Skip to main content

The Future starts now


The Future starts now, you cannot afford to procrastinate.
How do you develop a healthy savings culture?
1. Save first, spend later. Whatever portion of your income you decide to save should be saved first before the remainder is spent. This ensures that you have the mindset that the remainder after saving is the whole amount that is available to you. Thus, if you save 10% of everything you earn, then your mind would believe that you only have 90%, since the 10% “not available”. All calculations would be on the 90%.
2. Have a separate account for your savings. Your savings should be safe from you. The needs and wants of man are insatiable. We also know that whenever there is an increase in income, things to do with money also seem to expand to meet the new amount of money available. Thus, it is necessary to separate your savings from all other funds available to you. It is trite that when access to saved money is too easy, un-saving of saved funds is sure. What to do is to ensure that there is a separate savings account without a debit card, without a cheque book and with rules put in place for withdrawals e.g. withdrawal should be for investment purposes only.
3. Automate your savings. The influence of technology on Banking should be fully used to your advantage. Put a direct debit instruction (also known as a standing order) in place to move your savings from your earnings automatically. Ask Creditors to pay into the account with the direct debit instruction. Ask Customers to pay there too. Use a POS for your business to ensure that your money hits an account from which it can be transferred to your savings account. By all means, use technology.
4. Re-invest the interest from your savings. Savings are not for spending. (Did I hear someone ask “so, why save?”). Saving is for investment. If you save to spend, you are simply deferring the dissipation of the money you retained after earning it. Except in circumstances where you are saving for a project, money saved should be invested in such a manner that it produces more money for you to spend and not be spent in such a manner that its “reproductive cycle” would be terminated.
5. Have only one Capital Project per time. When saving for projects, have only one project in mind at a time. This is called the power of focus. Walking in several directions gets no one anywhere fast. If your eyes are single, your body would be full of light.
6. Start now. Delay is dangerous. Many opportunities to invest and make more income present themselves daily. Many of us are ill equipped to grab those opportunities with both hands because we do not have the required funds to participate. We usually do not have any funds set aside to grab investment opportunities because we did not start saving yesterday.
Visit www.fandksavings.com.ng to open a savings account for free.
Yes! The future starts now.

Popular posts from this blog

The Law of Demand and Supply For wealth making (Oyedamola Taiwo) For F&K Savings

The Law of Demand and Supply For wealth making. Next to the introduction of economics as a course is the exposition to how the demand and supply rules and moves an average economic system. I am definitely not here to bore you with economics jargon, I want to tilt your mind in a direction it has probably scarcely explored. This is how it works in the goods market; there is a producer on one side trying to make profit by offering a good/service and on the flip side of the coin is the consumer willingly looking for a product to feed his/her satisfaction in exchange for value. The two parties will have to meet and bargain. Before the transaction can be sealed, the basic requirements of the two parties must be met i.e, the producer must earn profit and the consumer satisfied with the product. Now, you have gotten the basic gist, let me exercise your imagination just a little bit. You want money right? I do too! Now, there is an imaginary money land with producers willing to give ou...

Meet our customer of the month for the month of may - Famoofo Seyi.

Don't just take our word for it when we tell you that saving with us makes hitting your finance goals really easy. Meet our customer of the month for May, Mrs Famoofo Seyi, an entrepreneur based in Ibadan who has found staying focused on her finance goals much easier since she started using our mobile app, in her own words she has been able to save towards particular goals and smash them without stress and her business and financial lifestyle have greatly improved as a result. Be like Famoofo Seyi and join the ranks of those who save smart and better with F&K Savings, you too will find smashing your money goals not stressful at all. Thank you, Mrs Famoofo Seyi for being such an amazing customer

Is Forex A Worth-While Investment For The Average Nigerian?

If you live in Nigeria and you actively use social media, odds are on that you have probably heard the term ‘Forex’ being used around a lot, from shady people hitting you up promising that they will give you an 100% returns on your investment if you invest in Forex through them to someone on social media bragging about how they made millions off investing in Forex. Forex is one of those terms that seems to be shrouded in mystery, the average person knows the word Forex but would be hard pressed to come up with a suitable explanation for it or how it works. Overtime an even more pressing question has appeared, Is Forex another word synonymous with scam like MMM? Should I be investing my hard-earned money into Forex? Today, we’d be breaking down for you how exactly Forex works. First things first, what Is Forex? Let’s give you a quick analogy on how Forex works, Say you leave Nigeria and go to Dubai for a vacation, when you get to Dubai, you are obviously not...