Discipline is the key

Are you a consistent saver? It's not as hard as you may think.

Saving is just like any other habit. Repetition is the key. Some of us ‘make it a habit’ to go to the supermarket in the middle of the week. Others look for a corner spot whenever we use a car park. For Kenroy, saving is his habit. This energetic young man joined the Lifetime Credit Union at the age of 18 and has turned his habit into a cornerstone for the rest of his life.

Kenroy states that he has “always liked to save” and that his mum was the catalyst for his disciplined approach to saving. He reminisced that she taught him from an early age the importance of saving; she stressed the importance of putting aside some portion of any money he received. Obedient to a fault, he put his mother’s advice into practice, and every week he saved part of his pocket money. He explained with pride that with those savings he purchased all of the school supplies for his first year of secondary school. He happily recalls the pride his mother felt at this accomplishment, and how she proudly shared his achievement with their family and friends.

Years later, when he became a member of the Credit Union, his initial and immediate focus was on saving. He knew that he could borrow from the Credit Union as well, but he wanted to build his savings first. Keeping his savings and his money for living expenses separate was the key to building his savings. In his own words, “it’s always easy to take off (money) but extremely hard to put it back”. That is why he’s ‘glad’ that he does not have a 24/7 access to the funds on his credit union account; he sees it as one less temptation.

When asked, “What is the key to savings success?”, he sums it up in one word “patience”. Part of his philosophy is that today’s fast-paced world has created the expectation for everything to happen immediately; this, he insists, does not apply to building savings. He plans to work towards his goals in a very focused and patient manner. His advice to young people like himself is “start saving before you start borrowing and keep saving consistently”.

Kenroy does not see himself as an anomaly among young people and likes and enjoys the same things as many of his friends. Travelling is one of his favourite things to do and immersing himself in regional carnivals is one of the highlights of his young life. His hobbies include playing football and cricket and listening to Soca music. The Soca music preference should not be a surprise to anyone.

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