Tips on How to Retain Money
Learning to retain money in your pockets is very good for your personal development. It leads to success in business and enables you to plan for investment. People who save money manage their lives well even in hard financial times.
Most successful entrepreneurs do not spend their money luxuriously. It’s only those who have fallen into “things” that live a luxurious life. But the ones that work their way to riches retain money to remain prosperous. They keep the money to pass their wealth to the next generation.
What Tricks Should You Learn to Retain Money for Future Development?
Everyone can retain money. But the challenge is always that our behaviours tend to outweigh our reasoning and aspirations. If we change our styles of life, we can have cash in our pockets. Secondly, if we ably learn to avoid lousy expenditure, we can grow our money irrespective of how big or small our incomes are. Here are some of the tricks you can apply in your life to retain cash in your pockets.
1. Learn to Differentiate Between Wants and Needs
A need is something you must have and which you cannot do without. An excellent example of this is food. You need food to survive. But want is something you feel like having. It may not be necessary but a good thing to have. A good example is cigarettes. Yes, it makes you feel relaxed, but you don’t need it to survive.
In Uganda, it’s a common practice for many men, after getting some money, they get a second wife. Some get up to five wives. Yes, you may think you are enjoying life because you have some money. But the more wives you surround yourself with, the more your financial obligations increase. You eventually get caught up in financial problems. And if you are running a business, it can easily collapse.
Save Money
Hope you have seen wealthy business people around you, who had a lot of money and assets. When they die, their families begin to fight for the assets. Their once happy children start to suffer just because their father made the wrong choice. They went by what pleased them without considering first whether it was necessary.
Having more than one wife pleases many Ugandan men. However, it’s not a good thing to have because it depletes your resources. The resources you have during your lifetime should be passed onto your children to build healthy families and businesses. It’s therefore essential for any young man in Uganda to refrain from this practice.
To retain money in your pockets, you have to learn to spend your hard-earned cash on needs but not on wants. Should you marry more than one wife or concentrate on building a healthy family with one woman and a limited number of children to save your money for future development? Ask yourself such questions before you spend money.
2. Avoid Buying from Hawkers to Retain Money for Saving, Investment and Hard Times
In Uganda, there are hawkers everywhere. They sell different types of attractive merchandise. Many people buy from them. They spend money buying unnecessary items just because they have admired them. They lose money. But they have no plan when leaving their homes to purchase those items. You cannot retain cash if you spend it haphazardly.
3. Reduce Expenditure on Utility Bills
Utility bills constitute mainly water, electricity and telephone bills. How do you use your power, gas, water or telephone?
In many cases, people lose a lot of money on such items unprofitably. They leave lights on in rooms where they are not doing anything. Money goes unnoticed. They leave taps to leak without repair. They move with more than one phone and make “hello hello calls” day after day. Money goes. They save nothing and do not invest. Do you see that?
4. Monetise your Hobbies and Skills to Retain Cash in your Pockets
If you have a hobby like gardening, you can take advantage of that to make money out of it. There are two ways of doing it. You can grow crops to sell and earn money. You can alternatively grow plants to feed your family and retain money that you would use to buy food.
5. Cut Down on Eating Out
Most people leave their homes in the morning to go to work. At their workplaces, they buy breakfast. They also purchase lunch. Some even stretch their pockets further to buy evening tea. How about if you went with your tea and packed lunch from home? Wouldn’t you retain money for investment purposes? Think about it!
6. Retain Money by Driving Less
Everyone who gets money wants a nice car. Yes, cars ease our transport and our lives. But to most people, they are a liability. They empty your pockets on fuel and maintenance. If you do not need a car, use a taxi or a bus to travel to work. By so doing, you will retain money in your pockets for other development needs.
Conclusion
You cannot develop if you don’t save money. Secondly, you can never run a successful business with unnecessary expenditure. This is why I appeal to all Ugandans to learn how to retain money. The ways mentioned above can help you to save money for future developments. What other ways do you know in which one can save money? Share with us through the comment section.
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