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Yesterday at home, I overheard a neighbour telling his wife, “if not for this bad economy, I bet we would have a savings, invest more in your business and have more money.” This simple statement revealed a lot about how their financial life is managed.

While many will quickly associate with the man’s statement, that should not be the norm. Soon after he made that statement, I found out the man is employed and money comes in at the end of the month (no matter how little).

Sadly, many make the mistake of waiting until they earn enough before they can save and invest. But that rarely happens, if ever.

The lack of money to invest and be financially free in the long run is indicative of a lack of planning. Rather than wait until you earn enough, start now to learn to save. For when you are diligent in the use of your present “little” you can be certain to make good use of even more.

The truth is, every individual’s circumstances are different. And the economy affects everyone in a different way. But saving should not be neglected, as long as you earn money.

See here if any of the reasons people have given over the years for not saving sound a lot like yours;

1.    My needs are more than my income:

That be deceived even the rich also complaint about this.

2.    I cannot be starving, in the name of saving:

This only makes people want to spend. They better eat it all, than keep some money away.

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3.    I’ll Start Saving Later:

This is a huge financial mistake. Procrastination can be very costly. Think of what you would have accumulated, plus interest, saving just N1,000 over 25 years. If you choose to start saving later, you would only accumulate much less. This is the advantage of compound interest.

4.    I cannot take it with you when I die:

While it is true that at death, you can’t take your savings away. You must also realize that, others will also have to bear the cost of your funeral. If for nothing, keep something aside for them to use in little those expenses.

5.    The interest rate discourages savings:

There has not been a time when interest rate has ever encouraged saving. The interest rates has not always provided for the rate of inflation in the economy and a modest return on your investment.

Regardless of what excuses you have used in the past, the truth remains that saving is one of the ways you guarantee that you and your family will have something set aside for when you really need it.

So, what are you waiting for? Start saving today.

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