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    (How to form the habit you required to save more money)

    “The lasting favor you can confer to a child as a parent is helping the child to help itself”.

    Advising someone to save money without exposing the process to follow in order to save that money is what I think looks like an elusive statement.

    And the uppermost question in the mind of people who do not save is; “how can I do it?”

    As someone who finds it difficult to save, you should know that the process of saving money is---- all about habit. For this being the reason, we are going to start this article with THE LAW OF HABIT.

    According to the law of habit, it has been proven that any action or deed perform often, due to the repetition after a particular time become a routine and the brain has to be accustomed to it that, you do perform same action even when you are not told to.

    Speakers proved this to be true by saying that; by mere telling a story often and on which is based on pure fiction, the mind becomes accustomed with it that you immediately forget that the story was based on fiction and finally starting to believe it is true.

    1. DO NOT FIX YOUR MIND TO A GIVEN EARNING CAPACITY: this will make you not be able to earn more than that, because, law of habit will set up a definite limitation of the amount you can earn.

    2. INCREASE YOUR EARNING POWER: set up an accurate, definite description of that which you want, including the amount of money you intend to earn. This idea will destroy the poverty consciousness and set-up a prosperity consciousness. Definitely, you will begin to demand prosperity, also be expecting it, and finally begin to prepare yourself to receive it and to use it wisely; this will help you pave the way for the development of the habit of saving.

    3. MAKE USE OF LAW OF SAVING BY PROVISION: in your list of definite chief aim which you might have written down, make room for saving a definite proportion of all the money that comes your way.

    Note this: as your earning increases, your saving should increase likewise.
    By ever urging yourself and not fixing your mind on a given earning capacity, and by increasing your earning capacity, equally making use of provision by proportion as your earning capacity increases, you will reach the point at which you have removed all imaginary meditation from your mind and will soon be leading to the road towards financial independence.

    To prove these three habit of saving principles true, let us reverse the operation of the law of habit with little illustrative story;
    Using magazine publishers as an example, they could create a panic in daily business news by filling their bulletin with news about business failure of the country, despite the fact that, few businesses to be compared with many who succeeded failed. Yet, people and the country go worried about the incessant failure of businesses in the country.

    The kidnapping saga then in one state of Abia in south-east of Nigeria is another example. The report of the kidnapping crime in Abia consistently, triggered the same pattern of crime in other states of the south-east then, like Anambra and Imo.

    The so called “crime waves” are in a large extent the product of sensational journalism.

    Debt, a fatal enemy of the savings habit

    If you ask me who is the merciless master? I will tell you DEBT is. It is a fatal enemy of the savings habit.

    No man can save or form the habit of saving with heavy debt hanging on his neck, poverty alone is cable to kill-off ambition, destroy self-confidence, and destroy your hope, then think of when added to it the burden of debt.

    All who are victim of these two cruel masters are practically doomed to failure.

    So, have it in mind that the accumulation of debt is a habit. And it starts in a small way and grows until it accumulates to subduing tendency and you will be heavily indebted.

    Many young men start their marriage with heavy debt hanging on their neck, and when the eve of sweet married life continues to wear-off then what follows is dissatisfaction and often times divorce.

    Avoiding slavery of debt and be able to form habit of saving;
    (a) Resolve to be no man debtor by thinking of what you owe yourself and those who are dependent upon you--- this is the advice of one successful man whose early life and chances were destroyed by debt.

    (b) Throw-off the habit of buying that which you did not need.

    For our information, there are two classes of debt as described below:
    1. Dead loss debt( debt incurred for luxuries)

    2. Professional or business trading debt ( debt incurred in the course of professional or business trading which represent service that can be converted back into assets)

    Note this: the first class of debt is what you should avoid. You may indulge in the second class providing the debtor uses judgment and do not go beyond the bound of your reasonable limitation.
    i.e., be conscious of the type of business carrier you want to get indebted into. It should be lucrative so that you could be able to pay back in possible time.
    In this article, we started from;
    1. how to form the habit you required to save more money;
    3. Debt, a fatal enemy of the savings habit;
    4. Avoiding slavery of debt and be able to form habit of saving;
    5. Two classes of debt.

    I advise you take time to read and digest this and you will be on your way to forming THE HABIT OF SAVING MORE MONEY. Which is a step to financial success, he who does not save hardly get rich.
    In my next article, we will be treating the linkage to this which goes like this; HOW MUCH ONE IS EXPECTED TO SAVE (is there definite amount one should save?)

    So, if you want to be the first to receive similar article whenever I write one, kindly follow this link: to receive my newsletter because, I write two articles every week for the next future.

    Thank you and remain blessed!
    Kingsley Anyi

    Date_Posted:---2017-12-03 19:34:25


Date_Posted:---2018-03-10 07:55:14