August is here! Seems like the days are just flying by without hesitation. It’s also a reminder that time waits for no man and neither will your savings. The earlier you decide to save, the better.
August started pretty well for me as I went back to my evening routine of seeing how much I have spent in a day and recording it in my Pocket Expense app. I bought the full version of the app to be able to enjoy all its features.
I have set a strict budget for August to manage my expenses. The budget also includes how much I will be saving in the month and this amount is one that I will deposit into my savings account before embarking on any expenditures.
After my previous post on Facebook on ‘Say Yes to Savings’, I received an overwhelming response from my fans. Some expressed the desire to take part in the challenge, whilst others shared their experiences with savings and how they manage to save. It was also interesting to note that some didn’t even believe in savings.
One reader shared how he uses treasury bills to save by deducting some amount from his monthly pay into the bills.
I have scoured around and a few people say Money markets are better than savings accounts. This reminds me of my Mfund account that I opened as a student.
When I was a student at the University of Ghana, I opened a savings account in which I saved 5cedis a week until after school when I started earning more and saved more. Being a student and saving seems to be a challenge for some of my fans. In school, I kept my expenses down by maintaining a low maintenance lifestyle with the pocket money my Mom gave me each month. This can be difficult for those who succumb to peer pressure and end up spending more than they earn.
It was encouraging to read how some were also using apps such as Microsoft Money to track their expenses. I use Pocket Expense, which is in the App Store. As mentioned earlier, it’s a useful personal finance tool and I didn’t mind purchasing the full version. Technology can really help you in managing your savings and expenditures. Whenever I see the report for the month on areas where I spend heavily, I cringe. Then I resolve to do better next month.
I have also been thinking of having a savings buddy. A close friend facing the same challenges as me – we could put our heads together on how to overcome our savings hurdles. That could be fun, I think.
How are you overcoming your challenges in saving? Do share in the comments below and let’s see how we can be better savers than consumers. Please do add the hashtag #AfricaSaves in your comments. Visit the Barclays website for more information about their savings account.