. The rate of inflation in the country is quite alarming. I know it kinda global but then, that of Nigeria seems to be beyond the control of the government.
In all sincerity, it pays to save but how do you encourage someone to keep saving up even in the face off serious inflation where what have been saved so far lost it purchasing power to meet needs for which the saving was done in the first place.
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Some intelligent folks have resolved to is investing what they have rather than saving it. In that way what is invested can appreciate and yield something more for the future. Nevertheless, there is still a need to have some amount locked up in form of savings for emergency needs.
What is the place of steemit to your savings culture? Has steemit help in your spending or savings?
Steemit has been helping from way back. It helped when I literally had nothing to live on, it was still there when I got something doing and it will still be there by God's grace. I have been able to use some of the money generated here to augment my needs which in turn helps save from other source of income.
If it were not for steemit, savings would have been very difficult for me to achieve but am glad I still keep something in for emergency needs even though it not really huge...so steemit has help in no small way as I both spend and save from income I realize from it.
Thus far this year, has your financial target been achieved? How have you been going about it.
The answer is a big "NO", am not proud of myself though. It's only a call for me to press harder and diversify, having multiple streams of income is not a bad idea, it will really go a long way in helping us live that kind of comfortable live we have always longed for.
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I started early this year with a saving plan, how it got disrupted is what am still trying to fathom and see if it can be fixed. It a whole mess now as I can't even meet up with my savings goal. It would take more than my regular source of income to get back fully into the initial plan.
The reason is not far fetched, I expend more than I save as a result of the economic downturn. The needs around me is somewhat overwhelming, trying to keep up with my saving plans alongside the diverse need around me seems like an herculean task. I hope you now understand why I said I need more than my regular source of income to keep up.
Having a saving culture is very good and should be encouraged no matter what. I learnt early in life not to eat with my ten fingers, I've heard it again and again from well meaning people to always have something in reserve, no matter what, it's just very important because that very thing saved up might just be all you'll need to help you out of some financial mess on days that matters.
Let me wrap it up here friends, I hope you enjoyed every bit of this entry...just before I leave, I would love to invite @olaiyidennis @josepha @alli001 to this contest.
Regards
@lhorgic❤️
https://x.com/lhorgic1/status/1781738616978305332
One of the financial wisdom is to save as you spend. When you don't save, you will spend it all and you will risk been punished because of that in the future
Thanks for your response dear friend... I really need you to shed more light on "save as you spend", it sounds a bit ambiguous to me. I know you really have something to share along this line...am open minded friend.
Okay. One of the things I really believe in concerning save as you spend is that there should be a certain percentage of your income dedicated to saving and also there should be a certain percentage of your income dedicated to your spending or fulfilling your expenses.
At the end of the day, you are both spending and saving. Take for example I, make use of save as you spend policy on opay. So there is a certain percentage that my opay app helps me to save on my behalf as I spend and vice versa also.
So naturally I believe it is necessary not to just spend anyhow but spend and save or save and spend
Oh owk I get your point clearly now... Of course am very much in support of your submission. Spending more than saving up is actually detrimental to our finance... although the downturn in the economic state of this country in recent times have pushed many into spending more than they save. Thanks for engaging.
Hello my dear friend @mandate... Trust you're doing well. I would like to discuss with you on telegram, kindly reach out with the username @lhorgic. Would be expecting.
Hello bro. Trying to reach out to you but it's not going through
@lhorgic
Your msg didn't deliver from what is seen from the msg sent.Maybe you should send me your username instead, let me reach out.
Yea
This is my username
@adenijiadeshina0
@lhorgic
Alright bro... I already dropped you a message.