When it comes to managing money, I have learned that saving is not always as easy as it sounds. Sometimes, we have good intentions and make plans to save, but unexpected expenses or simple temptations can make it difficult to stick to those plans. For me, one of my biggest challenges was actually spending money that I had already set aside for something else.
I had a bad habit of telling myself, “I will replace it later.” For example, I could set aside money for savings or for an important expense, but if I saw something I wanted to buy, I would sometimes use that money. Before I knew it, I had spent money that was meant for another purpose, and my savings were not growing as they should.
Things changed when my mom introduced me to ajo (traditional thrift system). Ajo is a traditional rotating savings system where a group of people agree to contribute a fixed amount of money regularly. At an agreed time, one person receives the total amount contributed by the group, and the process continues until everyone has had their turn. It is a simple system, but for me, it has been very helpful.
Since I started participating in an ajo, my savings have become much more regular. The fact that I have a commitment to contribute a certain amount makes me more disciplined. I cannot simply decide to spend the money because I know I have an obligation to fulfil. It has helped me change the way I think about saving. Instead of spending first and saving whatever is left, I now make saving one of my priorities.
Another thing I have learned is the importance of knowing where my money is going. Small expenses can easily add up. Buying things we do not really need, eating out frequently, or making unnecessary purchases may not seem like a big deal individually, but they can have a significant impact on our finances over time. I now try to think carefully before spending money and ask myself whether something is really necessary or whether I can live without it.
If I could give someone one piece of advice about managing money, it would be, do not rely only on willpower, create a system that helps you save. Find a method that works for you and make saving a regular commitment. It could be an automatic transfer to a savings account, a budgeting plan, or, like in my case, an ajo. The important thing is to make saving a habit.
I also believe that saving does not mean you should stop enjoying your life. It is about finding a balance between enjoying what you have today and preparing for the future. Even if you can only save a small amount, doing it consistently is better than saving a large amount once and then stopping.
My experience with ajo has taught me that sometimes the best way to overcome a bad financial habit is to have a system that keeps you accountable. Since my mom introduced me to it, I have become more consistent with saving and more careful about spending money that I have already set aside.
In the end, my best money-saving habit is saving consistently through a system that keeps me accountable. My advice to anyone trying to manage their money better is simple, pay yourself first, avoid spending money meant for something else, and find a saving method that you can stick to. Small, consistent steps can eventually lead to big financial improvements.
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