The year 2024 has been one for the books. Nothing could’ve prepared Nigerians for the severe decline of our spending power and unrelenting economic pains. But the “ember months” have come in all their glory, promising ease and nostalgia, an opportunity to slow down the grind and hit refresh.
For many Nigerians, the approaching holidays may also stir up financial anxiety due to unmet financial goals. But the end of 2024 should not mean the end of the world. Whether emergency funds, rent, or other large unavoidable expenses, you can still achieve your saving goals if you start today.
Strategic saving is crucial for both future or present goals. And a savings app like PiggyVest is a great way to build financial discipline and calm your money worries. On PiggyVest, you can save automatically while earning delicious interest. Want to know what other saving goals Nigerians can achieve before 2024 ends? Keep reading this article:
1. Retirement Contributions
What is your retirement plan? And please don’t say, “My kids.” Nigerian retirees have spoken about the ups and downs of retirement, and since only 22% of Nigerians are saving for retirement, it’s clear we need to take retirement savings more seriously.
Retirement planning is essential. The best way to ensure you’re prepared for retirement is by setting money aside, starting now. With Safelock, you can lock away funds long-term for more accountability and cool returns, up to 17% annually. Retirement might seem far away, but the earlier you start preparing, the better.
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2. Emergency Fund
With the cost of living these days, it’s no surprise that daily survival has become a priority for Nigerians. As a result, you might find it hard to keep up with your financial goals, or worse, have to start over again. But that’s okay.
Building your emergency fund for surprise expenses takes time and discipline. You also don’t need to wait till 2024 ends in order to achieve this. As you may already know, your emergency fund should have at least 3 to 6 months worth of income. Budgeting will help you track your income and plug any holes in your spending. Your Flex Naira wallet is ideal for this goal, as it is a flexible savings wallet that lets you earn up to 12% interest per annum as you save.
Using the 50-30-20 rule, you can create an airtight budget and maximise your income. Then, with Labels, a sub-feature of the Flex Naira wallet, you can allocate funds for various needs and spend them accountably.
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3. Rent
The harsh combination of rising housing costs and decreasing purchasing power has made navigating rent costs in Nigeria difficult. This is why it’s good to get a head start on saving up your house rent. To avoid stories that touch.
Enter HouseMoney, a semi-strict savings wallet by PiggyVest. HouseMoney helps you save for your house rent and other bills while giving you up to 11% interest p.a. To make saving even easier, HouseMoney will calculate your annual rent and help you break your payments into sizeable chunks that you can easily meet all year round.
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4. Large Purchases
The best way to sustainably afford upcoming large purchases is to create a savings plan instead of relying on your emergency funds. Large purchases like gadgets or education are non-emergencies and do not require you to dip into your rainy-day funds.
This is where Target Savings comes in — a dedicated goal-oriented savings wallet that allows you to set up different targets like trips, gifts, or a new car.
5. Holiday Expenses
It’s two months to the end of 2024; enough time to start setting some funds aside for the yuletide. Christmas in Nigeria comes with a plethora of expenses, but you can achieve your holiday saving goals if you set up that Target today. You can also create a private group target with your family or a public group if you seek motivation through accountability partners.
Remember that as the curtains fall on 2024, 2025 arrives in earnest. So, while having the detty-est December, don’t forget to save some money for the coming year’s expenses as well. A smart place to start will be our Race to the New Year Target savings challenge. Good luck!
