You can feel it in the air. The holiday season is near; the year is winding down. Thankfully. 2023 has been a dizzying year for all of us. Sapa seemed ever present. As one X user puts it, “I really thought I was going to save more this year. I couldn’t beat my last year record, but we go again next year.”
Indeed, the new year brings an opportunity to push the restart button. But you don’t have to wait till 2024 before spending less and saving more. In any case, about 80% of New Year’s resolutions are forgotten by February. So, if you really want to build financial discipline, this holiday is your chance. Start now. If you get a handle on your spending this Christmas, you’ll be unstoppable in 2024.
Piggyvest can help you become financially unstoppable. So, if you haven’t joined the over 4.5 million users who trust the platform, download the app now or create a free account.
If you aren’t yet convinced, we have highlighted four PiggyVest features that will change the way you spend this Christmas (and beyond).
1. Target Savings
Christmas is a great time to reward yourself for your hard work throughout the year. But be smart about it by activating Target Savings in the Piggyvest app. You can create multiple individual or group targets and earn 9% per annum on your savings. By saving towards your major goals, you’ll keep yourself accountable and within budget, while also making a little money on the side. How cool is that?
Here’s how to create a Personal Target:
On the PiggyVest app, go to Savings → Target Savings → Create Personal Target. Set up your Target by choosing a name, category, amount, saving frequency, start and end dates, and source of funds. Go ahead and click ‘Create Target’, and start saving!
Here’s how to create a Group Target plan:
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On the PiggyVest app, go to Savings → Target Savings → Create a Public Group/Create a Private Group. Set it up as above and start saving with your family and friends!
2. SafeLock
You know how they say January feels like seven months in one? That’s because after you’ve made one too many expenses in December, your account balance begins to wobble by the first week of the new year. Three more weeks till your next payday? Might as well be light years.
This is why everyone should have a SafeLock. Unlike other PiggyVest plans, SafeLock is temptation-proof. No matter how detty your December gets, safelocking funds until the second week in January ensures you’re not strapped for cash when work or school resumes. There’s only so many times you can tell HR you don’t have transport fare before you get issued a warning, so play it safe. Create a SafeLock today. SafeLock is a fixed savings plan that pays your interest upfront — the amount depends on the duration.
On your app, go to Savings → SafeLock → Create a Safelock. Set it up to your preference.
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3. Labels
This is a neat sub-feature in your Flex Naira wallet that helps you allocate cash for your different expenses.
First, let’s talk about the Flex Naira feature. Flex Naira is a flexible savings account that enables you to receive and send money in the case of an emergency. You can also earn up to 8% per annum, paid to you monthly, provided you do not make more than four withdrawals that month. Your bonuses and interests from other wallets accumulate in this wallet, too. You can fund your Flex Naira directly from your bank app.
Now, back to Labels. This sub-feature is a way to organise the funds in your Flex for accountability and ease of spending. It can be tempting to withdraw from your Flex wallet even in the absence of emergencies, so creating labels helps you set aside funds for “real emergencies” like car repairs or paying for electrical power. You can release or update a label at any time. This means that you can rest assured that your urgent bills are budgeted and paid for as you enjoy a merry holiday.
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To create a new Label, click on Try Labels → New Label. Name your label and enter the funds you’d like to allocate. Here’s a simple tutorial to guide you.
4. PiggyBank
This list would not be complete without mentioning this OG PiggyVest wallet. PiggyBank was created to help you build financial discipline with the aid of automated savings. It allows you to grow your emergency funds with no stress, while earning up to 10% per annum. There is also the option to fund your wallet manually.
If you haven’t already, automate your savings by going to Savings → PiggyBank → Enable AutoSave. After you have set up your savings plan and frequency (daily, weekly, monthly), as well as the preferred source of funds, go on and hit “Complete.”
To save manually, go to “Quick Save” and select your amount and source of funds. Save your changes. That’s it!
Piggybank is a great way to stay accountable. To curb your appetite for spending, you pay a breaking fee of 2.5% to withdraw your funds at any time. There are four free withdrawal days in a year (31st of March, 30th of June, 30th of September and 31st of December), and you can also select your preferred withdrawal days.
