Is your savings still intact?

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3 years ago

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We may want to ask, what is savings? So many people have different ways they will define this and I will define this in the simplest way which is, saving is the act of keeping money aside for a short or a long-term goal. Sometimes, we do not need to have a goal to save, like the popular saying, "we save for raining days".

What do we mean by raining days? We mean those days in the future when things aren’t working well at that point in time and why won't things work well as usual? It is because this is life and we will not have everything going our way, things will not necessarily be smooth. It could be that some of our businesses no longer bring that revenue as usual due to some unforeseen situations, all these things are what we cannot predict.

Some persons lose their Jobs, some incomes are cut short unexpectedly, delay in the payment of salaries and the likes. In situations like this, these are times when our savings will help us and see us through.

I will not underestimate the power of savings because I know how useful it could be when the need arises. Even if it is little you are saving, it is something that would work out for you. There is an app I do save with called "Cowrywise App". There are two plans in which I use to save. Emergency and General savings. For the Emergency, I can easily withdraw whenever I need it while for the General Savings is for a set time and date so it would be locked up until the stipulated time to be unlocked and you get your savings for whatever you want to use it for. The little interest that comes in depend on how much you save daily.


DIFFERENT MEDIUMS TO SAVE

One popular way that we save in the olden days and still very relevant now is using a local piggy bank which some of us know as ‘’kolo’’. We can randomly keep any spare money we have at the end of the day. We can take out some money out from our salaries and save and other places depending on where and how we get our money which can be different for everybody, my point is save something daily or weekly.

Like the popular saying, a drop of water can turn into an ocean. We might think an amount is too small, but with consistency, just see how things can turn in months or year depending on the goal you have put on such savings.


We can save in bank. We all are different. Some persons will say they cannot make use of the local piggy bank and that they can easily be led to open it at any point in time which I consider a lack of discipline. If that is not working, we can use banks. We have different banks and we do have accounts in all these banks, stick to one and make that your savings account, just keep saving!


We can save in Cryptocurrency. I love this one especially because I wouldn't lie, I don't like saving in the bank because I won't get any interest, instead they make use of my money and at the end of the day, I would be given low interest but in Cryptocurrency, we all know the laws of bull and dip moment, it is still safer to save in different cryptos like btc, bch, eth and the likes because we believe our money will keep growing and we would have much when we do save. Hodling my BCH means I am saving because I will have a lot of profit at the end.


Furthermore, we have peer savings. Back then in school, I use to have this set or clique, we come together to save and how do we achieve this? We say each week, everyone must bring this amount of money and depending on the position we have taken, turn by turn, we get money every week, that is usually fun. But when you are the first to take money in the first week and let say we have about 10 more weeks to go which means 10 more people that are yet to collect, it will no longer be fun for that person because they get tired along the way but they have no choice than to commit till everyone gets their money, funny right?

Above are not just the only medium, there are more but I just had to deal with few popular ones.


REASONS TO SAVE

Short term goals: This means things we just want to buy to use for a while, it could be a mobile phone, washing machine, chair, laptop or smaller things. We know how expensive things can really be, if we keep saying our salaries are small, we don’t have money, it will be difficult to achieve so many goals, but with discipline, this can be achieved.

Take for example, you want to get a laptop, the first and reasonable thing to do here is figure out the type of laptop you want to get, go to the laptop market, life is easy now, we can check online for any kind of things we want and see all prices, let assume you check online and the laptop is about N100,000 ($200) and we have nothing on us, that is fine, we can actually achieve this, anyone can.

Add extra amount to it, let say N10,000 ($20) extra, this amount is there for an in-case scenario. Maybe by the time we want to get the laptop, it is N5000 ($10) greater than what we saw online, but with the extra added, no need to panic. Figure out how much you earn on a monthly basis, let say you earn N50,000 ($100), once the money comes in after removing your tithe for those that pay, you have about N45000 ($90) left, take out N20000 ($40) aside and save for the laptop. Then you know that in 5 months you should be able to achieve this goal, maximum 6 months and you can get your laptop, then you can use the rest for monthly upkeep.

I am going to stop here for today as we have a long way to go on this topic, on Thursday you will get more nuggets on money matters. Have a great day.

Thanks for reading

|November 02, 2021|

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3 years ago

Comments

Peer Saving is called in the Philippines as "Paluwagan" and there are times that those who claimed already, may not be able to pay on the next rounds. There are cooperative savings, where one can put a capital and get shares of the profits.

$ 0.00
3 years ago

Saving is always good and It has been a big habit for me since I was little.

These days I save in piggyvest though because I can't trust the Nigerian bank.

Meanwhile, #dreemport brought me here.

$ 0.02
3 years ago

Wow! Thanks for showing up. I also save in apps like this instead of my bank.

$ 0.00
3 years ago

You remind me of my love for Ajo when I was younger, I do give it all to my mom then to support her.

