How to stop stealing from yourself

You may not be familiar with the principle of the seed and bread. When you eat your seed today, you rob yourself of bread tomorrow. This means spending what you should save is you practically robbing yourself.

It can get tricky, considering the economic climate of the nation, to save up but that doesn’t make it impossible. Here’s how:

1. Budget

This appears in all financial advice but that is because it is true and it works. Many of us just spend when we feel we have to and that’s it. Plan your expenses to be commensurate with your income, no matter how small then try and leave some as savings. Stick to your budget as much as you can.

2. Have an emergency stash

Contingencies will always arise. That’s life. Yet, you should not use your savings to resolve them. Have an emergency fund to cater to them but only when ABSOLUTELY IMPORTANT.

3. Reduce expenses

You may still be using your savings because you have not learned to curb your expenditure. Sit down and go over your lifestyle to see areas you can minimize spending.

4. Multiple streams of income

It may also not be your fault. Some of us have huge financial burdens that we must bear. This is why it is ideal not to rely on just your salary. Find something to do on the side that can yield some money, even if not so much. It may be a hobby that you can turn into a business.

5. Save far away

At times the itch to take out of your savings may come upon you because the money is accessible. I advise that you open a separate account for savings and not even collect an ATM card. The farther the money is from you, the better.