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This Week In The Khuta – Namibians must save!

Ever heard of the saying that “A penny saved is a penny earned”. Well, it simply means that even if you just save a few coins every month/week, it makes a lot of difference in your pocket.From my own observation, I have realised that many Namibians do not save at all. I call it financial ignorance. Our finances are part of our lives, we have to take good care of them.
I remember the day when I laughed out loud, taking it as the joke of the century, when my father advised me to save, even if it is only one dollar per month. It made no sense to me. It took me a long journey to come to terms with understanding the importance of saving even a little.
Many students still think that saving is for the working class only. They tell themselves that they will only start to save when they get a job. But the earlier , the better. You can still open your special savings account, like a 32-day account while you are still in school. You can perhaps save 10% of your monthly allowance there. This way you can save for something that you want to buy. By doing this, not only will you stay out of debt, but you are also training yourself well from a young age that when you enter the job market one day, you will be able to save from your salary very well.
My decision to open a 32-day account during my first year of study at university attracted so many critics from my peers. They thought that saving was for “Big” people and I have to join them to enjoy my allowance. Well, one does not have to deprive oneself of enjoyment, but financial discipline starts with self discipline, financially.
At home, parents must also teach their children to save from a very young age. A piggy bank is advisable for every child. Children too have to save for things that they want to buy. And no matter how much money a family has, their children must not get all they want on the spot, but they must be taught to save for it. To save must be as important a lesson to children as any other lesson such as brushing their teeth, etc. In our childhood days, some of us never took saving seriously because it was not emphasised as mush as it was supposed to be. We only came to learn about it at a higher stage. But it is never too late, nor too early to save.
Saving is not jut about starting to save and that’s it, it takes commitment too. You have to come up with a savings plan, which is always better put down on paper. You have to determine how much you want to save, and on what basis, like, monthly or weekly . The best way to stay commited to your saving plan is by writing down what you want to save for.
There are some important things that we tend to avoid thinking that they are wrong and not the right way to save but once you follow them, you will see that they actually make a difference.
For example, Its OK to pick up your 50 cent coins that fall in public and it’s OK to have a piggy bank at the age of 30 or above. Never feel offended being called stingy knowing that your savings plan does good for you.
If you can not dicipline yourself to save well, make a monthly stop order from your normal savings account to your special notice account. And trust me, It will work best for you. Only buy things that you budget for so that you do not tamper with your savings intended for other things. Go for the best prices and you will save even more. An old man once said “ Money is not for those that earn it, but for those that save it”. Until next time, keep saving.

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