October 23, 2019 All Things Fintech in Africa

5 Things You Should Never Do With Your Savings

We save basically to have financial freedom, and this is why you must not dip into your savings unless it is an emergency. Whether it’s N200 daily or N50,000 monthly, saving money is a good idea; however, saving alone won’t make you wealthy. It is the actions you do with your savings and what you avoid that makes the difference.

Here are five things you should avoid doing with your savings.

Don’t spend it
Nowadays, many people spend money without thinking twice. With ATM everywhere, you can withdraw your money with just a swipe and spend on unnecessary things to show off or join the latest trend: something Nigerians call “to belong.”Your savings should be different, do not dip into your savings at all. The money is not going to develop wings and fly away discipline yourself until you have gotten to the saving limit you planned.

Don’t Loan it
Unless it is a matter of life and death, never loan money from your savings to friends or family members. You can use another money source to loan out money, but not your savings. Why? You don’t know if they would be capable of paying you back: don’t take the risk.

Don’t invest in what you don’t know
You need to have sound knowledge about a business or something before investing your hard earned money on it. Don’t invest with your savings in what you have no idea about, the result of such action is always a heart-attack.

If an investment sounds too good to be true, tread cautiously it might be a scam. Your savings should grow by itself with an effort from your side. Different temptations will knock on the door. Greed will whisper into your ears but don’t succumb. Do not be greedy and start looking for means to double or triple your savings. It might end with deep regret.

Don’t give it out
Being generous is a good thing, but do not give out your savings in the name of generosity. Your friends are doing giveaways on social media, do not be pressured to copy them.Wait till you are financially capable before you nurse the thought of being a philanthropist. Take your time to build your wealth before thinking of contributing to society.

Don’t leave it for too long
Saving is good, but leaving your savings too long in your savings account without any reasonable plan is not a smart idea.Look for a profitable thing you do with your savings when you have got enough. Start a small business or buy a property to sell later into the future.

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