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Here are Top Money Saving Apps to Save Your Money and Good Interest Returns

December 16, 2024 No Comments

EDITOR’S NOTE: This article has been updated to reflect new money saving apps that you can use to earn good returns on your money. I had a chat with a friend a few weeks ago and somehow the discussion veered into personal finance a la money saving apps and investments etc.

Now I’m the first to raise my hands and say I suck at saving/investing. I feel like I save too little and too irregularly. But I’m deciding to do something about it like learning tricks to save money on things like electricity.

Back to the story I asked, out of curiousity, whether she has somewhere she puts away money. She mentioned a certain bank/insurance saving product that pays, wait for it! 5% per annum. I was surprised and then upset. Then I realised there was likely a lot of people like her – putting money into savings or investment plans that paid too little and below the inflation rate. Save N1 million that way and after one year the N1 million plus the interest will be worth less than it is today.

So what are the ways you can save/invest your money to yield the highest possible annual interest while being sure your money is relatively save? Note that an investment/savings product should have a high level of security and return decent interest. With inflation and rising costs of living the best thing you can do is put your money to work to earn more for you. Simply leaving your money in a bank savings account that pays little or no interest is not a wise decision. So we looked at various options and here are some apps that enable you save/money at good annual returns. They all have at least 24/48 hours withdrawal.

Money Saving Apps

Over the past few years several fin-tech companies with focus on helping people save and earn decent interest on their saved money have become even more popular. It is easy to see why. Before now you could leave N1 million in your bank savings account without withdrawing/touching it and you will be lucky to get a paltry 1 or 2% interest annually on it. Enter Savings/investment apps that encourage people to save their money and earn anywhere between 10 – 25% interest on it. So basically in one way they promise much higher interest if you save your money with them than with a traditional bank. And for some of them is the beauty of monitoring your accumulating interests via the digital app. The more popular ones include;

Piggyvest: Piggyvest started as Piggybank in 2016 as a savings only platform. It offers customers/users between 10 – 15% interest on saved amount per annum. Users can transfer money they intend to save or fund their savings account with a credit/debit card. The app lets you save in Naira and also in US dollar with the dollar savings paying 6% interest annually. There is also the Safelock feature which allows you lock away money you don’t want to be tempted to touch in return for up to 15% interest.
Cowrywise: Cowrywise is yet another savings app launched in 2017. It offers users the opportunity to save their money and earn interest. The app allows you choose different savings options to meet your goals. On Cowrywise you can earn up to 15% annual interest on the amount you save.
ALAT: ALAT is a digital only bank set up by Wema Bank. Launched in 2017 ALAT lets you set savings goals. You receive a physical debit card which lets you withdraw money from anywhere. You can earn up to 10% annual interest when you save money on ALAT.
OPAY: OPay’s Owealth offering enables you leave your idle money to earn interest. Depending on the minimum balance required one can earn at least 15% annual interest. According to the app they pay the interest daily to your account.
JOLLOF+: This relatively new entrant promises annual interests of as high as 20% on your saved money.
KUDA: Kuda become popular as a digital bank for the young and digital savvy. It has introduced fixed savings that pays 12% annual interest or more on your savings.
FAIRMONEY: Fairmoney is a microfinance bank with a digital app that allows users save money and earn up to 17% annual interest or more depending on the savings plan they choose.

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NOTE: This article does not constitute financial advice. Nairabrains will not be responsible for any decisions taken as a result of reading this article. Kindly consult your financial advisor or seek professional financial advice.

Here are Simple Ways to Live Without Debt

September 23, 2021 No Comments

To live a debt-free life, you must be in total charge of your money. This is not an easy move, as simple as it may appear.

Buying has become easier over time. Many people no longer utilize cash to make purchases because they may have their items delivered to them with only a few clicks.

Many people have become indebted as a result of their lifestyle. Many people spend their entire lives paying off debts. The majority of these obligations are owed to banks, friends, or family members. This puts them in a difficult financial predicament since a substantial amount, if not all, of their wages, is spent on staying out of debt.

