With all the talk about reserves and all, its important that we all self-retrospect. Reserves in an individual’s life are the savings we make after earning or making a profit. Saving money is more than a financial habit, it’s a mindset. Reserves help reduce anxiety and interrupt the debt cycle. People without reserves are forced to use kaloba when unexpected expenses occur.
Saving money is more than just a habit and requires practical skills. In order to succeed, one needs to have the ability to delay gratification. This means prioritizing long term benefits over immediate pleasures. By training yourself to wait for rewards, you can make more thoughtful financial decisions. If a child is demanding to go on a school trip that is way beyond your earnings or budget or your spouse is demanding to attend an event that is above your means, put your foot down and explain that getting into unnecessary debt is not wise.

Set clear goals that you can achieve. If you have a specific target such as a holiday in Botswana or Livingstone, it becomes easier to stay motivated and disciplined. If you plan to extend or renovate your house, set aside money monthly and have a target that in six months-time, you would have saved a specific amount to kick start your project.

Money and savings must be categorized into different accounts. Have mental accounts for emergencies, daily expenses, entertainment etc to avoid unnecessary spending’s. And in doing so, ensure you are putting aside a little as savings. If you afford contributing to village banking groups and chilimba groups, then you can afford putting aside a little as savings. And this is dependant on how much you earn.

Identify the behavioural triggers that make you spend all your money so that you can avoid impulsive buying. Whether its stress, societal pressure when everyone else is shopping or buying expensive drinks, recognize these triggers so that you can avoid them.
It is also advisable to transfer money to accounts that you cannot easily access or deliberately tell yourself how much money you are spending on a particular evening or event and stick to the budget or amount you said you would spend. If you reach your limit for that event, do not be tempted to spend more.

Track the progress of your savings in line with how much you should spend. If you are saving K300 per month, see how much you have in 9 months and applaud yourself for a job well done.

Understanding the benefits of savings will strengthen your commitment. Read and educate yourself on tips of how to save and have reserves. Start by focusing on one habit at a time, rather than trying to shift all the habits that you have.
Surrounding yourself with people who have the same view as you is helpful. Surround yourself with people who have interest in saving and have similar financial goals as yours. Like I always say, if you are building and your friends have no idea on the cost of cement or cannot differentiate between building sand and river sand, then you have wrong company of friends and your prayer must be, “mwe lesa nchinjeni aba nandi.”

Before each purchase you make, ask yourself if it aligns with your financial goals. This practice will help you make intentional spending and avoid impulse buying. Each step towards your savings goal is an achievement.

And remind yourself that change is non linear, and it is totally normal to fall off the wagon. If we punish ourselves for this failure to keep reserves, we might create a negative association, which is going to be off putting for our brain when we try to get back on track.

Our brains are designed to conserve energy and create routine – they’re designed to go on auto pilot. And our habits can be formed over weeks, months or years. Learning to save is a habit that we can develop and strengthen and this habit can bring up significant results over time. These small habits and choices can add up to significant sums of money over time.

Most people think they don’t earn enough to save and don’t bother saving at all. Challenge your perceptions –you might just have to reconsider your perceptions of what is worth saving. A K100 saved every month for 12 months amounts to K1200. If you can afford a K 500, by the end of 12 months you will have K6000. This money can make a whole lot of a difference.

Developing a mindset that believes in “reserves” requires one to be on a journey that understands and implements strategies that reinforce positive habits that delay gratification, sets clear goals and practices mindful spending. The key is really to be consistency and have a positive mind that you can do it and you will watch your reserves (savings) grow.
Seek help when in need, visit a Counsellor near you!