Saving with a purpose in 2021
Feb. 1, 2021
Happy new month, now that we are in the second month of the year 2021 you must have made all your plans for the year and set targets. In this post we will look at how best to save money as a small business owner.
Saving for a rainy day is not a good enough reason to save money, it is indeed more optimal to save with a purpose. There are many reasons you might want to save some money, to buy more goods or restock, to expand your business, to reward yourself with a vacation, to buy a new phone, to get married. I can go on and on, however in a given point in time you need to list all your needs and then find out which of them you can save money up for, considering your income level. This is a very crucial part of your savings journey. You cannot be making 100 cedis daily and plan to save for a 2020 Mercedes-Benz.
You can start with the three most important reasons and make that your savings priority for the year. For example, if you run a small business and you have done the analysis we recommended in the paragraph above, you might end up with saving for retirement, saving to restock every 29th of the month and saving for kids school fees.
The next thing is to divide your savings in proportions that match the purpose. With our example above you can save 200 cedis every month and you put 50 cedis for retirement, 100 cedis for restocking and 50 cedis for school fees. If you use a piggybank or susu box, you can buy 3 and label them and you know what your responsibilities are every month.
Keeping track of all these can be a lot of work, but that is why JidiTrust exists so that you automate your savings with ease. With the new update on the application, you can set savings plans and the money will be deducted and saved for you in the different categories you set.