Video: Take out your savings before your expenses – Women advised
Interviewed on the Girl Vibes show with host, Mercy Bee the Ekumfi Princess on eTV Ghana, she noted that a lot of women like to spend on impulse, hence, deciding to make expenses before taking out their monthly savings from their salaries may be a bad idea as they may end up with too little or no money at all to save.
‘Take out your savings before you spend because when you do that, you’d realize that you can adjust with what is left but if you decide to spend before you save, you will never grow because you may buy things that are not even in your budget”, she said.
“You can take your salary and make up your mind that you’re going to invest 10% or 20% of it so immediately your salary gets into your account at the end of the month, if it’s a business you’re doing, you’ll still pay yourself in a business so you can take out that 20% for your savings or investment and spend the rest”, Deborah tipped.
According to her, it is better to take out the percentage allocated for savings and make an investment with it than spending everything or focusing on clearing our shopping carts and wish lists before saving.