Cultivating a habit of saving as a Nigerian is not particularly easy due to some limiting factors. The number of people who save or invest in our country is fairly small likewise the percentage of male or female financial inclusion. Saving is key for every individual. Saving small amounts consistently contributes to success. However, there are supporting aids, financial products or mediums, financial engagements and most importantly the practice of self discipline for
Do you know that the number of people who practice savings and investments, trying to improve their financial standards, amounts to 17 percent in Nigeria? Many complain of corruption being a pressing issue that limits the rates of saving in the country. For instance, the Osun state government in 2015-2016 did not pay its staff their monthly allowance. At the time, the number of people who had saving plans were more than the actual number of people who practiced savings. Many other factors like inflation, stability, poor economic development, political instability
Nigerians double up your saving spirits!!!
Nigeria’s economy is interestingly improving in bits compared to its population in size. The country’s economy is said to grossly increase from 2.1 percent in 2019 to 2.5 percent in 2020 by IMF economy projections. Comparing it to our population size which has only decreased by 0.04 percent from 2016 to 2019. (2.66, 2016-2.6, 2019). “It is clear that the economy is still battling a developmental strategy. So as not to depend fully on our fluctuating economy, Nigerians definitely need a savings or investment plan. This, repeatedly is due to unforeseen economic setbacks or other disasters.
Do you know that only 17% of our population practice savings and investments?
Do you desire to save or practice savings?
According to the commonwealth, despite a high amount of respondents that show interest in investing in Nigeria. Two in five persons complain that they currently hold no form of saving or investment in the country. There is a bridge between savings/investment desires than its actual practice. A percentage of two in five persons also reports they hold stocks and shares in Nigeria. Verily, a small amount of Nigerians agree to hold other financial products s
Why is saving so difficult, yet a key factor in our lives?
An average Nigerian banker in Abuja earns 85 thousand
In this situation, it is usually not easy having a savings/investment plan knowing all these responsibilities awaits you. It might be surprising to say the banker has a better chance of making a reasonable investment plan that profits him every year, given his monthly income. Yes, it is possible but it takes a whole lot of discipline. Well, according to ‘my money.gov,’ there are actions needed to be taken before one can save. These actions do include:
- Start saving! Develop a savings habit!
- Open and keep an account at a bank or credit union that meets your needs
- Track your savings and investments and monitor yours.
- Construct for short term and long term goals
- Create emergency savings for unexpected events.
- Consult with a professional on investments on key financial matters.
- Save for retirement, your children’s education
andother specific items.
- Always ask questions!
Saving in groups
Saving in groups is another safe way to get your investments running. A group of five friends who have saving interests could desire to save and earn monthly profits. The banker who has got 85 thousand
Saving in stocks and shares
Putting your money in cash accounts when you come across the highest interest rates is a good way to begin compounding your money. However, in the long run, the returns from shares will outperform other major assets. Well, it is better to put your monthly savings in shares backed investments and stocks in the stock market. A sample of a stock market in Nigeria that allows us to invest
If you are interested in buying stocks for the first time and need a guide kindly read:
Saving through online platforms
Asides saving in groups, there are various ways one can save in Nigeria. From the help of your banking institutions to other saving platforms like cowry wise (www.cowrywise.com), Piggy vest (visit www.piggyvest.com) or learn about government bonds. (www.dmo.gov.ng)
Most millennials do not like the stress of having to go to financial institutions just to save. Living in a developed world that we are today there are literally applications and online platforms for everything. One of Nigeria’s best saving application online is the Piggyvest savings online platform. Piggyvest can deduct as low as a 100 naira from your account everyday or make quarterly savings for people who love to save in bulk. It also protects your account information from fraudsters with its high security. It provides easy savings for accounts with interest rates and also for savings under halal banking. Try saving under Piggyvest if you have no time for a banking stress!
In conclusion, there are various ways to save, even as far as saving in padlocked boxes. Different people save in different ways based on their financial capabilities. Once you have a desire or an interest to save, please do not hesitate to practice. Meet a nearby investment or financial institution to be educated on how to save. Who knows what your investment could turn up to be tomorrow, definitely a safe road to your financial success!