As the New Year starts and many of us begin our resolutions to improve our health by joining a gym, there is the danger that our enthusiasm and willpower will diminish over time as the sofa seems harder to escape. The same can be said of the desire to improve our financial health by saving up money for the things we need – distractions come along and the temptation to dip into savings becomes too great.
But if you want to do something effectively and regularly it’s best to do it with others. This is true whether you are working out or saving money.
Most of us has tried to save money at some point in our lives. And, it is safe to say, almost all of us have come across the same problem: saving money by ourselves is very difficult. When there is no one keeping tabs on your spending and saving, it can be easy to let that strict budget that you drew up at the start of the year fall by the wayside. And, all too soon, after “just one more treat, then back to saving”, it can happen that there are no savings left! So what can be done about it?
Managing your personal finance – and going to the gym
Saving money is not too different from working out. Think about it: working out by yourself can be difficult. There are so many distractions around you, like the TV, the couch or just a couple of extra hours in bed. However, if you team up with other people to work out – for instance by getting a running buddy, joining a fitness class or getting a personal trainer – then it suddenly becomes a whole lot easier. You keep each other motivated and you provide each other with equal measures of encouragement and support. Saving money can work on the same principle: when you team up with other people to save cash, they will help to keep you on the straight and narrow. But, given that your personal finances are involved here, it is important to choose the right people to save up with – people you trust.
Doing it together is always better
Across the world, communities have thought up various answers to the question of how to save money together. One quite common practice, for instance, is to participate in communal saving known in some parts of the world as susu, tanda, committee and of course pardna. This is a system whereby a group of people regularly pool a fixed sum of money and take turns receiving the proceeds. The system is managed by a trusted person – someone in the family, friendship group or community – to ensure that there is total transparency and trust among the group. The people who receive the pooled funds towards the end are in effect achieving their saving goal. This is one key example of how working together with other people can help you to meet your saving target.
Pardna App – your digital financial gym
We have built a digital version of the communal saving system for your mobile phones. So if this New Year has you thinking that you need to truly be disciplined about your getting your finances in shape, Pardna App is the “gym” you and your close ones need!
Download Pardna App now!
