Home #Real Talks Corner With Deespeakable THE THEORY OF EARNING, SAVING AND SPENDING


by admin

Merriam Webster Dictionary defines the act of

Earning as: receiving as return for effort and especially for work done or services rendered

Spending as: using money to pay for something.

Saving as: an amount of money that you have saved especially in a bank over a period of time/ an amount of money that is not spent or used.

Knowing all these, how do we find a balance between them? Do you believe in

A. Taking a percentage from your earnings and saving it in a different account. Or

B. Taking that same percentage and reinvesting it to make more money?

Here are the opinions I got:

Gideon says ” I go with option B but both of them work hand in hand. When you talk of investment, and I mean real investment, you have to save enough to be able to invest well. In Nigeria, you should be looking at 100k and above and investing in viable businesses that have good products and services and have been operating for a period of nothing less than 6 months to one year with a good track record.”

Daniel says “I believe in taking some money from whatever you earn and separating it….if possible in different accounts. If you keep your money in your account, it’s just going to be that ‘money kept in account’ which attracts a meagre interest at the end of a fiscal year. On the issue of investments, there are certain investments we all should be involved in before we start looking for megabucks investment ventures.

The major one being in your capacity to earn more, if not, all your other investments may just be of little significance. Spending Less than you earn and Saving before you Spend also works Except in worse case scenarios.”

Priscilla Says “Get a book, write it down, set reminders of each day for certain tasks. E.g withdraw once a week every Wednesday, etc. Most importantly, don’t decieve yourself. If you only have enough to spend without saving, just live on that.In the future, you’ll know what to cut out to enable you save enough.

If you want to invest in anything and it’s not up to 100k minimum, the profit won’t be encouraging. It is also better to have a seperate savings accounts, cut the atm card to prevent withdrawals.Infact, write the account number somewhere you won’t remember.”

Uche says “This year..I made saving a priority…(sent it to the account of someone who will not give me back) then I spend the change…when it finishes na me and hunger…because i need more money..I started channelling my thoughts to earning more..savings becomes sweeter when you start seeing your money pile up..not when its still change sha. In Economics, Savings S=Investment I. You can be using 10k..15k from your salary to invest…but once you get like 50k..100k…500k savings..you can do a lot more business, make bigger investment. ..so instead of using small money to do small things..you can save a little more..use bigger money to achieve bigger and more notable things.”

Okilo says “Investment wins for me, although most times it gets risky. That’s why before you invest, study the scene properly. But then saving is also key.”

Rotimi says “Well, it depends on what your plan is. There are different reasons we hold & save money. Personally, I will save in a different account, with a time frame in mind & of course an amount as well. Once I’m that level, I can now reinvest my savings.”

Gloria says “There’s a saying, I’ll just rephrase in order to make money, you must be willing to take some risks. I believe in saving money as presented by option ‘A’. However, of what use is keeping the money in a bank ‘safely’ if you can make some investments and make more money. Note: whatever investment one intends to venture into, you must ensure you make proper findings about all that’s involved.
Moreso, ensure you have some spare cash to fall back to in the event where the returns on investment seem to be taking a while before coming through.”

I learnt something! I hope you learnt a thing or two as well, feel free to drop your ideas and perspectives on earning, spending and saving in the comment section.

Thanks for stopping by, have a blessed day!

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Omotunde May 7, 2019 - 1:17 pm

Well said Desewa,it is very necessary to save as long as you are earning an income,as for me,I run a cake business, and I have a separate account for my business where I put some percentage of my profit and get to use some for equipments with the aim of returning it back, discipline and determination is just the key!!

desewamartins May 7, 2019 - 1:31 pm

Thank you Kemi. Truly discipline and determination is the drive ????????????

Marilyn John-Aso May 23, 2019 - 1:26 am

I learnt alot from this dear????????
Both investment and savings are both very key if you want to generate more money.
I believe it all ultimately depends on your goals as regards to what the money you have saved or invested can do for you but personally I’ll go with “Always try to invest your money and see how it can bring you more money” ????

desewamartins May 23, 2019 - 7:32 am

Thanks for contributing dear, I personally think investments and saving are both important.


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