Saving is a good habit not just for red days, it helps to be financially disciplined. I don't opt for bank savings anymore because the money depreciates in value.

$ 0.02
3 years ago

I don't think it's is best advisable sef to save in the bank unless you need money to buy stuff and you will have some in your bank, apart from that, I save in crypto.

$ 0.00
3 years ago

Crypto saving has been my thing ever since I started readcash, the bank will only be deducting our money on some irrelevant things which can be annoying. I don't save to bank any longer, I prefer savings in my wallet.

$ 0.02
3 years ago

Same with me. Who bank epp? Lol We still get profits from saving in bch

$ 0.00
3 years ago

It means I don't have any reason to save money and I think that's why I am not saving anything. But now, after involving in the crypto world, I am holding a few coins for my future big plans. I hope they will give enoughprofit in the coming 3 to 4 years. Taking your example, actually, I do saving like this many times but I don't have enough patience so, I always end up with nothing.

$ 0.02
3 years ago

With that, you need to discipline yourself so you don't always go back to spend your savings even when you do not need it. Though needs may arise but I will suggest you do it in two parts. The Emergency one which you can always take from whenever you need it and the long term own for the future

$ 0.00
3 years ago

Without a doubt saving money is part of readying yourself to any unanticipated emergency or situation that requires money. Because of your blog entry @Princessbusayo, I discovered that we can able to save our money in Cryptocurrency. Nice blog entry of yours! ❤

$ 0.02
3 years ago

Yes, you can. It is even safer in there as long as you have your seed phrases kept somewhere safe. It will keep generating more money for you as it keeps growing. Thanks for showing up.

$ 0.00
3 years ago

Saving is good. It makes someone buy whatever they have in mind to buy. I remember when I was younger than this, my dad usually tell us to save. Anyone that saves the most would collect the highest bonus with her money.

$ 0.02
3 years ago

That is just like encouraging you to always save. Who wouldn't want bonus? 😁

Thanks for stopping by with your experience too.

$ 0.00
3 years ago

Yes, he is always encouraging us to save. Everyone like bonus, lol. You're honorably welcome.

$ 0.00
3 years ago

I sometimes say, "Saving is the start of many blessings." :)

$ 0.02
3 years ago

Blessings you will forever be grateful for. Thank you Farmgirl 🤗

$ 0.00
3 years ago

That's right Princess, very true

$ 0.00
3 years ago

You are absolutely right, without savings we have no chance of achieving our goals. It is important that we learn that savings can always be made.

$ 0.02
3 years ago

Savings is very important not for today but for tomorrow. Thank you ma

$ 0.00
3 years ago

I will be sincere my saving has been scattered due to the situation I’m in

$ 0.02
3 years ago

I understand you. Not all people would be able to save due to one situation or the other but we can still try to save at least little as will come to help us later.

$ 0.00
3 years ago

You nailed it! Savings is very important. I'm on my way of saving again. I'm done for others, now I'll save for myself. Thank you for this great reminder :)

$ 0.02
3 years ago

Great. Keep saving my friend.

$ 0.00
3 years ago

Now that I'm reading you I remember that this month we have barely been able to save ANYTHING. All the money has gone like water. Amazing. My son's situation plus other issues made all the salary for the month fly, and even some part of our savings.

$ 0.02
3 years ago

I think I'm doing fine when it comes to savings. I don't spend if it's not needed I mean every cent is Importants. If I need money then that's where I withdraw some. Like whej Mama need some cash something like that. Saving is Importants, we should really keeo that in mind 💪💙🎃

$ 0.02
3 years ago

One of the reasons for Saving is to have something incase of any Emergency so you don't end up running up and down looking for who to help you. When you save and you need it, you can just withdraw the ones you need.

$ 0.00
3 years ago

My savings are almost nothing because we spent it for my daughter's medication. It helped us a lot because we did not had a problem trying to find money in the difficult time. Thus, savings really is important.

$ 0.02
3 years ago

Exactly. Same thing I was saying to Ruffa now, saving will help us run to what we have in any Emergency instead of meeting people. Remember not all will help you then?

$ 0.00
3 years ago

As an Economist, I love reading posts like this that shares insight into finances and reasons to save. We have many reasons to save and saving is important.

Do you use Piggyvest dear?

$ 0.02
3 years ago

No, I use Cowrywise. Which is better? Or I should transfer to piggyvest ni?🤔

$ 0.02
3 years ago

I've heard of it before too but trust me, Piggyvest is amazing. When you do the locking of funds, you get your interest immediately in your flex wallet on the app and still, you will still be getting interest on that one too. That's why I do for my rent... Lock it up... Get interest and keep accruing interest.

$ 0.00
3 years ago

Count me in already.😋

$ 0.00
3 years ago

I trust you hahaha.

$ 0.00
3 years ago

My dear princess, I seem not to remember the last time I saved but I guess your post has really put me back in the line of thinking and blaming myself for not saving those time out

$ 0.02
3 years ago

You should go back to Savings because of Emergency.

