By Amusan Tosin
I struggle with the Spend Right Now Syndrome. I know you are wondering which one is the Spend right Now Syndrome?
Are you the kind of person that when you get a credit alert you feel on top of the world? You feel like the richest person in the world. You can afford anything. You remember all your needs (wants, if you are truthful to yourself). With the advent of ATM cards and Internet banking, it’s safe to say the “Akant balance” does not stay up for long.
And the banks? They’re ready to make us us spend. If your mobile number is attached to your account and you can buy credit on your phone, you know what I’m talking about. And with *737*, you don’t even need the internet to spend all your money.
My mum and I went out one fateful day and, well, let’s say we did not return home with the side mirror intact. My mum had to fix it as soon as possible, so the next day she went out and paid to fix it. I looked at myself and wondered, if someone should bash me today can I afford to fix a car?
Or when I had to go to the hospital on short notice. Hospitals these days though! How much is our salary that medical care is so expensive. I had to check myself, can I afford my own health care? Truth be told health issues are usually emergencies. They’re not like birthdays that you can save up and plan for.
Every new year I tell myself I’m going to have X amount in my savings account at the end of the year. Right now, I am zero percent close to reaching my goal. I have tried so many steps and they have failed.
– Opening an Account and not getting a debit card for it
– Getting a literal piggybank
– Telling my roommate to hold money for me
– Promising myself I will save after spending on the necessities
– Leaving money in the pockets of my clothes so that when I wear them I’ll get a surprise (it works a little, don’t judge me)
But the truth is, you cannot save after spending. If you truly want to save, remove the percentage you want to save before you start spending.
Obviously, even that is not enough, and after searching for a solution, luck smiled on me, I found PIGGYBANK.NG!!
I know you are wondering what that is.
Piggybank.ng is an app available on all our phones where we can save directly from our account. You can set your app to automatically debit your account or you can save into your Piggybank account at your own time. All the funds are held securely by their partner bank, UBA.
You earn about 6% interest You have the option to withdraw money on the 4 quarterly withdrawal dates, although you can set your own withdrawal dates as well. Withdrawing outside that day will attract a 5% penalty.
There is also the Safelock option. This is similar to fixed deposit. Once you safelock your money you have no access to. It until the date set arrives. You also receive the interest upfront. You get up to 25% interest depending on the duration of your Safelock.
Honestly if the penalty does not deter you from withdrawing then nothing can. It is also amazing to see your savings increasing.
For someone who loves winning I love to see myself exceeding the targets I’ve set for myself. So if I set 3000 Naira per month, I want to be able to save that much or more. Where you fail to reach your target the app turns red. You don’t want that now do you?
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Read more of Tosin’s posts on her blog.