Explore the advantages of being a better saver after you have hacked these beneficial saving habits. Saving prepares you for the unknown, even if you do not have a savings goal or any financial target you wish to achieve. Find out how to build the best saving habits that will benefit you.
Are you a saver? Do you think ahead of your future financially? Every person who wants to cultivate the habit of saving needs to live and enjoy the present while still thinking about how they can manage their money to last as long as possible.
You are a good saver if you are excellent at budgeting and managing your money, especially when you need to give every naira a job. Not everyone has the innate ability to manage money, but I am glad to tell you that it can be learned with time.
If you already had your share of broke days then you know that saving is worth every hype it gets. You may not think you need to save money now. However, when the time comes and the need arises, all that will be on your mind is how you wish you had saved before then. Savings pay off in three ways: you are prepared for emergencies, you keep your finances organized, and it helps you reach your goals faster.
Today you will learn how to become a better saver. It is important to realise that saving is a habit that you can learn, unlearn, and relearn.
- Save before you start spending. A lot of us spend and save what is left, but you can save first and spend what is left. It has been said that your needs naturally grow to meet your available income. When you earn money, take the portion you want to save and put it either in a mutual fund, a cooperative society, or somewhere you won’t easily access it.
- Work out an amount or percentage you can save every month. You build habits through consistency. This should depend on your earning power and your financial goals. It should be an amount that is not too high to be an excessive burden and not too low to not make a difference in achieving your financial goals. Several people ask for recommendations. 20% is most advisable.
- With trusted people, join a monthly contributory scheme (Ajo, Awusu, or Adashe). When it is your turn to collect, you should ensure that the funds are channelled right so they will not be wasted. If you don’t have a plan for the money and it is your turn to collect it, you can swap it with someone else or move it somewhere you can access it easily (refer to №1).
- Any time you receive a bonus or pay increase, increase your savings significantly more than you increase your expenses. Many people unknowingly increase their spending more than their pay rises and end up worse off as a result. You were surviving on the old salary and can still survive on it.
- Find an accountability partner. Find a trusted person within your circle of influence who is doing well in savings and who can be your accountability partner. Share your challenges with them and get their opinions when making spending decisions. Information is power. They can help you see things more clearly and avoid pitfalls.
- A savings account offers you the freedom to have a separate space where you keep money and avoid the temptation of spending. A high-yield savings account is recommended as it offers a lot of financial benefits. Consider opening a high-yield savings account if you do not already have one to grow your money.
Even if you have a regular saving account you earn little to no interest with the traditional banks charging you for everything you can only imagine. They pay little to nothing as interest, if your current savings account isn’t offering you reasonable interest, now is the time to download Vale.
Vale offers the best high-interest savings plans, make the switch now. Vale offers as high as 15% interest per annum on your saved funds, and you cannot get that with your regular savings account.
Vale offers you the opportunity to earn high interest on your money while still having access to it at any time. The Vale Flexwallet, for example, offers daily interest on your savings, and you have access to the interest and principal all day, every day.
Ready to put your money to work? Download Vale on Google Play or the App Store, sign up today to get started, and watch your savings grow.
