S – Start Saving

Start saving. At some point you will need funds to harness certain opportunities and attain certain goals. So it’s never too late to start saving. Some of the ways you save money or raise funds are as follows:

a) Set up your personal website for the project and then offer deals and gifts to those who donate money to you.

b) Crowd funding is becoming quite popular and lots of money can be raised through it. Even politicians are resorting to crowd funding. There are lots of websites offering crowd funding. Top of the list on Google search are Kickstarter, Indiegogo, Rockethub, etc.

c) Meet advertising companies and offer to run their advertisements on your site for commissions based on the number of clicks on the advertisements.

d) Set up a savings account, ISA accounts etc. and designate an amount monthly, an amount you can commit to based on your incomings. If your aim is to raise £3000 in a year, then you have to put down £250 monthly. If that’s high for you, then reduce it to the amount you can afford and source other means of reaching the other part of the target.

e) Thrift Savings Contributions: This involves making a commitment pact with 2 or more persons. Each person contributes a certain amount each month and the lump sum goes to one person per month. The lump sum is taken in turns and it’s based on how much you contribute. The aim is that it affords you a lump sum quicker than you would have waited.
For eg. if your target is to raise £500 by May i.e. in 5 months. You would have to find 4 other people who would be committed to contributing £100 every month from January to May. Now if we have you John, Peter, Molly, Sue, and Janet, each of you contributing £100 each; in January when you all contributed £500 in the pot, that would go to you. Next month, the pot goes to John, third month it goes to Peter, etc. Instead of waiting till May, you get the lump sum sooner. But you have to continue your contribution till May so that the others in the group can get their lump sum as well.
Now let’s say Peter can only afford £50, then you’d have to find another person say Pam who would contribute £50 to make it up to £100 per month. When it’s time for Peter and Pam to collect their lump sums, they would take £250 each because each lump sum you get is based on what you put in.

You can use any or all of them to save and source for funds for your projects and plans.

Previous: R – Research And Risks

Copyrights © dreamdesireachieve 2017

One thought on “S – Start Saving

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s