Steem4nigeria Accelerator Contest Week38: Savings and Spending
INTRODUCTION
Hello to my able and consistent steemians friends from all over the world. I welcome you to this week contest organised by @steem4nigeria, with the topic Savings and spending.
Savings and spending is one of the things that we do, and act on each and every day of our lives.
Lets dive into the details of this contest
What is your definition for Savings and Spending?
Savings is putting aside some of your allowances, salaries or any money that you have into a bank account, online wallet or saving box, so as to use it when need arises or when an unforseen occurrences happens.
Spending is sending out or using up your resources that you have gathered or saved up, to purchase goods and services.It is otherwise called expenses.
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.
image from my phone
Personally i spend unnecessarily. In the last quater of year 2023, i noticed that i cannot boost of at least a hundred thousand in my account, i promised myself that it won't happen in 2024. As 2024 began, i asked a Carpenter to construct a box for me that i can be using to save money.
Yes i have been able to save since January. I kept a target of saving twenty(20) thousand naira in a month, but because of the current inflation in the country, i am unable to save that amount. But i will make sure that in a month ten(10) thousand naira enters the box.
In case you are wondering how i know the exact amount i save in that box, i keep every records of the money that entered the box. I am not living alone. I don't want to hear stories that touches.
Incase of unforseen occurances that may happened at home and it will affect my saving box, another way i have been saving money is through the bank. I opened a savings account with zenith bank. If i receive my salary, i will immediately send some amounts to my zenith bank account.
I refusee to have ATM card, i refused to activate USSD code for transfer, i also refused to download the zenith bank app and activate it for online transactions. Going inside the banking hall to make transaction will be very difficult for me, because i don't have patience of queuing.
What is the place of steemit to your savings culture? Has steemit help in your spending or savings.
I am just a month in steemit platform. From the way i am viewing it, steemit will be the best place for savings. I have a steemit friend that told me that she has been saving through steemit platform. I'm yet to get there. Seriously i don't have much to talk about this very question because i have not made use of saving and spending in steemit. I'm coming up small small😀.
Thus far this year, is your financial target been achieved? How have you been going about it.
My financial target has not yet been achieved. I divided my financial target into two halves. The first six months has not been concluded yet. But i have been able to achieve something in the first 3 months. Renting my own apartment was one of my achievement this year. By the grace of God i have been able to achieve it through the savings i made since January.
Another achievement is to save up some amounts for renewal of the house rent and also having a fart some of money in my account or saving box by the time ill break it by December.
In conclusion savings and spending is just self discipline. You have to discipline yourself in some certain expenses and cut off some things that are not necessary.
I invite my friends @ tripple-e, @glorious1, @ekeminitofunny to join in the contest
It feels being able to achieve your financial target or goals. This gives you motivation to new and challenging goals.
At the end of the day like you said, saving, pending, and even achieving your goals all needs "self-discipline".
Thank you for reading through my post. Yes spending and saving really needs discipline
Hi darling @loolluv
According to your post, you say saving is an important part in our financial planning and one can save as safety toward unexpected circumstance which is very true, unexpected could also be called unforseen circumstance which means you don't see it coming, it just happen, for example you getting sick is one of the unforseen circumstance, so saving is really safety to cases like this.
keeping every records of the money you saved in your box is a very wise thing to do since you are not living alone because people cannot be predicted.
Congratulations @loolluv
Thank you my sugar for your response
Uwc my darling sugar