Yesterday, we looked at four ways you can keep your money without touching it except for the purpose it was designated for.
*Banking Saving Schemes:* There are a number of helpful saving schemes in bank that can help you save against the future. There are schemes that help you save against the school fees of your unborn children or even your own. These schemes make it very difficult if not impossible for you to access your money until after three years and beyond. You can walk up to your bank to ask for details. You can get a scheme that is as low as #5,000 per month. If you can persistently save that for three years to ten years, it would mean a lot of money for you. You can use such money to do some business or pay for your children‘s school fees. All of these schemes come with interest. The interest is always minimal; it is usually around 7% in the Nigerian system. One benefit the interest has for you is that, you are sure your money is not going to be reduced for any bank charges, it would rather be added to. Many of these schemes have provisions for insurance. If there is an accident or health situation or death, there is an amount they are required to pay to the beneficiary. There are insurance companies that also do these schemes as well as a number of other companies. I can‘t recommend anyone to you, I can only advice that any firm you are dealing with, make sure they have a physical office building where the transaction is sealed.
*Fixed deposit and Treasury Bills:* fixed deposit is a banking system that allows you to fix some amount of money over a period of time: short or long. Treasury Bills on the hand is usually between 7days to 90days. Before now, these two schemes are highly profiting and have more interest than other saving schemes but the recent policies of the Nigerian government have crashed them. Meanwhile, you can seek the advice of your account officer or a banker before considering any of them.
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