Let's talk SAVINGS!
This is probably not a good time to ask this but How much did you SAVE this year?!
Hey there, James here once again.
Definitely has been awhile. Hope you have been good and all been going smoothly.
I was thinking about something lately and I thought to share it with you. If you don’t mind me asking, How much did you SAVE this year?!
An absurd question right?
Considering the pandemic and its effect on the economy. A year several people lost their job.
It is understandable if you didn't save anything, considering all that happened this year. It definitely wasn’t a year most people will like to remember.
There were long spells where all we needed was money to survive. Saving to most people this year was considered a luxury that couldn’t be afforded.
However contrary to the wind of the times, some people were able to put aside a little into savings.
It pleases me to announce I was one of such people. In this piece, I will share with you how that was made possible.
Since 2018, I have decided to save something, regardless of how small it may be. No matter how tight the economy or condition, a year shouldn't go by without me saving something.
At the time, one of the thoughts that came to mind when I made that decision was, “How would I prevent myself from touching my savings?”
I have come to realize that most times, it's not that we don't want to save, we all like the idea of savings and truly desire to save but life happens and we find ourselves in conditions we never envisaged.
As someone once said to me, it’s easy to save when you have no responsibilities. Well, at that time I disagreed.
Savings is a habit you develop and not a luxury you enjoy. Lack of responsibility isn’t a determinant for savings just as having responsibilities shouldn’t become a limitation for saving.
Over the years I have discovered that there is a way out. No matter how little you earn, as long as you’re earning something, you have no excuse not to save.
I began saving by having a separate account for that purpose. I didn't get an ATM card for that account. The only way to withdraw was to go to the bank in person and I was required to issue a cheque.
That worked for a while until I was pushed to the wall. I needed 5k urgently. Since I had no other choice, I wrote a cheque of 5k payable to myself. Confidently walked into my bank and stood in the queue with my cheque in hand.
At the time, it felt like I had a million in my hand. I waited for my turn roughly thirty minutes to an hour. It finally got to my turn. I presented the cheque and waited. 10minutes after I was informed to report to the front desk for assistance.
On getting to the front desk I was informed that the cheque was invalid.
Let me tell you a little back story of how I got this account.
Sometimes in 2014, I was hearing about fixed deposits and decided to open one for myself. Well, I thought that would help me save money and earn interest in the long run.
At the bank, I was asked why I wanted to open such an account. In their view, I was “too young” for that. Plus I needed a guarantor and over 100k to get it done.
Sensing my displeasure, the personnel suggested I opened another savings account. I objected to that because I currently had a savings account with the bank. She was able to convince me that the one she's opening was different and it comes with a checkbook. Oh wow! Small James will be issuing cheques to people!!! Lit!!!!!
I bought the idea and the account was open. For the next four years, not a single cheque was filled.
Back to my encounter at the bank. It turned out the checkbook was no longer valid. Since the only way to withdraw was via cheque, another leaf was given to me but I was to wait for clearance from my originating bank which was in a different state.
I was like “for 5k I want to withdraw?”
At that point, I knew it was the wrong decision to withdraw. Just then I got an unexpected alert and left the bank to withdraw it. Before I forget, I still collected that 5k o! Of course, it’s my money.
That encounter caused me to realize, I needed something else that can help me save money and earn interest as well. That was when I came across PiggyBank now PiggyVest. Thanks to that platform, I have comfortably saved money for two years in a row.
Just last night, I viewed my dashboard and gave myself a pat on the back. Despite a rough year, I got to save a little something. Omo palliative is ready o! Come on 31st December. 🙏😂😂
We are painting the town pepper red with a touch of onion purple. Wahala for who nor save with Piggy o!😂😂
Here is the lesson I want you to learn as we brace up for a new year.
If you put N100 aside every day that will give you N36,500 at the end of the year.
I don't want to believe you don't have N100 to spare each day. That N36,500 may look little but imagine I sent that to you right now, how will you feel?
Now imagine you increased that figure?
You don't need thousands, millions, or billions to start saving. All you need is a determined mind and discipline to pull through. If you commit to saving as little as 10% of your income each month, you will have more at the end of the year than when you started the year.
As I have written a dozen times, if 99% of your income each month won't be enough for you, 100% won't either. Why not save 10% and manage the rest?
The rich get richer not necessarily because they earn more but because they are more prudent with money than the poor.
If you tell yourself you need to earn more before you can save, you're living a poor man's dream. What you have is adequate for you to start saving.
Whether you save or not, that money will be spent. Most times you might not even know what you spent it on in the end. Why not put a little aside for the future? A little that can be accounted for in the long run.
At this point, it’s important to note: Don't beat yourself if you couldn't save anything this year. I understand. However, 2021 shouldn't be like this year. You know now. Make amends and start SAVING.
Luckily, PiggyVest makes it easier for you to do that. Simple to use and very secure. Are you interested in creating an account? Click here to get started right away.
Plus for those who are already saving via PiggyVest, would you be interested in starting a target together? If that sounds good to you, then send me a message via WhatsApp
As I said some time ago, there are Four Pillars to Financial Freedom. Savings is the number 2 pillar. One of these days, I might write a letter about this. Sound like something you want? Hit me up.
Finally, don't get carried away with the Festivities. January is usually the longest month of the year because more people spend their fortune in December and are broke by January. Don't be like such ones.
Do you see this thing called money? We will make it and most importantly use it wisely.
To your financial bliss
James Iroro,
Director, InkGenius Consult