Steem4nigeria Accelerator Contest Week 38: Savings and Spending
Saving and spending, the S² necessary in life. Some days we spend more, some days we save more, some days day we don't do either of them.
One is just as important as the other. As it is good to save, it is also good to spend especially in times of needs or necessities. Saving and spending go hand in hand and it is important to know how to balance both properly.
Saving and Spending |
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Saving
Saving means keep part of your income aside without spending it. This income saved is either kept for future goals, or emergencies, or unexpected expenses as the case may be.
They are different ways to save money. It could be kept in a bank where the bank takes charge to secure the money and in some cases, gives you some interest for saving with them.
Money can also be saved by investing it in buying items that will increase in value over some time. This way you make a gross profit that's higher than your capital.
Another way of saving money is just keeping it at home in a secured place. This is also a good means but it doesn't generate any profit or interest this way. You just get exactly what is saved.
Spending
Spending on the other hand involves using your money to purchase goods and services. This goods and services covers everything from important expenses like rent and groceries to optional spending on entertainment, clothes, or hobbies.
How the inflation affects my saving state |
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Yes, I've been able to practice the action of saving. We can't leave saving to only when there's no inflation.
During this inflation, saving is hard and might be small most days but either ways, I try to save because there's no certainty there would be a coming deflation.
To save during this period, I've had to adjust in everything I do that deals with money. I adjusted my spending, left the necessities and cut out the optionals so as to accommodate some saving from time to time.
This way, I can balance both spending and saving without having to end any.
Steemit in my saving and spending. |
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No doubt, steemit has been a part of both my spending and saving habit. It has contributed to my needed income for spending and also made saving easier.
Every month when I power up, I also a redraw a portion as well from which I spend and save from. So yes, steemit has been a part of both my saving and spending culture.
Financial target on the year. |
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My financial target for the year hasn't been achieved, not yet, but I hope it will before the year runs out. So far I've been able to earn, save a little, spend, but I haven't actually invested in anything of great value.
Before the half of the year, I look forward to earning more, saving more, spending wisely, and investing more.
Thank you, @steem4nigeria for organizing this contest. I'm inviting my friends; @uduak01, @nsijoro, @whizzbro4eva, @uduak3287 and @bossj23 to participate.
My Twitter (X) share link;
I enjoyed reading your post, you have really written it all about saving and spending and I hope you achieve your financial target for this year too
WIt is true that we spend more some days and save more some days, and some days no saving nor spending as you have said. Steemit has help in spending and saving so much. Your savings remain intact in steemit. Definitely before the year runs out, if you set your goals well, you will achieve them. Good luck in your contest
Saving and spending are both crucial aspects of life. It is important to find a balance between the two, as they go hand in hand. Saving involves keeping a part of your income aside for future goals or emergencies, while spending involves using your money to purchase goods and services. In times of inflation, saving may be more challenging, but it is still important to practice. Platforms like Steemit can help in managing both saving and spending habits. Achieving financial targets requires earning, saving, spending wisely, and investing effectively. Good luck @usoro01.