Good evening beautiful people,I hope you are well.Today I would like to talk about saving money.You may be wondering why you need to save some doh for a hobby or leisure activity but I tell you that it is important to have some money kept so as to help you enjoy your leisure activity and even more to accomplish whatever project you choose to do during your leisure time.There are more than one reasons for an individual to save money,a few reasons maybe:-
To buy materials needed to accomplish a knitting project that you are planning to do.
For one to start knitting anything at all, there are items/materials that you MUST have.These include; knitting needles or crotchet hook(depending on the pattern that you are planning to knit), yarn of your choice (remember the size of your needles/crotchet hook determine the size of your yarn), a stitch maker(esp for beginners), a measuring tape, a tapestry needle(to weave in your loose ends) and a pair of scissors.
These materials need to be bought first by any beginner and that’s why you may need to have some savings to help you purchase these materials that are a must for any knitting project
Buttons,buckles,hooks and zippers are not materials to be used in every project but an individual can use them to accessories knitted bags,tops,sweaters and even scarfs.
Other reasons for saving money may be:-
For emergencies e.g sickness
For luxuries e.g to buy a phone
For a better future e.g fulfill future plans
HOW TO SAVE
For those without a permanent job you may choose to save the daily or weekly leftovers in form of coins.This form of saving may take longer for one to reach their target but the good news is you only need a little patience to get you there.
You may put the money in an air tight container with a small opening at the top to allow you put in your coins but not remove them.Most of such containers are usually destroyed when removing the savings from the container at the end of the time you set for yourself to save.This means that you should plan and save early enough before you embark on a certain project.
For those having a permanent job or with a regular source of income,plan on saving a certain minimum amount monthly and save it.Therefore make sure you know your monthly income, your monthly expenses, your monthly balance and how much you can save from your balance.
WHERE TO SAVE
You can save on your phone.For those in Kenya you can save on Mpesa,Mshwari and other mobile platforms.
These platforms allow you to save and control your money on your phone for a certain period of time.
You can have a lock savings account where you lock your money for a certain amount of time or a target savings account where you save until you reach a certain target.
You can save in the bank.We have a number of banks to choose from and I would recommend that savings for long term projects should be kept in the bank.You should ensure that the bank you choose has an interest rate that works for you and also ensure you are aware of how the bank operates in terms of withdrawing your savings and also the monthly deposits required.
N/B: Savings come in handy for a knitter, this is because sometimes a project may require more yarn and without savings on standby,you may be unable to complete your project because of lack of money to buy yarn, so ensure you have something in store for a rainy day.
To ensure that you gain financial discipline and develop a saving culture here are some tips:
1.Make sure you plan on how to use your finances.
2.Operate with a budget to ensure discipline,you may avoid carrying extra cash to avoid overspending.
3.You can postpone buying stuff that are less significant when saving for a project.
4.Keep a record of your expenditure.
5.Stop impulse buying or better yet don’t buy what you haven’t planned for.
6.Have a monthly review of your money.
7.Make sure you have a relationship with your money, make sure you understand where It is going and how It Is helping you.
Life is like a beautiful melody,only the lyrics are messed up.