Are you penny wise?
“Save money and money will save you”, says a common Jamaican proverb that has been quoted for many years. But do we really know the importance of this phrase? Saving money is one of the best things you can do for yourself as it has proven to reap many benefits. Being penny wise is tough; however, it can be your savior for the reasons below.
To begin with, saving money can be of great help in cases of a financial crisis or emergency. Plan Bs are always considered when one is faced with troubles and having back up money is just the thing you would need if you ever find yourself in that position.
Moreover, saving money can cater for large purchases and prevent debts which many of us run to when in need of money. Taking loans has proven to be a big disadvantage to many when it comes to paying back with interests; one of the most common financial crises we face. Placing some money aside can leave a great financial legacy as it only makes one better.
Saving gives you power over your finances. It is not easy to be financially independent because it means having tight control over how you spend your money regardless of your sources of income. Saving is an important discipline to have because through saving you learn responsibility, focus and purposefulness.
The biggest security is hidden behind being financially stable. When you save money, you are assuring yourself security for unforeseen events that may occur in the future. No one is able to predict what will come the following day, that is why it is important to put money aside to take care of unexpected situations.
Saving offers a career opportunity. A saving culture is not something you develop overnight. It is education, it is practice, it is a culture. Usually the failure to save money is not a result of merely being extravagant, although it is also a big contribution to its failure. Being uneducated, uninformed, or not possessing knowledge about the proper way to save can seriously harm someone’s chances to save. People should make it a responsibility to learn about saving. One can join a study group, go to a specific school that teaches financial management or personally make research about that. Learning about saving is very important because many wealthy people make a living off managing other people’s finances.
Most people fear saving in order to avoid dealing with banks and all the sophisticated procedures but that is simply a misconception! There are several other ways one can save easily, have access to money, and acquire more knowledge about savings. Joining a SACCO for instance.
Being part of a group like Mzima Sacco, located on the second floor of the Students’ Centre is an opportunity to not only secure your future by saving but also a chance to communicate with people who know much more about the matter. It is a chance to open your mind to a new perspective of life through learning about saving money in order to grow financially and sustain yourself. START SAVING NOW!
This article was written by Cheryl Wambugu and Hope Kayitesi.
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