MONEY IS GOOD, USE IT WISELY
A lot of people get money. Unfortunately, not everyone gets big money. Majority of people we interact with as Sumac Microfinance Bank are the ordinary citizens who find it even harder to get an extra coin out of their income to save. In essence, there isn’t enough to go round.
In harsh economic times, the best you can do for yourself is to use your money wisely. When you use prudential financial planning, you may earn just enough, and yet be able to take care of so many needs and remain with something in your pocket for savings. How you do it is not rocket science. Money can be saved at all times.
The following tips are some of the advisories we would like to give as a Microfinance institution to help you use your money wisely
Develop a budget
It is important to have a budget that is properly drawn to take into account the income you expect vis-a-vis the expenditure you have to contend with. With a well-laid out budget, you can decide on the expenditure areas to cut out and still save a coin. A budget is the best way through which you could control your expenses
2. Save, and invest
If it is possible, when you have drawn your budget, find out how it is possible to save at least 15 per cent of your income. If that is possible, you will be on your way to financial freedom. The money saved can be channeled into different investment vehicles including fixed deposit accounts, shares, bonds and others. In the long run, you could also invest it in real estate which is often appreciating every other day.
3. Cut out unnecessary indulgence
If possible, consider certain unnecessary indulgences as wasteful endeavours which have to be slashed off your income. Too much drinking every so often is not good for your financial and physical health. Traveling for holidays every now and then is also not good for your savings. If you can limit the number of times you travel, you’d save yourself a lot of money. The same goes with cutting off indulgences like alcoholism and other related ills.
At Sumac Microfinance Bank, we are happy to offer you counsel on how you can save and make your money work for you. Visit any of our branches for more information on how you can save regardless of what you earn.