“Do not save what is left after spending, but spend what is left after saving” -Warren Buffet
The average Nigerian’s monthly earnings relative to their responsibilities almost does not allow for saving. But saving is very important; if only so that you will have a cushion to land on in the case of a financial emergency.
If you have a certain goal to accomplish as well, you might have to save up so that you can meet up with the financial part of things.
Here are some practical tips to make saving easier for you:
- Save windfall income – Any unexpected money should go into your savings and not on expenses.
- Collect loose change and deposit it in the bank – Use a piggy bank and deposit its contents when it’s full.
- Try frugality – Purchase cheaper off brand items and save money.
- Break a habit – Try doing one less expensive thing a week and apply that money to your savings.
- Save lunch money – Bring your lunch to work and snack less.
- Have a “buy nothing week”.
- Compare costs of major items before purchasing anything – Do your due diligence, shop around before making major purchases.
REAP is Rosabon’s answer to making your money work for you.
Aiming to make saving more rewarding, we incentivize you with interest rates as high as 12.5% as you save monthly towards your desired goals.
And if emergency expenses come up as they are wont to do, you can liquidate your funds, with minimal penalties.
Watch some of our long-time customers talk about how REAP has helped their finances here
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I have tried about about 5 of these tips and so far, the result been great.