My preferred savings Method

Savings are very important in someone's life because they support us when we need something. That's why some elderly say money is a visitor, meaning it can disappear at anytime. If we don't want that to happen, we must save the little pennies we earn.

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Explain Saving in your own words.

Savings is the process of keeping some money aside in order to meet emergency situations that may occur. We have different purposes for saving money; we save money to pay our children's school fees or to buy our dream car, while others save for future use. Money-saving in the bank or Piggy bank serves as an opportunity for a person to grow. Many businessmen and businesswomen save the profit they make and reuse the money to purchase additional goods.

What is your preferred savings method, give your likes and dislikes about the method that you choose.

The method of savings I prefer is piggy bank because it saves time and is convenient for people who make use of it. You can save your small change inside the piggy bank; by the time you break it, you will realize that the money you saved for a very long time has grown. Piggy bank was popular in olden days. In fact, people did well without stress to get their money, unlike commercial banks we have today. For depositing or withdrawing savings is a big problem, as even if you want to transfer the money on your phone, network problems may occur. There is no reduction in your savings, and your money will be increasing on a daily basis.

What has a good side surely has an opposite side. A fire outbreak can result in someone losing their life savings, and thievery is another thing entirely. It may be someone you live with who will steal your money, particularly if they notice you are not around. That's why some people prefer commercial banking. Few people will not continue to save their money at home, so they will withdraw it if they want to purchase something meaningful.

Which saving method would you advise someone to go for.

I encourage people to use this method because it is the method that always works for me. All the small change you throw away or give the seller to keep as the change adds up to big money. Every time you add it together, you will see how your money keeps on growing. The most important thing about this piggy bank is that there is no interest rate or maintenance charge that will eat up all your savings. Additionally, a Piggy bank also teaches us financial discipline, meaning that it does not allow a person to spend money excessively. A person will think deeply before breaking the piggy bank.

Do you believe in savings? Or eat as you earn.

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Spend all the money you earn on food is a bad idea, and I do not support that. Don't misquote me; I do not say you should not eat. Spend wisely and save a part of your income for future use. A person who saves money lives a peaceful life and uses the money they save to solve any problem that may happen. Saving is a necessary aspect of growing wealth as well as meeting urgent financial needs. I believe in savings because it gives us hope by not depending on anybody for survival.

Do you have any bad experiences of saving share with us.

I was once in a cooperative society where we saved at least 1000 naira on every first and last Sunday of the month. When I requested a withdrawal of my savings, they gave me only half of it. Over time, I no longer trusted the cooperative due to mismanagement and misconduct involved in it. Therefore, I withdrew my membership and called the chairman to express that I do not want to be part of the cooperative anymore and requested my remaining savings.

They insisted that they will not give me the balance since I have some debts to settle. Up till now, they have never called me, and I have left them to God to judge between us. The funniest part of it is that they favor their friends over outsiders, which is not the way a cooperative should function if it aims to progress.

I will like to invite @bonaventure24, @hudamalik20 and @ruthjoe to participate in this contest.

Thanks for reading my post, God bless you