It seems impossible to save but there those who are actually doing it. Besides money, they have saved on quite a number of things that have enabled them to increase their savings amounts. Another thing that has been done is that the investment goals have become clearer and saving is now not for just saving, it is with a clear purpose. COVID has also pushed people to create alternative streams of income.
When you talk about money in this period, somehow you will hear the line, "Things are tight, there is no money, I got to learn how to save, I need to start a side hustle, I need to make my money work, I can't depend on a salary only, Since I am not paying fees, let me enjoy it now, etc."
Yes, it's is about time that we woke up to the fact that we can do certain things and that if the discipline is maintained, the word possible begins to surface.
While reading the book, How To Secure Your Financial Future by Dr. Sunday Adelaja, he says that "Every month, you should have a goal of the amount to be set aside for saving. For people who are not married, take advantage of your singleness and save as much as possible now, even 80% of your income. For married people, you should strive to start and get to 30% of your net income quickly. You should agree with your spouse on how much to set aside each month".
If you were already a good saver, ask yourself then how you can invest. That's a key question to answer.
Saving shouldn't only be the end goal but should be the starting goal. It's a good discipline to cultivate, don't rush trying to grow wealth, take it one step at a time while asking questions every day. A critical mind will get clear answers.
For parents saying there is no school fees to pay now, use it as an opportunity to put that money aside, you can invest it and let it grow by putting it in myxeno.com, you can have an educational goal with them. Your money shouldn't be stagnant in a bank account.
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