$ 0.00
3 years ago

You've said it all well, savings are all the best we need to help us with the need to establish something quite new or even to be used in the time of emergency

$ 0.02
3 years ago

That Emergency is the reason to always save. We shouldn't predict that people will help us when we need them.

$ 0.00
3 years ago

Yes, keep it going! I love articles that talk about managing finances well. I am always reminded! 😄

$ 0.02
3 years ago

I love it too and it always works.

$ 0.00
3 years ago

Saving is a nice practice that we should all possess. However, it shouldn't stop there. We should also learn to let money work for us and grow overnight without us working on it.

$ 0.02
3 years ago

Yes, you are right. Our money should keep growing where we save it and this is why we need to find app that adds interest to our savings.

$ 0.00
3 years ago

Life is so easy now, we have mobile piggy banks .And it gathers interest every month. Saving is something every Nigerian parents teach their children right from a tender age. Though they end up collecting the money saved from us😂

$ 0.02
3 years ago

Our Mama na real legend in that aspect 😄😄 you will hear "shey you do not eat in this house" your money is gone forever with them.

$ 0.00
3 years ago

Even bank nowadays dey find different way to collect your money that you're supposedly saving with them😂😂

$ 0.02
3 years ago

Don't mind them. They make use of our money and get their profit without adding more to ours, just a little interest as if we are begging from them on top our money 😄

$ 0.00
3 years ago

Yes, savings play a very important role in our hard times. My mother also does some savings from a long time and whenever we really need money at the end of month then we use mama's savings.

$ 0.02
3 years ago

Can you see? It helps us for the Emergency.

$ 0.00
3 years ago

Right now I don't even know for me and my savings, we are just saving each other.

$ 0.02
3 years ago

😄😄😄 you are funny. You are saving each other

$ 0.00
3 years ago

😅😅 it's a deal for now. Till God blesses us.

$ 0.00
3 years ago

I have three BCH wallets. The savings wallet, the spending wallet and the piggy wallet. 3/5 for savings, 1/10 for spending and 3/10 piggy, a new month's goal.😌

$ 0.02
3 years ago

Wow! You gave me an advice with that. I only have my savings and income every month. I think I need to add a new name for something else. Thank you

$ 0.00
3 years ago

I also have savings both as crypto and in the bank Saving money is not that easy though but It allows you to enjoy greater security in your life. If you have money set aside for emergencies, you may be able to take risks or try new things.

$ 0.02
3 years ago

Savings takes discipline and we need to understand that because it is not easy at all but when we are focused with it, it will help us.

$ 0.00
3 years ago

Hmmm you are giving us a good advice through your article, am totally careless about my money and for this a lot of Time I faced the difficulty, but now am trying somehow to save something for the future

$ 0.02
3 years ago

You should try to save at least little, it will help you

$ 0.00
3 years ago

My new bank is BCH; in fact I prefer to have money in my BCH wallet than in my conventional.bamk account as no interest haooens there but my money is deducted instead hash-tag monthly fees, stamp duty and card maintenance which is basically scam.

$ 0.02
3 years ago

Don't mind all these banks. Since I have met bch, I have always saved my money there.

$ 0.00
3 years ago

It is good to have savings. It help one to gather income for future purpose

$ 0.02
3 years ago

Exactly, you are right. Thank you for showing up

$ 0.00
3 years ago

You are welcome dear. How is your friend Joke?

$ 0.00
3 years ago

Adejoke is fine.

$ 0.00
3 years ago

It's a good thing that I met bitcoin.com and coinsph because it serves as my bank haha these are the wallets where I store my savings. Indeed savings is one of the most important things that we need to do

$ 0.02
3 years ago

Seriously, I love Bitcoin.com wallet as it also helps me in saving too. Thank you

$ 0.00
3 years ago

As of now the only savings I have is my BCH savings.

$ 0.02
User's avatar Yen
3 years ago

My crypto savings are also in bch and usdt too

$ 0.00
3 years ago

I was taught the importance of saving at an early age and that principle has helped me through life journey not to eat with my ten fingers. Saving is like a wall of defense. It helps you to rely on yourself when the need arises.

$ 0.02
3 years ago

The first time I saw a signboard that says not to eat with our ten fingers when I was small and while traveling home, I have always monitored my spendings and will always save no matter how little.

$ 0.00
3 years ago

Savings are essential in life, but the problem is there are so many things to buy, lol. Saving isn't easy, and you need a solid resolve to do it!

$ 0.02
3 years ago

This is why you should discipline yourself. Just like I used an example of getting a laptop. Know your need and work towards saving at least 5% perhaps weekly or monthly to achieve what you need.

$ 0.00
3 years ago

I will do take that advice of saving some for me, plan to buy something too and this is good idea

$ 0.02
3 years ago

Savings is good seriously.

$ 0.00
3 years ago

Your absolutely right sis

$ 0.00
3 years ago