One of the best habits to build is a savings habit, but doing so takes a lot of discipline. Today, many Nigerians struggle to make ends meet, possibly not because of low wages or revenues but because of a lack of savings and investing culture.
Cultivating a savings culture is ideal, but it can be challenging. Saving money allows you to escape the uncertainties of life and live a more fulfilling life. It can help you in your hour of need and ensure your family has something to fall back on. Savings entails depriving yourself of particular desires and pleasures, which require a great deal of self-control. The idea of saving when you don’t earn much may seem unachievable, but you must start somewhere.
Mintyn Bank has made it seamless to imbibe a healthy saving habit. How? Mintyn Bank offers the most incredible finance products and services in response to the financial crisis, a digital bank with innovative thinkers. With our savings strategy, we are confident that our customers will be astonished and pleased by what we offer as a digital bank. With these three savings-related products and services from mintyn, you may relax knowing that your financial independence is protected.
Mintyn’s Options That Help You Imbibe A Good Saving Culture
Suppose you are on a journey to financial freedom and stability. In that case, Mintyn is the one for you. As a digital bank, we ensure that our relationships with customers are trustworthy to build a foundation for overcoming any financial obstacles and generating income in the long run.
Mintyn enables you to imbibe a solid saving culture by providing diverse savings and mutual funds investment options to explore and ride to financial stability. Practice the following savings options to build a lucrative saving culture.
Investment
Investing is one of the fantastic options you can explore to help build a good saving culture. When you invest properly and take it seriously, the profits you receive may be able to guarantee your future financial security.
The most incredible way to create a savings culture is to give people a reason to save money. Mintyn Bank has an attractive package to make it worthwhile. Along with storing their hard-earned money at Mintyn Bank, customers can use the investment function to make money off their deposits. Users have many opportunities to earn higher interest rates than those offered by digital, online banks in Nigeria using the Mintyn investment function.
With the help of Mintyn Investments features, you can invest as little as N5000 in Mintyn Mutual Funds and get up to an 18.5% annual return on your money. It would be best if you hopped on this fantastic investment opportunity because it guarantees you are profitable at the end of the year or for life.
Below is a breakdown of investment options Mintyn Banks offers its users can choose from:
- 1-3 months at 9% per annum
- 4-6 months at 10% per annum
- 7-9 months at 13% per annum
- 10-12 months at 16% per annum
- 13-24 months at 18% per annum
Save as you Spend
Mintyn bank has allowed you to save a certain percentage of your spending. Even so, you can safely lock the proceeds and earn interest. You can quickly credit others and pay your bills without folding because it’s an avenue to save.
This saving option is for anyone but most especially for those that find it challenging to put money aside to save. The save-as-you-spend option makes saving and developing the culture easy because you save money every time you transact on the Mintyn App.
Goal-Based Savings
Often, we know what we want, but how to get them? We all have aspirations and goals we want to accomplish, but it’s a long way to get there. Nailing your dreams may be easier than it looks. You must set clear goals that motivate you to take action, focus on what’s essential, and steer clear of overspending.
Sometimes It can be challenging to save a lot of money. Still, saving can make little progress toward your financial objectives and goals. Setting a specific savings goal is essential if you want to put away a sizable sum of money to pay off debt or save for a significant purchase or event.
If you want to achieve your rent, education, event, vacation, and property, goal-based saving is an option. It offers a savings plan where you can deposit amounts within provided intervals, making it easy to save consistently. To avoid skipping payments or forgetting, you can set up automatic payments into the account.
Emergency Savings
Another thing that can help you develop a savings culture is the mindset that life is not always predictable. It sometimes surprises us with unexpected expenses when we least expect them.
It’s best to make it a habit to set aside 10% of your monthly income for emergency savings to build up a sum equivalent to three to six months worth of standard costs. When unanticipated needs arise, these funds typically come in handy. You can use this option from Mintyn Bank to set aside money for potential future emergencies.
Roundup Savings
Round-up savings allows you to build up your savings with no effort required. Your bill payment and fund transfers will be rounded-up into a savings goal and locked for a minimum of 90 days.
Conclusion
Over time, your individual savings culture will lead to accumulated wealth. To cultivate a savings culture, you must imbibe consistent saving habits into your lifestyle.
