NYAKOE: Save me today, I’ll save you tomorrow

As much as we spend the little we have obtained on needs and wants, let’s endeavour to save a percentage of the total amount. The baseline of saving is, ‘save money today and the money will save you someday’.

Individuals save for many reasons – education, property purchase, retirement or marriages and weddings. It’s very demotivating to see folks who earn enough show poor spending habits. They invest more on wants such as travelling and fashion and neglect to put something aside for tomorrow.

Most people need to be coached on financial planning to stop them from wasting their finances. Balancing wants, needs and saving effectively is one of the most underrated skills in the world. Thrift, which is vigilant management of money, should be an indispensable habit. But people seem to spend impulsively and on what they cannot afford or what is futile.

The world is changing. We need to think of long-term saving techniques. People need to understand that there is no job that lasts forever. Some convince themselves that they have all the time and they will save tomorrow.

Abrupt termination of jobs should be treated as one of the risks in any job, hence, spur prior planning. Job loss should not come as an emergency. Saving is the state of being accountable and transparent on how you spend and keep a segment of the total income for the future.

Saving is actually being self-disciplined. The secret behind becoming financially steady and wealthy is to switch gears from spending more to putting aside and generating more. Experts advise that you should not save what is left after spending but spend what’s left after saving.

Journalism and communication student, Moi University