Save or Spend?
Majority of Nigerians do a pretty poor job of saving their money, both in terms of retirement savings and savings for rainy-day expenses.
Take a look at some of the actions and reactions toward savings.
We (Nigerians) simply don’t like to save money for no reason. Some people have legitimate reasons not to save e.g. they want to buy the latest. However others simply love to go out to eat, buy new clothes, and do other expensive activities a lot more than they should.
Whatever the reasons, our savings culture are just bad.
- Many salary/income earners before the end of the month as exhaust his/her take home
- Many have less than 18k minimum wage saved
- Some don’t even have a bank account not to even mention insurance policy.
We sure love to spend
Many people's excuses for not saving include things like, "I haven't gotten a raise in years, while my cost of living keeps going up." This may be true in a lot of cases, but a major reason we're not saving is simply because we love to spend our money.
We take loans and debt and spend more than we earn
“Emergency fund? What's that?
Experts say that you should have six months' worth of living expenses in a readily accessible emergency fund. And this may be a lot more than you think. While six months is an ideal emergency fund, many people don't even have a fraction of that amount.” (Mathew Frankel)
Experience has it that, at any emergency, people loses their autonomy and turn back to friends and relatives for assistance.
- How many Nigerians have even just 1 month of their income in savings?
- How many Nigerians can vouch of a savings for better life after retirement?
Would you be a burden to your family or leverage to your children and spouse when you die?
If your answers to the above are not encouraging…
Take action!
You need to do something, and this is a good time to act. Start small!!!
Open a savings/investment account with
Cornerstone Insurance Plc or call Adeboye Segun on 08027581478, Email: tunekins1@yahoo.com
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