5 BEST PLACES YOU CAN SAVE MONEY

By Augustine Amaechi

5 BEST PLACES YOU CAN SAVE MONEY

In my previous article THE WISDOM OF GOD IN SAVINGS (7 WAYS TO SAVE MONEY) I talked extensively on Savings, benefits of Saving, how to overcome waste and save, most time the problem people have is not the Inability to save, the problem is they Don’t know where to save their money. A lot of people want to save but they don’t know where they should save. So we will address that also in this article
We will look at  5 best places you can save money.

1. Savings Account.

This is one of the places that anybody can save their money.
Open a savings account with any bank of your choice.
Some banks now open account where you can save a certain amount every month for maybe one or two years. At the end of the period they will give you the money will maybe 8% interest or thereabout per annum.
The good thing is that you can’t access the money until the said time to collect it, this makes it easy for you save. This is a good place to save. Don’t save your money in a savings account that will not add anything to the money. Do your research there are banks that can give you interest while you save.

Read also

9 Reasons Why You Are Not Saving Money

2. Piggy Banks.

Another place you can save is piggy bank. When I say piggy bank,
I’m not talking about the old fashioned piggy bank, where you get a small wooden box and create a small hole on top of it through where you pass the money in when you want to save. No,
I’m talking about online piggy banks.
Technology has given birth to a lot of innovations in recent times.
Go online there are lots of online piggy banks; they work just like the traditional savings accounts. They also give interest on your savings with them. One of them is Cowrywise, infact i recommend this one.

3. Bond And Debentures.

You can also save in bonds and debentures. Bonds are owned by the federal government while debentures are owned by private companies.
Government Issue bonds when they want to raise funds from the public.
Private companies issue debentures when they want to raise money from the public. When you save 10-20% of your monthly income or weekly income as the case maybe for at least two (2) years you should pull it out and invest in bonds or debentures. It’s an investment at same time its savings because its helping you save your money. If you want to save say three hundred thousand (N300,000) you can put it in bonds for the number of years you want. At the end of the period you collect your money with interest.

4. Treasury Bill.

Treasury bills are investment instruments that are issued by the Federal Government through the Central Bank of Nigeria (CBN).

It is a way the government raises funds from individuals and organizations. When an investor buys a Treasury bill, they are lending money to the government. The Nigerian Government uses the money to fund its debt and pay ongoing expenses such as salaries and military equipment. T-Bills are naira denominated and returns are also paid in naira.
Treasury bills are considered among the safest investments since they are backed by the full faith and credit of the Nigerian Government. There is an array of different bills with different maturity dates and rates. Treasury Bills afford you the opportunity to lend money to the government and get paid back with interest after a period time usually 91 days, 182 days or 364 days subject to your choice.
Interest rates are determined by demand and supply in the market.
Pre-liquidation is possible only after a minimum holding period of 30 days.
At the point of pre-liquidating of any investment, there is a penalty charge of 30% on the accrued interest.
Treasury bill can also be used as a place to save money.

5. Contribution.

This method of saving is common in Nigeria.
This is simply when a group of people comes together and saves within them. For example hundred (100) people comes together and contributes say three thousand naira each (N3000) weekly to be given to a member of the group, this process continues until everyone has received theirs.
It can be amongst a company staff or any other person/persons.
But ensure you are dealing with honest people, when you want to do this.

What other place you think one can save money kindly put yours at the comment section.

Thank you for reading.

 

 

 

 

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox, every week.