Objective
- To help teenagers learn the basics of savings budgeting and investing.
- To help teenagers understand the importance of savings.
- To make teenagers learn how to analyse their current spending and saving habits, challenges and opportunities.
- To make teenagers understand the tips for cutting spending and increase savings.
SAVING CULTURE
Savings refers to money we put aside for future use rather than spending it immediately.
What does the bible say about saving? Prov. 6:6-8, Prov. 10:4-5, Prov. 21:20.
We are accountable to God for how we use the things He has given to us, including money. Saving money demonstrates good stewardship of the resources God has given to us.
Last year(during teens camp) we learnt how to earn or make money…, now let’s talk about Saving some. For most of you Teenagers managing your finances is the least of your concern. You may say you have limited amount of money and little or no expenses. But this is the time you can learn to manage money in a real-world environment and be financially responsible as adults.
Know that there is never going to be enough money to save. That is what you must first accept if you want to develop the habit of saving. To have enough for most people will not necessarily get them to save. You graduate, and getting a job will not get you to save. A bigger fat pocket money will not get you to save. NYSC allowee will not get u to save. Getting older will not enable you to save. All these are excuses not to start saving today. If you are not saving with what you have today, chances are you will not save when you have more money. (The Bible says he who’s not faithful with little, will not be faithful with much) simply because you do not have a culture of saving. Culture, is habit, culture is a way of thinking, behaving or working that exists in a society or organization. And when something is done consistently it becomes a habit; a habit done over and over becomes a way of life #culture! Let’s take a look at our generation, we have a spending culture as opposed to a Saving Culture. This is why most often, more money means more spending, though we often delude ourselves into thinking we will invest or save when more money comes along. Trust me; the world is never going to run out of things you can buy… (if you ask me, na who I go ask) for example phones… you have the latest phone, and a month later another model or upgraded version of your phone will be there… Doohhh!
It teaches you values and order of priority.
It helps remove the scarcity mentality as most people do not save because they think they do not have enough money to save (lies from the pit of hell). So, they are consistently in the frame of mind of “there is not enough” “If the thought of lack has become a part of who you think you are, you will experience lack and all you will see is lack” …says Eckhart Tolle. Simply put, if you actually believe today that what you have is not enough, it will never be enough because you are focused on the wrong thing. Put this into practice, just start saving. Nothing is too small to start with, work with what you have (could be ₦20, ₦100, ₦500 or ₦1,000) and don’t procrastinate with the ₦10,000 you hope to have one day. Do not wait to FEEL you can afford to save, just do it NOW! You will discover you did not die because you saved. The things that are important went on, you still have data to browse, you covered your transport costs, you bought that latest dress, shoes, headphones and you ate food and lots more. This is the start of instilling confidence that you can do it (Yes You Can) and you will then find it easier to start increasing the amounts you save. If you have struggled with saving before now, get back to it and better off starting with a small consistent amount and building on it rather than a large amount which you give up on the way.
Savings Culture is the doorway to wealth creation and wealth can’t be created by a person constantly thinking “there is never enough”. I have met very many (adults) who want to know where to invest but they have never cultivated the discipline of putting money aside. Many of them are using NOT KNOWING WHERE to INVEST as an excuse not to save. You do not have to know precisely where to invest before you start saving. When you consistently save your kobo kobo even in something as straight forward as a piggy bank, you are more likely to start thinking of ways and information about how best to utilize your kobo kobo savings, because preparation meets opportunity. Once you know you have money accumulating, your mind will start looking out for ways and information. A conversation with someone may spark off a business idea, (solution to a need in your environment) You may be motivated to team up with other people like your parents, cousins older siblings who are also into investing in one thing or other to do bigger investments. Once you start seeing what you are actually able to do with this Kobo kobo, you get the incentive to keep increasing it.
Savings Culture tames the beast called “instant gratification” because you start to understand the value of money. For example, if you save ₦100 every day, week, month and it keeps accumulating from January to December, how much will your savings be by December? You will not often spend a penny without thinking about it and the opportunity cost. If you do decide to spend, you are aware of the choice you have made. You are able to put aside this instant gratification and use money as a resource to live the life you really want. Learn to identify values and live your life in line with those personal values. Savings Culture teaches you to put things into perspective. Is buying data for Face booking today, more important than being able to do the things that have value to you?
Last but not least, if you develop a savings culture, generations after you will do the same. This culture has a positive effect on not just you but generations yet unborn. It is an extremely important legacy you can leave.
(Extracted from TOM Teens Camp Booklet)
