Hello everyone,,,
I bring you warm greetings from my own part of the world Nigeria, I'm so excited to participate on this beautiful contest titled:"My preferred savings Method " organized by @okere-blessing in this wonderful community.
Explain Saving in your own words. |
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Saving can be seen as an act of setting aside some part of your money or earnings for future purpose rather than spending it immediately. And this can be done through different methods, either primary or secondary mode of savings.
What is your preferred savings method, give your likes and dislikes about the method that you choose. |
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Well, in this regards I would gladly go for automatic transfer savings method, I think that's my most preferred method if I'm a salary earner for a good and financial security in the future, though it's never easy but your determination can help you to achieve that miles in life.
Likes
Therefore in automatic transfer savings method, it will definitely enable me to stick with my saving goals and thereby avoid some unnecessary spendings, like a guy Man like me I will love to buy all kinds of shoes, clothes, women's, beers though I'm not taking, so once the money is withdrew from my check account as salary earner to my savings, it will definitely triggered me all the time to save more and to find other alternatives to balance my savings and lifestyles.
At some points, It is also considered as a flexible mode of savings, thence you can adjust it to suit your savings ratio.
Dislikes
Well, the negative part of automatic transfer savings is that, I will have limited access control over my savings pattern, and it might likely affect my condition of living, leading to collecting debt or incure more debt coz as the years kept going the rate of spending kept increasing, and if salaries is not increased then it will definitely affect me or any individual, thereby incure debt.
Again, it attracts lot of charges from the bank, which makes the method to be more costly and very frustrating at times, instead of me to get profit from the banks, banks end up getting more profits from me, gosh it beats me hard.
Which saving method would you advise someone to go for. |
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I know saving can be very difficult sometimes, but is very essential to every individual in this life, therefore, my advise to anyone who wants to save, or is saving already keep it up for your financial security in the future.
And Ensure you embark on flexible savings account, which would enable you to adjust where necessary, because it's only when you are a bit okay financially, that would warrant you to save for the future, so go for flexible saving method, it could be through bank, primary method whether primary or secondary method, primary like a savings box at home, I think that's the traditional mode of savings which majority of the Hausa's in the North are using it (including me), by doing so you will be able to achieve some expected ends.
Do you believe in savings? Or eat as you earn. |
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Yeah, I so much believe in saving, coz is very significant to us as humans, especially if you have a family and children fees on your head, you must definitely finds a way to save and invest for their future, though feeding as you earn is important but earn, eat and save for tomorrow is very more important, (meaning: you are living with a purposeful life.)
Do you have any bad experiences of saving share with us. |
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Yes, my saving box at home was once stolen, although not huge amount of money was there at that time, but with the little I was earning back then I've tried so hard to save little, coz my father is late, I have to fend for myself, my well-being, textbooks and school fees I had to struggle hard and save little for my needs, then all for me to wake up one day, sadly I discovered my box was missing, though I was not the only one staying in the room, but all effort to find it was abortive.
Then I learned my lessons, and finds a way to open a savings account with the then Diamond bank now access bank here in Akwanga, link ones small money enter my hand I will just rush to the counter and save it there, that's my first bank account I've ever opened in 2013 and am using it till date, surely that's my preferred savings method account since then and that's little I can say for now.
Invitations:
@josepha
@ruthjoe
@dove11
Kind regards,
@ibraheem75.