The temptation of taking out money you put aside for something (either savings or miscellaneous) can be difficult. In this country, everybody needs money to sort out immediate problems. Problems will always arise as we take care of existing ones; the more we solve, the more new situations arise. The ability to be disciplined and prioritize these problems according to their order of importance is what would make us achieve any set goal.
Savings, simply put, is setting aside money for future purposes. The set-aside income can either be put in physical banks, online banks, or savings boxes traditionally called “kolo.”
There are certain things you need to know or have before you start saving:
- Discipline: It involves being able to control one’s appetite to buy stuff on impulse. It is the ability to know when to spend and know when to pass. Being disciplined helps to keep you on track with your saving goals.
- Being Organized: this involves sorting out and keeping accurate records of expenses. Knowing cash inflows and outflows to know what you’ve been spending on.
- Set Priorities: this involves prioritizing expenses by arranging them in order of their importance. It reduces unnecessary spending on things that are not needed immediately.
- Develop a saving habit: when you make saving a rule, it becomes a part of you.
- Spend less than you earn: In today’s world, where there is a competition of who earns more or who spends more, it is crucial not to follow the crowd and live according to your means.
Why saving is Important
The importance of savings cannot be over-emphasized as it comes in handy during the “rainy days.” Imagine that you can pay for something urgent or pressing because you have a backup – savings. Your car unexpectedly spoils on the road but can pay for it. You don’t panic because you have a backup plan. It is important to save because of:
- Emergencies: we don’t pray for emergencies but, savings will help you manage the situation when it comes.
- Financial Independence: it makes you financially independent. You are at ease because you know you have extra cash. You don’t depend on someone or something to have extra cash
- Unforeseen expenses: when one saves, one can handle unexpected expenses such as hospital bills, traveling expenses, e.t.c.
- Calculated risks: we have an estimated amount of how much we can let go or spend when we want to venture into a business or investment by having savings. It helps us not to incur unnecessary debt.
DODOPAY AS A SAVINGS PLATFORM
Dodopay offers sweet and amazing benefits including, a savings option called the Super Savers option. Apart from the fact that it is an easy-to-use platform even for a first-timer, it has a transparent savings option such that you’re sure that your money will be intact and untouched. Dodopay encourages discipline, and so, when you save, they automatically lock your funds so that you’re not tempted to touch them. The interesting part about saving on dodopay is that you get a 22% interest on the money you’ve saved per annum. It beats the standard of conventional banks we have in Nigeria. In addition, there are no limits to what you can save. You can save up to N500,000 and see your interest accumulating daily.
Deciding to save is as important as choosing the right savings platform. Choose a savings platform that would pay you in the long run. Why haven’t you downloaded the dodo app? visit dodopay to know more