Do you know that you might just be one health emergency away from bankruptcy?

Let's break down God forbid! But this is a sad reality for many Nigerians. Several things could go wrong in just a twinkle of an eye. From the loss of a job, property, or loved one, to losing money or being diagnosed with a terminal illness. Having a safety net or savings serves as a shield for unexpected expenses.

Yet, for many Nigerians, saving remains difficult amidst the challenges of daily life. From sudden emergencies to long-term goals, the need for a safety net is undeniable.

How many Nigerians have savings and emergency funds?

A recent survey conducted in December 2022 revealed a stark reality: only 36% of Nigerians have enough savings to cover three months of unexpected expenses.

Shocking you would say? Yes.

The majority grapple with the harsh realities of unemployment, low income, and the ever-increasing cost of living, leaving them vulnerable to financial instability.

Saving money is incredibly important, and it is wise to set aside funds for unexpected events. However, in the current economic climate, saving in a stable currency that protects your naira from devaluation and inflation should be considered.

Why is saving so important?

1. Savings provide a lifeline during hard times. Through saving consistently, individuals can build a financial safety net to weather any storm. Knowing that you have a safety net offers peace of mind and shields against ruin.

2. Savings empower individuals to transform their aspirations into reality. Whether it's paying rent ahead of time, preparing for childbirth, or investing in education abroad, having funds set aside opens doors to opportunities that might otherwise seem out of reach.

3. Savings are not stagnant; they work for you. By earning interest and taking advantage of the power of compounding, your money grows over time, setting the stage for a more prosperous future.

4. Cultivating a savings habit instills financial discipline. It fosters an understanding of budgeting, encourages prudent money management, and promotes living within one's means.

5. Savings can also serve as a tool for debt repayment, offering a path to financial freedom by alleviating the burden of accruing interest.

To cultivate a disciplined savings culture, here are four things to do:

• Set clear savings targets: Define your goals, establish target amounts, determine deposit frequency, and set end dates to track progress effectively.

• Prioritize saving over spending: Make saving a priority by allocating funds before indulging in discretionary expenses.

• Choose the right savings platform: Select an account that aligns with your goals and preferences.

• Automate your savings: Streamline the process by automating deposits, ensuring consistency and eliminating the temptation to spend impulsively.

Here at PariVest, we believe saving shouldn't be a chore. That's why we're introducing some exciting new features to supercharge your saving journey:

1. Target Saver: Do you have a specific goal in mind?

   • Name your target.

   • Choose your savings pace.

   • The minimum savings target is 50 pounds or 50,000 naira.

   • Duration of 3 months to 36 months.

   • Up to 14% interest rate compounded daily.

2. Flexi-Save: Do you need more flexibility in your savings?

   • Save any amount, anytime, in Naira or Pounds.

   • No minimum deposit is required.

   • One FREE withdrawal every month. A 0.50% fee is payable on subsequent withdrawals within the same month.

   • Up to 8% interest rate compounded daily.

Getting started with PariVest is simple:

• Download the PariVest app from the Play Store or App Store.

• Complete registration in minutes.

• Choose your preferred savings feature: Flexi-Save GBP, Flexi-Save NGN, Target Saver GBP, or Target Saver NGN.

• Follow the prompts to set up your plan and start saving.

With Target Saver and Flexi-Save at your disposal, you can navigate life's uncertainties with confidence. Whether chasing your dreams or preparing for the unexpected, PariVest is here to support you every step of the way.

Begin your savings journey today and take control of your financial future. Remember, a secure tomorrow starts with a commitment to saving today.

Happy Saving!

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