save the rest of the money for future purposes.

 

As a young earner living in Nigeria usatimes.cc , the aspirations to spend more,to be able to keep up with peers and trends due to influences becomes a habit. Having enough money to save after spending on unnecessary things is almost unachievable.

We are in a day and age where dreams come at a very expensive price. Getting a decent education for your kids could cost millions of Naira, and having a retirement plan cost a fortune. Basic needs have been elevated to dreams due to the high cost associated with them. Individuals mostly young earners will find themselves in situations w usanews.cc here they have to work 2 more part-time jobs to get high income so they can meet their basic life goals.

The need to start making plans for the future with your income is essential. How do you go about them? See below

Make a budget and start saving

After receiving salary, the first thing to come to mind is making expenses plans for the month, which includes the allocation for transportation to work, allocation for food, allocati news on for emergencies, and allocation for health issues. After sorting out the expenditures for the month, set to save the rest of the money for future purposes.

Build a timeline for your financial goals

Say you’ve started saving already but always ask yourself, with this rate of my savings will I be able to buy a house in 10 years. So, when saving always plan with an actionable timeline, detailing if it is a long term or a short term goal. This way you can plan accordingly and know the amount needed to be saved to meet each goal.

Always have a fixed deposit

The biggest mistake young salary earners make is not knowing where and what to invest in, but the best way to invest is having a fixed or automatic deposit on an account to fund another saving account, such as Fundall. You can set an automatic deposit from your bank account to your Fundall savings plan.

Invest your savings

With the ways Nigerian bank accounts are setup, instead of earning more interest on your savings account, you will find out your funds are sucked away with ridiculous bank charges such as: maintenance fees; ATM fees; SMS fees; taxes etc. Many have active savings account but have no returns on it. Fundall provides you zero Nigerian banking “wahala”. Members that are actively saving are set to make up to 15% interest annually, this way you aren’t only saving your money but also making more in return.

Avoid debt traps