Inculcating the culture of saving money

Woman with coins in jar

From a very young age, we are encouraged on the need to develop a saving habit. The rallying cry is that we should never spend more than we earn and when we actually get to spend money, let’s ensure that it’s within our budget. Of course, this logic reverberates in every part of the world. It is no wonder then that one of our resolutions every New Year has to do with saving money. Parents too have been challenged to develop and inculcate a saving culture in their kids. After all, reckless spending can indeed put you into a very difficult position.


Personally, the impetus for me to save is informed by a number of things. For one, my desire to invest, buy a home and ensure that I have sufficient emergency funds has always been the driving force behind my obsession with money saving. The truth of the matter is that you cannot effectively save if you don’t have a goal of why you are saving your money in the first place. Do you want to buy your first car? Do you want to enroll for master’s degree next year? Do you want to save for your kid’s college? Or does the idea of buying a home the driving force behind your fervent money saving?

Whatever the reason, goal or objective, it’s highly recommended that you stick to a plan however hard the situation might be. Personally, I realized early on that I cannot develop a saving habit if I don’t exercise self-discipline. Let’s face it. There is a lot of money that pass through our hands in any given year and the pressure to conform or to blend in and be like our neighbors or the people we went to school with can take the better of us. We might find ourselves buying a second car simply because a colleague bought one the other day.

Conversely, we might find ourselves blowing our hard earned cash on an expensive vacation simply because we want to make a statement that we also can do just like our neighbors or colleagues at work. The trouble is that the moment you lose sight of your objectives as regards saving, then you will find the tide rough. Self-discipline is important however much you feel like you need to blend in. The first thing you need to come to terms with is that saving is never easy.

Gold Coins and plant isolated on white background

It is not simply a matter of saying that we shall be saving a designated amount of money monthly. If you lack the self-discipline, you might find the going tough and you might actually give up saving money all together. A proper plan of what you are saving for is essential. However, self-discipline is what will actually get you there. Save in a piggy bank or homemade penny bank especially if you are in high school and yet to have a savings account with a bank. The attractive thing about homemade penny bank is that the only way to get access to money is break it which serves to keep you in check especially if you are a spendthrift.

Alternatively, if you feel as if you have itchy fingers (pun not intended) or simply can’t resist the urge to spend money, it could be time for you maybe to resort to saving in a fixed deposit account over a period of time. The goal for saving the money should be clear and you should only withdraw the money after you reach the target. Another ingenious way of saving money is through investment in securities that mature after a period of time.

Ensure that you are clear on the proportion of your income you wish to save every month and stick to your plan. If you are a greenhorn on matters saving and don’t know how to go about it, do not shy to consult a financial advisor to help you towards this endeavor. Trust you me that you won’t regret developing a saving habit from an early age!