Wednesday, April 10, 2019

How To Save Money To Open Business

A nation with sufficient savings and a strong economy is able to develop itself and even cope with any emergencies. This power comes from the great savings capacity and capital invested in major projects.

A person who keeps savings, is as important as the nation. Money use psychology shows that a person likes to spend now rather than wait for a future where it would increase benefits and value more.

Money is something that only exists for a while if the person who has now is unable to control it today, tomorrow we will not have it. The point here is why should I keep or store it for something else?
I would like to talk about the various ways of saving where it can be used to benefit you for this century, although the reality of Africans put money is a chronic problem for many. Such a situation is due to a limited ability to control money for modern and commercial styles as well. Education on this matter has not come or is not well on the side of the open brain in the local environment.

There are good ways to use savings to increase profitability. These are:

One, it is buying foreign currency. Often foreign currency model US Dollars, Euro, UK pound and money from Asia as well as Saudi Arabia, tend to be valued compared to Tanzania.

For example, you bought one US dollar in November, last year for Sh1,300. This year sells to Sh2,100. If you calculate you have earned Sh800. If you bought a $ 10,000, today you sell yourself a profit of Sh1 million, and so on.

The first buying model of the dollar reduces carrying a lot of money, it prevents you from using it unnecessarily, so you keep savings, protect you and enable you to benefit when inflation increases and can help you if you need to travel abroad. If you are traveling abroad, you will not spend too much money on foreign currency.

Second, it is a mobile bank. This is a system that is now available in East Africa. Nowadays phone companies have enabled someone to save.

Services have been enhanced by transferring them to bank accounts, paying for services and products or exporting them from other countries according to the local currency type.

This enables him even if the person is away from the bank and is able to save time by spending money on his phone by issuing it to a nearby agent.

Also, by using the phone you can pull money from your bank account and install it on your phone and be free to provide them to use any location using agents.

Nowadays, you can also access other services via mobile phone such as buying electricity, paying for water, medical treatment, intermediate and even tickets to soccer or concert games. A person can ask for a little money on his phone.

Third, savings using banking and other financial institutions. This helps to encourage savings services for goals such as child training or deposits.

Such funding can also help to have emergency funds and have large commercial capital and ultimately lead to significant development.

Fourth, it is to lend someone. Nowadays this kind of lending is very prevalent, especially in cities and universities. This is due to the growing people growing in understanding, they have shifted direction from lending to a person without interest until they have profits.

People have come to know that this month's money or week is different from the month or week. The problem is that there are no text-based documents for most of them because of self-respect. But the fact is that many people have a tendency to change. If you do not have a borrowed text it will be hard to get your money when he is unfaithful.

Fifth, is to insure your property and your business. This is a very important way because no one can prevent the disasters that are natural, so insurers do not help much if you get a business accident for stolen or burning.

Sixth, they are buying items like house, land and costly durable materials. You can sell it later on a high price.

Individual development is a national success. A nation with adequate savings usually become stable and people with savings in various ways as I have listed, are people with a real life. All emergencies can be dealt with here and here is also the big business capital. Keeping savings is important, we start today to keep savings.

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