October 30th is globally marked as the World Savings Day, also known as World Thrift Day. It is a day devoted to the promotion of savings culture all over the World.
The importance of saving can’t be overemphasized. Through saving, A lot of people have been able to achieve their dreams.
Despite the apparent benefits of saving, some people still find it difficult to embrace this culture. Most of them give the following reasons for not being able to save:
- Low income
- Lack of motivation
- Fear of losing money
- Extravagant lifestyle, etc
If you really want to embrace the saving culture, follow these five steps and you are guaranteed of getting results soon:
Be determined
Let’s face it, saving requires a whole lot of determination and discipline. You must tell yourself this truth and prepare your mind and body. You will have to change a whole lot of things about yourself especially if you are the type that spends a lot.
You must have it in mind that nothing substantial can be achieved without these two: determination and discipline.
Set a realistic savings goal:
Setting a saving goal means answering the question why? Why do you want to save? What do you want to achieve with your savings? This goal will be the motivation behind your savings. Do you want to save to further your education? Or you want to buy a property such as a car, or real estate?
Determine how much you want to save
This is very important. Although this varies according to your goals and savings period. You may want to achieve your goal within a short while, this means you will have to save more to achieve this.
Cut cost
Saving means you are not going to be spending a certain percentage of your income. This may seem difficult but with determination to achieve your savings goal which should be larger than every other thing in your mind, you can cut spending on the least important things, at least pending your savings period
Use savings platform
There are different saving platforms that you can explore. The popular ones are cooperative societies popular known as Ajo, or opening a savings account with a commercial bank
But there are other ways to save money and get good interest on your savings. One good option is ARM Savings Plan. This plan is flexible and very easy to use. Some of the benefits of saving with ARM Savings Plan include:
- You can save with as low as N10,000 monthly.
- You will get a tax-free lump sum of all your investments and interest at the end of the Plan which is then used to fund your expenses.
- You will be paid a lump sum if something happens to you (critical illness or Permanent Disability).
- You can access your money during the contract period (at no charge only after three years). In addition, the policy allows you access to 25% of whatever your account balance is on an annual basis.
- We pay the Total Sum Assured should the death of the policyholder occur. This plan also takes care of Funeral expenses (this is an optional benefit).
- We pay twice the amount for which the policyholder is covered if the death of the policyholder is due to an accident. Upon death, the Savings plan contract terminates with immediate effect. The life cover and investment balance are paid to the beneficiary.
- You get guaranteed return on investment with attractive rates.
