Keeping Your Saving Game In the Game During Difficult Times

Maria Karima Head - Corporate Affairs & Marketing Investrust Bank Plc Dear Reader, We trust that you and your families are well and that you are keeping safe by following all the health guidelines shared by the Ministry of Health. COVID - 19 cases are on the rise, and we all ought to be diligent in taking care of ourselves and loved ones. We continue to share stories of how we can enhance some good behaviours necessary to change the quality of our lives and that of our loved ones particularly during this difficult time; juggling through life as we deal with the effects and mitigation of the COVID – 19 pandemic has taken its toll on our lives in unimaginable ways. We are all encouraged to identify areas of our lives that need improvement so that we optimise on opportunities that this period brings about for us to execute our chosen goals. One thing that comes to mind is the opportunity to save a little more during this difficult time. This is attributed to the fact that we are not able to have ‘extra feel good’ activities with our families that we would normally have. These range from dinning out to going on holidays and vacations. This clearly presents an opportunity for us to give our Lives a Lift through enhanced savings. Make Saving A Way of Life Dear Reader, like we keep saying, saving is everyone’s business, we all have everything to do with it. It is our responsibility to ensure that we make Savings our way of life if we are to change the quality of our lives and that of our loved ones. We should always remember to involve our young ones in money management planning so that they learn about this way of life soon enough before they graduate to adult life. Teaching them early in their lives will translate into raising a nation of Savers who will ultimately contribute to the growth of our economy.

Lifting Our Lives Through Saving The opportunity this period provides for us to enhance our Saving power endorses and reaffirms the importance of Saving in our lives. Savings give our lives a lift in so many ways. Savings are a cornerstone to our financial stability. This calls for us to be vigilant and consistent in the manner in which we save. We have to be intentional and deliberate about it. Getting organised in keeping your personal savings on track is extremely important in your Financial Freedom journey and Financial health. The same principle applies for salaried people and entrepreneurs; as a matter of fact, you need to really step up your game as an entrepreneur so that you do not experience big money challenges should you face financial emergencies. Increasing Your Savings Couldn’t Be Easier Whereas we stick to reasonable amounts that we can spare or save each month, there is no harm in increasing your Savings when you can. Aiming to do this is a very smart way of accelerating your Financial Freedom journey and attainment of your goals. Sometimes we have a weakness to increase our spend when we unexpectedly find ourselves with money (which can range from pay rise to bonuses). When this happens, the next natural thing we think of is to spend; it should, however, not be this way. We should develop the habit to save such monies. Like we keep saying, making Saving a habit is more behavioural than it is a skill, so the power is with and within you to lift your life and that of your loved ones. Following the guidelines below can help you to increase your Savings and ultimately to attain your financial goals. 1. Set Up An Emergency Fund Goal This is the starting point – when you decide to increase your savings and when you are intentional about it, the first thing that you do is set a goal. Remember that this goal must not be general because if it is, you are most likely going to fail. Your goal should be achievable and realistic and should depend on your recurring expenses and the likelihood of facing a costly emergency. To shield yourself from any unexpected eventualities, ensure that you save enough to enable you to live normally should you face the unexpected. Remember that no one plans for job losses, layoffs, injuries or car accidents, these just happen. Experts advise that you put aside enough money to see you through a rough time in your life for three to six months. If you are self-employed, you are encouraged to increase this to twelve months. 2. Make Savings Automatic Savings can be hard! Most people say that one of the hardest parts of saving is remembering to do it. This translates into the fact that when we take care of this aspect, then we are set to succeed. With modern banking facilities and tools available to us, this is a no brainer. Make the process automatic and be sure to ensure that it is the first thing that you do when you receive your income. Pay yourself first! Every kwacha counts, so do not be discouraged by how little you think the money you are putting aside is. 3. Split Your Accounts Splitting your accounts makes ‘ business’ sense. Ensure that you separate your money into accounts that will help you to manage and monitor it well. The best practice is to have a transactional account which you can use for your regular expenses and to have money that you do not have an immediate use for in another interest-bearing account. Always be sure to be consistent with this task and to do it as soon as you receive your income. 4. Save Cash Windfalls We all love cash windfalls. Work bonuses, pay rise, tax refunds, and even cash gifts excite us. With these come the temptation to spend. We forget that our lives are normal without these amounts; why do we all of a sudden think we need to spend more just because we have money we did not expect? The temptation is great, but we can use our saving will power to withstand it. We can use such money to build greater emergency funds or to increase our saving pots, we must embrace such moments as savings opportunities which we much never squander. 5. Make Yourself A Saving Expert When all is said and done, only you can account for your progress regarding saving. Learn as much as you can about how you can do it better. Remember to take your family and friends along with you on this journey, the many the merrier! Teach your children about the importance of saving early enough in their lives. It is your responsibility to lift their lives, and there can be no better way to do this than to raise Money Smart kids. 6. Lift Your Life Even More – Save Even More! Your personal finances are an integral part of your life, and they are too critical to ignore. Organise yourself in this area of your life. Start now if not doing so already. Money is more than good, it improves our quality of life, and it is sweet, it gives you freedom, it protects you from the stress that comes with the lack of it, it brings sanity in your life and more importantly, it is essential! With You On This Journey We trust that this story will help you to enhance your Saving goals. At Investrust Bank Plc (IBP), we are always glad to share uplifting life stories that matter through various media platforms such as this Column. Please be sure to contact any of our IBP branches nearest to you for suitable and tailor-made products and services that can help you to accelerate the attainment of your Financial Freedom goals. Until next week, stay clear of COVID -19, stay blessed and be a blessing to others.