When it comes to money, there are lots of people who have problems because of it. People nowadays either have no money or become too greedy because of it. Either way, money problems are normal in today’s society, and you can save yourself from it by following our advice here at Electronic Esusu.
This is also why we wanted to get into the finance business. It became evident that lots of people here in Nigeria are struggling with budgeting and saving their money for a rainy day. They often overlook the idea of saving and have no more money when they get older and retire. The same goes for when they want to buy something they want or go on vacation.
Keep in mind that budgeting and saving money are two very different things. Even though they are similar and work hand in hand together, it’s still worth knowing what each of them means.
Budgeting is being able to divide your money into different categories. Some of it can be directed towards your rent, the others can be for your groceries and personal products while some of it can be for your whims. However, it’s important to remember that a portion of your budget should be for your savings as well.
Putting money in a savings account means that you’re setting funds aside for the future. No matter what you do, it’s important to not touch these accounts unless it’s a very real and important emergency. Otherwise, leave it alone and focus on the rest of the money in your budget.
When you follow your budget and successfully save money, you will have extra money to spare in case you need it. This doesn’t just have to be in the context of saving up for things that you want like a gadget or a vacation.
You can think of saving your money like a safety net for when you get older. In the event of an emergency, you want to have some extra money to shoulder the costs. If someone ends up in a hospital or you have to pay bills, at least you don’t have an empty piggy bank.
Budgeting and saving money will also teach you the value of discipline and self-control. When you practice it regularly, you will find that it will also affect the other aspects of your life. Things will seem more in control and you’ll be able to handle your finances better.
Overall, remember that you will never lose anything with budgeting or opening a savings account. While it may seem like a pretty big sacrifice at the moment, you’ll be happy that you did it in the future. You can learn more about this and how to get in control of your funds when you join our community here at Electronic Esusu.