2 Best Money-Savings Apps In Nigeria And How They Work

Here is an article on the two best Money-Saving applications in Nigeria. The benefit of saving money cannot be overemphasized. It is of great benefit and there are different reasons for saving money.

The benefit of saving money cannot be overemphasized. It is of great benefit. Saving involves setting aside some amount of money from one's income in other to use in the future. It's a method of disciplining one's self so, in the long run, one won't spend all but rather have something to fall back on. There are different reasons for saving money. Some people save money to buy a particular thing, some people save for their retirement and a lot more reasons. Saving is very important as it secures you in cases of emergency that involve money. 

In this article, I would be revealing an important trick on how to cultivate the habit of saving easily. I remember when I was a child and I got a "Kolo" which is a wooden box for saving money. It's a small box where you keep your money. So, I started saving in that box. Sadly, it didn't last long. Anytime I put money there, I would get a sharp object like a needle and insert it into the hole of the box in other to remove the money I had saved. That was how I succeeded in removing all the money I had saved within a short time. Now I'm older, I've realized the best trick of saving money without spending it. That trick involves the use of saving apps.

One of the easiest ways of cultivating the habit of saving without going back to remove the money is to make use of saving apps on your phone. They allow you to deposit your money for a duration ( it could be 3 months, 6 months, 9 months, or 1year or according to what you want) and at the end of your specified duration, you get to withdraw your money.

The good thing is that they provide interest on the amount of money you've saved. Compared to banks, they are better for saving your money because they provide a good interest rate better than the one's bank provides.

 

Here is a list of 2 saving apps to try out:

1. Cowrywise: One good saving app I would recommend to everyone is 'Cowrywise'. Cowrywise is a saving platform that provides an interest rate of 10-15% per annum. One good thing I love about this saving application is that you can't withdraw your money until the stipulated period you set for withdrawal. I've been using this app for a while now and I highly recommend it. 

Here is how to get started:

1. Simply download the app on the play store 'cowrywise' or register by clicking this link

https://get.cowrywise.com/r/NkechN84


2. If you are using the app, make sure you insert the invite code 'NKECHN84' in the invite code section so you can get a bonus of #1000.

3. The next step is to choose your saving plan. If you deposit #500 immediately, you would receive an instant bonus of #1000. This means you would have #1500 in your saving account automatically. So, you can choose to start saving any amount you like is it daily, monthly, yearly or it could be a one-time payment.

You could pay via bank transfer or by adding your debit card. I suggest a bank transfer so you can choose to pay whenever you like or any amount you like. Another benefit of this saving app is that you earn another #1000 when you refer someone to join and you get paid for that at the end of the month. Just imagine you refer 10 people and they sign up with your referral code, that's a whopping sum of #10,000 which is different from your savings.

2. Piggyvest: This is another saving application that is highly recommendable. Piggyvest was formerly known as a piggybank. This saving app allows you to save in naira or in dollars. You can also choose how frequently you want to save be it daily, weekly or monthly. You can also decide to save towards a specific goal.

One good thing about this app is that you can choose to place a withdrawal restriction on your account. When withdrawing your money, you can only withdraw once within 24 hours and withdrawals outside the specified date require a 5%  penalty fee.
Cowrywise and Piggyvest and one of the best money-saving apps in Nigeria. If you want to discipline yourself to save without spending the money, savings apps are highly recommended for you. 


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