Developing a saving culture: how to discipline yourself

Developing a saving culture: how to discipline yourself (MTN 1108 1019 1075 62131)

A healthy saving habit plays an important role in attaining financial freedom. A culture of saving helps you better control your money and secure your financial future. Here are a few ways you can discipline yourself and save more.

1. Know your expenses
The first and most important step to take if you want to start a saving journey is to get familiar with your monthly expenses. This way, you know how much you spend on things like rent, data and call credit, cable subscription, transportation, feeding, clothing, utilities, entertainment etc. You can also try out personal finance apps like “reach” to help you keep track of your expenses.

2. Save until you’ve reached your target
Set a savings target – nothing gets your motivation up than a target. It also helps you stay disciplined. Of course, you can keep saving, even after you meet your target. 

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3. Do more with less
You should also watch out for places where you can get quality items at discounted amounts or relatively affordable prices. With this, you get more value by paying less, which leaves you more to save.

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