Here are seven simple ways to live without Debts:

1. Put Money Aside for an Emergency

Many people get up in debt as a result of unanticipated demands that arise after they prepare their budget. They borrow money from others to meet their needs. If some exceptions are made, such an occurrence can be prevented. Having money set up for an emergency gives you a leg up on any critical financial situation.

2. Create a Refund Schedule

Paying off debts may be a real challenge, especially if it has accumulated over time. This can be simplified by adopting a repayment plan in which the debt is divided into payable payments for a certain period of time. This step would alleviate the stress of using up all of one’s earnings or money to pay off debts, which can be discouraging. To pay off debts rapidly, you must first create a debt repayment plan and track your progress on a regular basis.

3. Boost your Earnings

Getting out of debt when you don’t have a lot of money might be difficult. If a person’s income is insufficient to fulfill his or her requirements, regardless of his or her financial goals, he or she may wind up borrowing or going into debt. To avoid this, it is suggested that new activities be implemented in order to enhance or increase one’s income. This might entail taking on a second job or selling one’s skill or aptitude.

4. Eliminate Unnecessary Expenditures.

People may go into debt to fulfill their desire for other items they cannot afford. Many of these urges are harmless pleasures that individuals may avoid. When planning to get out of debt, all unnecessary expenses may be eliminated. Prioritizing basic requirements is critical.

5. Be Responsible with Your Money.

Revenues and costs must be managed effectively. You won’t be able to get out of debt unless you take charge of your money. It would be beneficial if you were more responsible for how and what you spend your money on. Being financially responsible entails taking charge of your finances and making smart financial decisions.

Living a debt-free life is difficult because it takes much planning, preparation, and awareness. The suggestions above, on the other hand, will show you how to live a debt-free life.

6. Prepare a Budget for Expenses.

One of the main causes of debt is impulsive purchasing. People like to buy attractive and appealing items without considering the commodity’s worth, income, or the most basic requirements to be satisfied. To live a debt-free life, expenses should be properly planned and managed. Buying on the spur of the moment and accumulating debts can be avoided this way.

7. Prevent Expenditure That isn’t Budgeted.

If a person wants to get out of debt, he or she should eliminate behaviours or actions that lead to overspending. Shopping, hanging out with friends, and other activities that tend to induce unexpected spending are all considered spending triggers and should be avoided while creating debt-reduction strategies.

ALSO SEE – 12 Skills That Can Help You Make Money Online

3 Little Things to Do and Boom! You’re Saving 100% More Than You Used To

April 23, 2021 No Comments

These days personal finance is becoming more important and everyone needs to save more money. Without saving you will likely continue to get broke no matter how much you earn.

From savings you can make investments to grow your money when the opportunity arises.

So for some of us it is difficult to save. Especially when you are not earning enough.

So how do you ensure you save more money than you currently do?

Have a Budget and Stick to It: It’s not just enough to have a spending budget. The most important thing is to stick to it. Draw out a realistic (don’t be too stingy) budget outlining what you will spend each month for food/feeding, utilities (electricity, water, waste disposal, estate dues etc), friends/family (it’s important to have a budget on the maximum you will spend helping out family and friends), transportation, rent (yes, you have to set aside something for rent every month so it is easier to pay especially if you are in Nigeria where rent is mostly due annually) etc
Have a Maximum Spend for Miscellaneous Expenses: Your Miscellaneous budget covers all the impulse buys, spending you may do every month. It helps to have a budget so when you reach the limit you know you cannot buy anything or treat yourself to some impulse buying for the rest of that month.
Pay Yourself First: Whatever you decided in your budget to save (whether 10,15 or 20% of your salary/income) make sure you pay it first when you receive your income. Put it away in a fixed savings account (you can use any of the savings apps around) and forget about it. You will then be forced to allocate the remaining amount to the different aspects of your budget (food, transport etc)

This simple yet effective strategy will get you saving far more than you used to. Sometimes the simplest advice is the most effective. No need for elaborate planning. Just follow this advice and thank us later.