Hey there, welcome back to our blog! Before we get started, check out our last post about investing in stocks in Nigeria. Today, we’re talking about Savings and how it can help you build wealth and put a spotlight on the Piggyvest app.
NB: Posts on Ftalk may contain promotional links and we might earn commissions from them.
What is Savings?
Savings is simply the money you set aside instead of spending it right away. It’s like putting aside a portion of your income for future needs or goals.
Imagine you receive your monthly paycheck. Instead of spending it all on new gadgets or clothes, you decide to save a portion of it in a bank account.
This saved money can be used for emergencies, buying something big in the future like a car or a house, or for long-term goals like retirement. It’s like setting aside some of your earnings for a rainy day or for future plans
Why do you need to save?
The importance of saving money is simple: It allows you to enjoy greater security in your life. If you have cash set aside for emergencies, you have a fallback should something unexpected happen. And, if you have savings set aside for discretionary expenses, you may be able to take risks or try new things. Pretty good reasons to save money, right?
- Savings can give you freedom
Allocating cash to a savings account can be challenging without a specific goal. The temptation to spend immediately is strong, but saving without a clear purpose is still beneficial. Whether it’s for a future car, home, or education, having savings ensures preparedness for unforeseen expenses and emergencies.
Saving money isn’t just about cash; it’s about giving yourself freedom and options. When you have money saved up, you can do what you want without worrying. Instead of feeling stuck because you rely on your paycheck, you can choose how you want to live.
How much you should save depends on what you want to do. If you dream of taking a year off to travel, you need to figure out how much you’ll need for travel and to cover your expenses while you’re not working.
- Savings provide safety net
A really important goal for saving money is making an emergency fund. This fund is there to help you pay for sudden things like medical bills or fixing your home. It also makes you feel better knowing you have money set aside if something unexpected happens.
- Meeting life goals
Many life goals require funding, like higher education or buying a home. Planning ahead is crucial. Whether it’s a vacation, education, or home upgrade, starting to save now ensures funds for future goals. Early saving increases the likelihood of faster goal achievement. It’s vital to list and strategize savings for short-term (e.g., vacation, house down payment) and long-term goals (e.g., business, retirement).
What is piggyvest?
If you’re convinced as to why you should save money, you can get in a savings groove by opening an online savings account with Piggyvest, PiggyVest is an online platform that simplifies savings and investments for Nigerians of all ages.
It’s a secure way to save and invest money; it also offers interest rates of between 7% and 35%, depending on which option you choose. And good news is It doesn’t take a lifestyle overhaul to become a saver.
There are simple ways to save money, which you can start practising today which I will show you in the remaining part of this post. Once you’re in the habit of saving, you’ll forget there was ever a time when you didn’t save.
PiggyVest is an online platform that simplifies savings and investments for Nigerians of all ages. PiggyVest has been a part of many financial freedom stories since it was first launched as “Piggybank.ng” on the 7th of January in 2016. Today, it’s one of Africa’s leading financial technology services, catering to everyone — from students to professionals.
How to create a PiggyVest account
PiggyVest is all about security and ease. You can start saving Piggyvest right away by logging into your account and selecting the option on your dashboard. But what if you don’t have an account? That’s okay; creating one is easy!
Follow these simple steps to start saving and investing with PiggyVest today!
- Head over to the PiggyVest website or download the official app. The free app is available on the App Store and Google Play Store.
- Click on the “Create a free account” button. You may see this button as “Register” if you use the app.
- Provide the required details and click “Create Account.” Ensure you double-check your details before submitting to avoid issues with your free PiggyVest account.
- Set up your withdrawal bank. This account must be your own and is where PiggyVest sends your money anytime you choose to withdraw.
- Verify your details and activate your PiggyVest account. This process shouldn’t take more than a few seconds.
- Pick your preferred savings and investment option.
Savings Plans on Piggyvest
Managing your finances in Nigeria can pose challenges, regardless of your employment or income level. Fortunately, PiggyVest provides a solution. With its five simple savings plans and opportunities for low-risk investments, the platform empowers you to save and grow your money effectively.
You have the option to save and invest with PiggyVest through any of these six plans:
Piggybank
PiggyBank is a PiggyVest plan that enables you to save any amount automatically — daily, weekly or monthly. It’s an excellent way to develop sound financial habits and includes an option to manually add money to ensure you stay on top of your savings game.
This plan allows you to earn up to 10% per annum interest. It’s a great option if you’re looking to build your savings or if you want to test out just how amazing the PiggyVest platform is.
