Connect with us

Banking and Saving





The most ideal approach to be responsible for your funds in Nigeria’s unsure economy is to have a savings account. A savings account isn’t the normal account your bank claims to operate. We as a whole don’t need that sentiment of stress that accompanies the information that we are just a check or two away from monetary calamity since we need cash to fall back on when “shit happens,” and shit truly occurs in a few instances, like losing your job, a vehicle breakdown, a wiped out friend/relative, or even those who are in your DMs requesting financial support just because you have thousands of followers, and a few different sorts of money related crises that get to you, per your reality. When you start saving, you realize you have a monetary “backbone” for the vast majority of life’s vulnerabilities, and it additionally builds your sentiments of security and you get the opportunity to unwind, in light of the fact that you have peace of mind. Regardless of whether you would prefer not to save, being Nigerian alone should cause you to have a rethink. The benefits of saving is that it works as a backup stash account (that is in the event that you are not previously putting something aside for something different, such as purchasing a vehicle, for school, or to buy a land) which once funded enough, can be utilized for high-yielding ventures like stocks, securities, and common assets.

There is some proof from ongoing studies that saving money is connected to expanded satisfaction. What the studies found was that individuals who are “planners” and who set goals feel more joyful and better about their lives than those who don’t make plans at all. On a related note, there is a strong relationship between having a spending and savings plan and maintaining emergency funds. Financial specialists credit discoveries like these to the sense of control people have when they plan ahead and know what they need to do to get from where they are to where they want to be.

Individuals, particularly Nigerians, get urged to save more by most organizations through several commercials on TV, radio and especially on social media. These organizations essentially need individuals to build wealth, rather than secure debts. Be that as it may, for some, it is only a marketing effort. But what if it really is just marketing? The central point is to change people’s conduct, as opposed to endearing them to their platforms. The best thing is to look at these brands (organizations/companies) and go for one that suits you. The final product is to get people into a life of saving and the club of financial freedom, and improve their future monetary security, that of their families, and even that of the nation. People who are saving are now encouraging people in their cliques to save too, instead of expecting them to foot their bills all the time. Abi as a baller, you don’t want to sing that all your guys are ballers?

So how would you begin as a saver or increase your present degree of saving? You first need to have an objective. It is easier to save for something specific than to save just because you want to. That is because for any reason at all, you may just decide to withdraw from it as there was no reason attached to such savings. When you finally decided to save, you also need to be explicit with it. Make an arrangement and ask yourself the amount it is that will be sufficient for your objective, and how quick would you be able to hit it? To calculate how much you need to save to achieve a goal, you can divide the amount you need to save or invest by the time (let’s say, number of months) you have left to save. If, for instance, you want to save ₦2,000,000 by next year, you will need to put aside ₦166,667 (₦2,000,000 divided by 12) a month, or ₦38,462 (₦2,000,000 divided by 52) a week. In our earlier discussions, we talked on the importance of saving early, among which was (and still is) the benefit of compound interest as it favours earlier savers. This should be a reminder to start saving now, instead of pushing it for later. Or, isn’t that what you said the last time you read about saving? Now is the time to really get serious.

In this day and age, beside the more seasoned age of Nigerians whose strategy for investment funds is the kolo (piggybank) or through adashi (a mutual savings cooperative), Nigerians now prefer utilizing advanced mediums to save. Among the well known platforms being Fundall which has been specially made for individuals of all classes and businesses of all types. Whether your target is just to save, or you intend growing your business as an entrepreneur, your work is made very easy. Fundall acts as a guide and allows you to set goals, on a virtual worksheet and calculate your savings, whether short, medium or long-term. It also helps you to invest your money and reap returns on your investments, meaning you get to kill two birds with one stone. Truly, there has not been a better time to start saving and investing, than now.