This undoubtedly is a question that most people have asked themselves at one point or another. “The monthly income I get is barely enough to cover the essentials”, I have had people say. In an environment characterised by low disposable incomes, it is not conceivable how people would be expected to have any meaningful savings. In any case, the basic living expenses have to be covered first. While all this may be true, the importance of savings cannot be overemphasized. As individuals, we all have goals and ambitions, and their attainment hinges upon having a solid financial plan. Herein lays the fundamental tenet of savings. One has to lay out a plan detailing what they want to achieve financially and what it will take to achieve it. Warren Buffet, the renowned Billionaire American Investor, is famous for advocating that people should not save what is left after spending, but rather, they should spend what is left after saving. This principle flies in the face of the seeming...
Economics, Business and Finance