Because this thing keeps happening every year, let me put this out here for someone that might need it.
I would think this is common knowledge but then…
Often times, when you ask people why they join ajo groups, they say it helps them to save and not eat their money as it’s coming in.
People have spoken of so many options for saving your money and not giving anyone to keep for you but each year, people keep repeating the same mistake.
I have a moniepoint account.
Last year, I decided to start saving money with the account. I just tagged it “one year flexing funds” I started last year.
Every day, my account is deducted with 3,500. Trifiv. Small money. Yeah?
I didn’t do anything big. I just said let me do 3,500. You can decide how much you want to save. 500, 1k, 5k, 10k etc.
Let’s assume you want to pay your rent and your rent is 1.5m. If you want to save for that your rent and get the exact amount in one year, you can save around 4,200 everyday and it will be ready for you on the day you need it.
4,200 might seem very infinitesimal if it leaves your account daily. You’ll probably not even notice but running around to raise 1.5m at the end of the year might shake you.
Now, the catch is that you can’t withdraw this money. For those that will say, once something choke me for throat, I’ll go and get it.
No. You can’t till the date you fixed it expires. If you locked it for 6 months, you have to wait for 6 months. If it’s one year, you’ll wait. It won’t come out.
They have different types of savings and this one I’m talking about is the one I’m using. It’s locked savings. Shishi you no go see.
If you’re worried that you might not have money everyday in the account to meet up, don’t worry. They’ll collect it tomorrow when money enters the account. They’ll carry it over for you.
Another very beautiful thing about this is that it comes with interest.
Mine has accrued almost a 100k interest.
Remember, 3,500 is such an insignificant sum for me to spend daily. I can use it daily to purchase things and I won’t feel it.
But that same 3,500 is what I have playfully decided to save and not only have I saved but also made or will be making over 100k as an interest at the end of the day.
You can also have different savings there.
Let’s say you want to buy a phone. You do that one.
You want to gift your parents something at the end of the year, you do the savings. Etc.
They’ll all run concurrently. None affects the other.
Life has been made very easy. I don’t see why you’ll work so hard and give someone you don’t know from anywhere your money to hold.
As you get conscience, no be everybody follow you get. You can’t be using yourself as a yardstick to judge others all the time.
The person you might think you know so well might be that way because they’ve not seen money.
The road is very slippery and everyone is looking for who to collect from.
