SAVINGS 101
Dear 20 something-year-old,
The topic of interest today is Savings (student edition)
Hi guys, you are welcome to another D2SYO article, today I will be talking about savings and why savings is necessary for you, did I just say necessary? Saving is very important my dears.
Now, if you are like me then you are used to saving. I have been saving since I can remember. My mum even helped my siblings and I save our money, she was our very own financial institution. The only difference is we only made deposits and never withdrawals unless you want her to remind you of how you have been eating her food for free ( you too like gist, I am sure you can relate)
Anyways, savings is very important and it has nothing to do with your age, don't ever think you are too young or too old to save.
Various reasons why you and I need to save?
1. For a rainy day (obviously)
2. To build wealth (investor vibes)
3. It makes you feel good (your shoulder pad will just be high anyhow)
4. To buy what you love ( I am currently obsessed with clothes)
5. To look for trouble (don't mind me o)
If you love to read, I recommend the book “the richest man in Babylon” for your edification, simple and straight to the point.
How do I start saving?
Well, little by little a bird learns to fly. There are a lot of formulas out there for saving (google is your best friend) but if you are a lazy researcher like me keep reading.
Being a student, it can be difficult to save because man must chop and na who dey alive dey save🤣🤣🤣.
So I am here to share with you how I save;
First of all, I decide on what I am saving for. What goal do I want to achieve, do I want a new handbag or do I want to save to pay back the money my parents gave me for some fees which I spent on clothes ( I recently found out that I love to shop)
So my dears, decide on why you want to save.
Secondly, how much do you want to save. Having an idea of how much you Intend on saving makes the goal clearer. Even if the amount seems daunting, at least you know how much you are saving towards.
Thirdly, if it is a weekly, monthly, or yearly plan, decide on how much you want to put into your savings account.
I will suggest you use an automated method of saving that way the money gets deducted from your main account into your savings account automatically. Let's be honest, trying to do the savings manually seems like hard work, so automated savings is your best bet.
Last but not the least, be intentional and consistent in your savings journey. Savings is like playing chess, if you leave it, it will leave you. Cultivate the habit of saving, be consistent, be intentional and watch your purse fatten.
Also, if you can't use your bank app I suggest you use a savings app like cowrywise. I have been using cowrywise since 2018/2019 and it has been an amazing journey so far. No money missing wahala and stuffs like that ( I am an Igbo girl and I don't joke with my money especially when I have to go through delayed gratification) I can't vouch for other apps because I have not used them before.
If you are not already using cowrywise, you can download the app on play store and use my referral code to sign up below.
Get a cash bonus to invest when you sign up and save on Cowrywise with my invite code ANITAR7J or invite link https://get.cowrywise.com/r/AnitaR7j
I hope this financial education piece helped you and if it did, I would love to know your thoughts too, leave a comment.
Pro tip: Know when you usually have money in your account and adjust the automation savings date close to that time, that way you don't have to worry about money.
