Saving is a process of setting aside a portion of current income for future use, or the flow of resources accumulated in this way over a given period of time.
Saving may take the form of increases in bank deposits, purchases of securities, or increased cash holdings.
The extent to which individuals save is affected by their preferences for future over present consumption, their expectations of future income, and to some extent by the rate of interest.
(WATCH) Best Way To Save This ‘EMBER’ Month
Here are tips for saving money
- The first step to start saving money is figuring out how much you spend. Keep track of all your expenses
- Plan on increasing your savings by up to 15 to 20 per cent of your income.
- Look for ways to save on your fixed monthly expenses
- Set Savings Goal
- Carefully pick the right tool that will help you best save for your goals
- Buy your food items in a quantity that can last long
- Cut down on unnecessary spending
- Watch your savings grow
- Get out of debt
- Put a spending limit on your card
- Automate your spending
- Take up a side hustle
- Sell your unused items
See the video below for more tips on how to save.
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