Low income earners are finding it difficult to save. No thanks to increase in the prices of essential commodities; from the price of petrol, to beverages, food stuff, , electricity, clothings, rent etc. The minimum wage is not enough and the government has not reviewed it to reflect recent inflation (which is at double digit) in prices. So how do we save when there’s little or nothing left after meeting our basic needs with our meagre salary? Since the incomes are low and prices of commodities are high there is need to be smart and innovative to ensure we save to meet our other needs. So what are these smart and innovative ways to save in this economy? They are:
1.prudent spending: Yes the salary is small and things are costly in the market. But prudent spending is a great way of cutting unnecessary costs and expenses. You have to separate your needs from wants, your needs are basic things you cannot do without or that are necessary while your wants are your desires that are not necessary. You should spend your income to meet your basic necessities and not desires. For example buying food stuff and paying rent are necessary but buying wig is not. So if you spend your income judiciously you can have something to save.
2. Buy local commodities: the recent free fall of the naira against the dollar has affected the price of imported goods. The price of foreign goods has sky rocketed and it’s not advisable to buy from your small salary. So instead of buying imported rice, imported clothes, imported shoes etc buy locally made rice, beans, clothes and shoes. Locally made products are of lesser price and sometimes of better quality than some imported products. And most importantly you can save from your salary when you spend less.
3. Earn from other sources: to survive in today’s economy you must have multiple sources of income to buttress your salary. For example you can start trading in goods and services, you can learn photography, you can also learn graphics design, you can invest in cryptocurrency, fashion designing is also a good venture, you can start a farm at your backyard, you can start freelance jobs etc. Your other sources of income will ensure that you have something to save.
4. Join a thrift: thrifts are traditional means of saving money. With the latest technology savings can be automated that immediately your salary is payed a certain amount would be removed. This goes a long way in ensuring that you save. Companies like piggyvest and cowrywise have made online thrifts easy to access and they even add a certain percentage to your savings.
Generally, saving should be encouraged amongst all , both young and old, male and female, rich and poor should be encouraged to save no matter how small.
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