Everybody wants to save. It’s a habit that could save your life (literally) and help you grow financially. Along with things like tracking your spending and investment, saving can be the financial habit that separates you from your peers, financially-speaking.
The issue most people face with saving is doing it in the first place. It’s not the easiest habit to build or form and sometimes, there is no “safe” places to keep the money. Don’t worry thought, because we have you covered.
This week, we are going to tell you three tools you need if you want to start saving like a pro. Here they are:
- Bank account without ATM card/Cheque Book: Yes, bank charges are crazy but a bank account can help you save – you just have to set it up to do just that. Open an account with a bank of your choice but don’t collect an ATM card or cheque book for it. Then go to your regular bank and set up a standing order for the sum you want to save monthly/weekly. This way, your bank will automatically deduct the amount and pay it into the no-ATM account. Because you don’t have an ATM card/cheque book, you’ll always have to enter the bank to make a withdrawal which makes it harder for you to touch the money. This can help you build up a good saving habit in no time.
- Saving apps: Technology has made the world a much better place. Saving is super easy now with savings apps like Piggybank and Cowrywise. These apps work like the bank setup above except you don’t have to go through all the bank stress or deal with their charges. Once you sign up and connect your card, you can set the amount you want to save daily/weekly/monthly – and it will be deducted and kept for you. You can check how much you’ve saved, join other people like in savings challenges and save for different purposes (rent, buying a car, bills, vacation etc). You can also set withdrawal days among many other features.
- Group savings/Ajo/Esusu: This is one of the oldest tools in the book – just ask your parents or grandparents. This tool involves saving a specific amount of money daily/weekly/monthly with a group of people. Everybody contributes the same amount and takes turns collecting the total funds. For example, if you and five people contribute N20K monthly, person A will collect N100K in the first month, person B will collect N100K the second month and so on. When everybody has collected at least once, the cycle starts again. This is very useful because you’ll be forced to save so you don’t embarrass yourself and other people.
While these tools might not be the most straightforward, they can be very useful if you’re trying to build a savings habit. Put whichever one you prefer to the test and thank us later!
As always, when you win, we win. To the moon!