Its funny how we have high hopes of Saving much after internship.
Some go as far as making huge plans and sooner or later end up dissatisfied or disappointed .Some actually make the best out their money and are fulfilled.
There was a remarkable event that occurred in one of our watsapp groups ,A lady who was done with Internship needed help to get an equipment which would help her as an entrepreneur.
Urhhm …..I was shocked and very surprised cause I practically didn’t expect it from her at least I convinced myself that someone who is done with Internship practically has enough in the bank but on the other hand ,I had to critically look at the matter and with the help of a friend came up with this .
There are different kinda brokage after Internship
1.) You may have invested long term with no cash you can use immediately
2.) You may not have invested and still have no cash, if your family also depends on you
3.) Your pay may not be anything to write home about making savings difficult.
4.) You may be foolish and spend all during internship 🤣😂😂..
Most times we are so focused on how to get money that we forget how to manage the one we already have.
A friend of mine Chime Chinonso Simon describes money as one of the hardest things to manage. Sometimes you get so much money and don’t know how the money was spent
When expenditure is higher than income you cannot save
Your income should be higher than your expenditure. There is need to keep record of your expenditure.
I think it’s quite funny when we keep tabs on our income. We already know how much we are expecting but keeping tabs on our spending seems difficult,we see it as being frugal .
He also Said that the first step to saving money is to figure out how much you spend. Keep track of all your expenses—that means every food, pure water and transportation you buy. Ideally, you can account for every penny. Once you have your data, organize the numbers by categories, such as data , airtime and house rent , and total each amount. Consider using your credit card or bank statements to help you with this. If you bank online, you may be able to filter your statements to easilybreak down your spending.
Make a budget Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget. Your budget should outline how your expenses measure up to your income—so you can plan your spending and limit overspending. In addition to your monthly expenses, be sure to factor in expenses that occur regularly but not every month, such as car maintenance
Plan on saving money Now that you’ve made a budget, create a savings category within it. Try to put away 10–15 percent of your income as savings. If your expenses are so high that you can’t save that much, it might be time to cut back. To doso, identify non-essentials that you can spend less on, such as entertainment and dining out.
Choose something to save for One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—anything from a down payment for a house to a vacation—then figure out how long it might take you to save for it.
A financial guru Charles Ukperi talked about discipline ,He said
most people underrate the power of discipline in money management. To me, it’s everything. Look around you, think of those clothes you bought and never wore, the shoes, the books bought but never read. It is because of financial indiscipline. Some complain that they just can’t help it whenever they have cash.
Lastly ,Avoid excessive spending .Hope it helped.