<div class="text-justify">

There are some people whose major financial challenge is not how to make money but how to save it. That is, they know that money comes into their hands but before they could say "Jack", the money will be long gone. It is not that the money was stolen or missing but because of unwholesome spendings. Imagine when someone spends almost as much as he makes or even more, how will the person be able to save anything. Here, we will look at some tips that can assist you to saving money.

<center>![Screenshot_20220329-180709_Chrome.jpg](https://cdn.steemitimages.com/DQmZKbXxjJgpBJQ7bBPXky4tK5Ge7xXvfJJRvRtSuyUqZNw/Screenshot_20220329-180709_Chrome.jpg)</center>

<center><sub>Image from [Pixabay](https://pixabay.com/vectors/earth-globe-plant-eco-green-158806)</sub></center>

### 1. Make a record of your expenditures

Many people find it hard to keep tracks of how their money is spent and they will end up not knowing exactly where their money went to. This is why recording expenditures is very important. It is true that you may not be able to get an exact figure because of minor miscellaneous expenses, but at least, you will know the bulk of where your money normally goes to. I have a friend that shared an important experience with me. He normally notices that money disappears from his hands, and each time he withdraws money, he will not know what he does with the money and it will vanish.

Then I asked him where he normally goes to each time he withdraws money. He told me that there is a local bar beside the P.O.S vendor where he withdraws money that sells fresh Palm Wine and bush meat. And most times, his friends also comes around the bar and they drink together. I then asked him to take note of how much he goes into the bar with and then how much he comes out with. To his surprise, he discovered that over half of the money he normally withdraws goes into the bar. When he discovered this, his redemption came. This is not saying that you should not hang out with friends or have fun, but you should not sacrifice your future for the moment.

### 2. Having a priority list and a budget

It is worrisome that quite a number of people spend on impromptu and on things that are not necessary. When spending, you need to have a specific budget that you need to follow that will guide you through spending, so that you will not spending unnecessarily. Meanwhile, while making your budget, you should put into account your needs. Obviously, your needs should be prioritized; when spending; over your wants. While drafting your budget, it should be in line with your present income and not based on future income prediction. That is, budget for the money you have at hand, not the one that you hope to have.

More so, when drafting your budget, you should also consider that fact that prices of commodities are not constant and might change at anytime, so you can include a little overage to compensate for the increase in price of commodities. You should also know that "needs" can become "wants" (and vice verse) along the line, so you should be able to know when it changes and then update your budget accordingly. Also, as your income changes, you can also change your budget to reflect the changes.

<center>![money-256312__480.webp](https://cdn.steemitimages.com/DQmT7UKPvprpyUUhD7uLCrbQzTedzvQ9L5o5JqGBDg2E6xV/money-256312__480.webp)</center>

<center><sub>Image from [Pixabay](https://pixabay.com/photos/money-bills-calculator-to-save-256312)</sub></center>

### 3. Have a specific saving goal

To be able to save effectively, you need to have a clear goal of how much you want to save over a period of time, and this will help you to stay on course while saving. However, you have to know that this should be realistic and logical, and should also be based on your current income. Having an unrealistic saving goal can be counterproductive, because the person may end up not saving anything at all. You should also know that, for the best result, your savings should come at the beginning. That is, save first, then after that, your spending can come in.

Saving goals can be for varying durations. Some can be for short to medium term (like saving for a family vacation, saving to set up a mini business venture, etc), while others can be for long term goals (like saving for your retirement, etc). To help you with your long term goals, you can set mini goals and as you hit the goal, it will give you the encouragement that a bigger goal is doable and possible. In other words, you can motivate yourself for the bigger goals by setting mini goals and achieving it.

***Thanks for reading***

<div class=phishy>Peace on y'all</div>

https://files.steempeak.com/file/steempeak/samminator/htu0yqPT-unknown-2.png

https://files.peakd.com/file/peakd-hive/samminator/242humvD58PJ6Y9Tgr8yEcPhbgmtiQCBYijcLDxqsQrjETUiqVUGwaYMZX3uuxN1C9fV6.gif
</div>

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@samminator/financial-skills-to-saving-money-part-1)