DEMYSTIFYING THE CONCEPT OF SAVINGS

We have once again commenced a year long journey towards actualizing our full potential and achieving some of our life long goals and objectives.

But I must immediately point out the obvious fact that most of our goals and objectives can only be achieved with availability of MONEY.

However, what most people don’t realise is the fact that the saying “little drops of water, makes a mighty ocean” is an open secret on how to unlock financial breakthrough and have access to the money they require to achieve their goals without having to rob a bank, do Juju, resort to cybercrime, become a full bloated debtor to banks, loan sharks, friends and family.

You may ask yourself, why should I set aside part of my daily, weekly or even monthly earnings as savings, when I can spend everything on meeting my immediate needs (of which some are not actual needs but wants and can only provide temporary relief)?

In response to your inner pondering , your savings will certainly benefit you in the nearest future. Saving money is preparing for not only specific capital intensive needs, business assets but also for unforeseen circumstances, situations, needs and any other eventuality that may occur.

People save for various reasons but it is easier to commit oneself to actively saving money for a future purpose,  if you have a clear goal or purpose for the money you are saving. Below are seven (7) reasons you should save your money:

1. Saving for your emergency fund: This will help you adequately cover unexpected expenses i.e. car repair, medical bills or a sudden job loss.
2. Saving for business expansion
3. Saving for retirement
4. Saving for short –term irregular or recurrent expense i.e. House rent, School fees, Household expenses, Car servicing
5. Saving for Vacation, car, a house or other capital intensive projects or assets.
6. Saving to use as collateral against a loan: this would enable you negotiate for lower interest rates.
7. Saving to maximize interest rate: saving your money in interest yielding savings accounts would also earn you some money on the money you have set assist to meet future needs.

There you go.

Now, to ensure you knock some major goals and objectives off your bucket list by 2021 year end; Start earning attractively on your savings today by opening an Everyday Saver account with us at Shalom Microfinance Bank.

For more information, Please call us on 08159491831 OR

DM us @shalommfb on Instagram OR

Visit us at our Head Office: No. 37a, Adebayo Doherty Road, Off Admiralty Way, Lekki Phase 1, Lagos.