Here’s how you can use the PiggyBank autosave feature on PiggyVest:
- Login to the PiggyVest app.
- Go to “Savings.”
- Click on “PiggyBank” and “Enable AutoSave.”
- Then go to “Settings” and select “AutoSave Settings.”
- Set up your preferred AutoSave plan (for instance if you want to save 10,000 weekly).
- Then Click on “Continue” and select your source of funds, preferred time to save and when you would like to start.
- Then click on “Complete.”
You can also manually fund your PiggyBank by following these steps:
- To save manually, click on “Quick Save.”
- Enter the amount and source of funds.
- Then click on “Quick Save.”
Safelock
Safelock is a fixed savings plan on PiggyVest that allows you to earn up to 15% annually. This interest is paid upfront, and you can leave funds in your Safelock wallet for at least ten days.
The exact amount you’ll get as returns depends on the number of days you lock your funds for, and you can leave your money on the platform for as long as you like.
Here’s how to use the Safelock plan on PiggyVest:
- Log in to your PiggyVest app.
- Go to “Savings.”
- Click on ‘Safelock’ and select “Create a Safelock.”
- Choose how long you want to lock your funds.
- Enter the amount and title of the Safelock.
- Then choose a payback date and select the source of funds.
- Click on “Preview Safelock” and authorize the transaction.
- Click on “Create Safelock.”
Ultimately, this plan is excellent if you have excess funds and need to curb temptation. And just like every plan on PiggyVest, it is completely safe!
Flex Dollar
Have you always wanted to save and grow your money in foreign currencies? Then Flex Dollar is what you need! But what exactly is it?
The PiggyVest Flex Dollar is an account that allows you to save in dollars. This way, you can preserve the value of your savings from within the Piggyvest app.
It’s super easy to set up, and you can use it to earn up to 7% interest annually.
Here’s how to use Flex Dollar on PiggyVest:
- Login to your Piggyvest app.
- Click on “Savings.”
- Scroll down to Flex Dollar.
- Click on “Buy Dollar.”
- Enter how much dollars you want to purchase.
- Select your source of funds and authorize the transaction.
- Click on “Credit Flex Dollar.”
Here’s how you can convert your Dollar funds to Naira:
- Click on “Convert To Naira.”
- Enter the amount and authorize the transaction.
- Click on “Convert to Naira.”
Your funds will be credited to your Flex Naira wallet instantly!
Flex Naira
The PiggyVest Flex Naira account is a flexible savings wallet for receiving interest earned on all other wallets. It’s an excellent way to save for life’s emergencies and includes free transfers and withdrawals.
You can also earn interest on your Flex Naira account, but it’s capped at 8% per annum. Additionally, you can only earn this interest if you withdraw at most four times monthly.
If you withdraw more than four times a month from your Flex Naira account, you lose all your accrued interest on your Flex savings for that month.
Here’s how to use the Flex Naira plan on PiggyVest:
- Log in to your PiggyVest app.
- Go to “Savings”
- Click on “Flex Naira” and select “Add Money”
- Make a transfer to your Flex Account Number from your bank app.
Your funds will reflect shortly in your Flex Naira Wallet.
Target savings
Target Savings on PiggyVest is the best way to reach your unique savings goals —individually or as a group. It allows you to set a financial target and save consistently towards this goal — all while earning an interest of 9% per annum.
This means that you can save for your rent, vacation, a new gadget and even towards starting your new business with Target savings. And while you save, you can earn more money!
Here’s how to create a Target Savings plan on PiggyVest:
- Log in to your PiggyVest app.
- Go to “Savings.”
- Click on “Target Savings” and select the plus sign.
- Click on “Create a personal target.”
- Then give your target a name and select the category.
- Enter the amount you want to set a target for.
- Choose how often you want to save, the amount, day and preferred time.
- Click on “Continue” and enter start and end dates.
- Choose the source of funds.
- Confirm the target savings and click on “Create Target.”
Conclusion
PiggyVest isn’t just for saving money – it’s a whole package for securing your financial future. With different ways to save and invest, like Piggybank and Flex Dollar, it’s easy to find what works for you. Plus, you can earn rewards along the way. So, don’t wait! Get the PiggyVest app now and start building a better tomorrow. Happy saving and investing with PiggyVest!
New to investing? That’s alright! check our post on investing in Treasury bills, stocks and bonds in Nigeria
Till next time.
Cheers ❤️
Good