It’s good to be back and I want us to get straight into what we have for today. Overtime, I have addressed various topics on how you can save and manage your personal finances – what percentage of your salary you should save, financial mistakes you make and how to avoid them, money saving tips during any festive season, how to save to invest etc. But today, I will be analyzing how you can automate your savings in one image because, most times, savings can be hard.
“Don’t save what is left after spending; spend what is left after saving.”
Personal financial discipline appears simple but it is not easy and even knowing that it’s good to save, doesn’t help much. So, automating your savings could be just what you need to get your finances on track and reach your financial goals.
Automating Savings is a type of personal savings system in which the plan contributor (e.g www.piggybank.ng) automatically deposits a fixed amount of funds/money at specified intervals (daily, weekly or monthly) into a largely inaccessible (except you’ve met your savings target) account.
Is it time to automate?
Yes. Especially if:
- the manual way of saving is not of much help to you
- you are an entrepreneur or on monthly salary
- your saving contributions can be a bit unpredictable
- you are extravagant and lack savings discipline
- you are constantly tempted to take your savings out of your bank account
Why Should You Automate Your Savings?
- It can help you prioritize your savings contributions without planning ahead
- It’s easier to spend after the savings because the money has been removed automatically
- It is more like building an emergency fund for yourself
- It helps you reach your financial target with convenience
- You have access to interest on the savings and at the same time track your savings.
Presently, Piggybank.ng offers an automated savings platform to help with savings and it is verified.
By automating your savings, you can make money management and reaching your savings target much easier. Today, take your time to set some realistic goals and choose a daily, weekly or monthly savings contribution that you’re comfortable with for at least few months.
You’ll find it easier to adjust your spending to accommodate for whatever expense you have and you will also be building up your savings account with minimal effort.
If you have questions, drop it in the comment section below.
Have a great week, and until next time,