You have big dreams. You want to buy yourself a house before 2026. You are tired of your Toyota Corolla, and you need a change. You still want to party with your friends through the first weeks of every month after you have received your ₦350,000 salary. You realize that you might not achieve your big dreams if you do not plan your finances. You realize you have to take your savings seriously.
Many workers have big plans and dreams, but they need adequate money to live their dreams. Salaries are not enough; they can only be enough with a proper savings plan. How do you control your spending habit? How do you plan your savings to meet your dreams? With this article, we will be looking at how you can maximize your savings with Earnipay.
Understanding the need to have a good savings plan
It’s almost impossible to achieve some specific dreams without having a good savings plan targeted at it. Unless you win a big lottery, you must save to buy a house, buy your dream car, and relocate abroad to chase your dreams.
One needs to understand that having a targeted savings plan differs from a random one. The story of two friends earning the same salary in different companies should explain better. Lawal and Tunde are good friends who rented flats in the same house. Tunde works as an accountant in a government organisation, while Lawal is an architect in a private firm. Both Tunde and Lawal receive the same salary amount. Tunde doesn’t spend much and saves at every chance he gets. Lawal, on the other hand, spends more than Tunde does. They both plan to save to get new cars with a less than two years savings plan. At the end of their savings period, Lawal, who has the habit of spending more, reached the target, but Tunde did not meet the target.
After reviewing their savings, they discovered that Tunde did not reach his target because he did not plan his savings. Lawal got lucky as he could plan his savings with Earnipay, a third-party financial service provider his architectural firm uses to process their employees’ payrolls. The savings feature on the app made it easy for Lawal to achieve his target savings with no stress. Lawal made even more money from the high-interest offerings he got from using the Earnipay savings feature.
Benefits of saving with Earnipay
Saving can take time and effort. Without proper planning and discipline, one might not achieve their savings goal. With the introduction of Earnipay’s savings feature, one can make and execute a target savings plan efficiently. Some benefits of using Earnipay for your target savings are highlighted below.
1. High-interest savings
The paramount aim of target savings is to reach a financial goal. With Earnipay, you can reach your destination faster than you can imagine. Earnipay offers a 10% interest per annum on your target savings. That is, if you can save a total of ₦3 million a year, at the end of the year, you will have ₦3.3 million in your Earnipay account. With Earnipay’s 10% interest, you have made an additional ₦300,000, bringing you closer to your target.
2. Easy enrollment
Saving on Earnipay is easy. One advantage Earnipay has over other financial apps for savings is that it gives room for direct deposit from your salary account into your savings. You do not have to withdraw your salary from your salary bank to deposit your savings into another account; you can perform the transaction on Earnipay and prevent extra charges.
3. Top Security
Your funds are secure with Earnipay. Earnipay uses bank-level security. All application traffic is encrypted and protected using 256-bit AES bank-level encryption. This level of encryption provides security between devices and our servers, ensuring personal and transactional details are always kept private. This way, your funds and transactional information are 100% secure with Earnipay.
4. Promotes financial discipline
Financial discipline is a significant determinant in achieving successful target savings. How well can you ignore spending money on less important things than saving them? Earnipay’s layout assists your financial discipline. The fact that you do not have to transfer your funds from one app to another to save limits the chances of diverting your funds for other things. As you receive your salary on Earnipay, you can save directly on the app as you expect a 10% interest at the end of the saving year.
5. Flexible deposit lodgement
You can decide to save on Earnipay at any time of your choice. You do not have to set a fixed deposit to your savings account on Earnipay. You can deposit money into your Earnipay savings account from other bank accounts using a transfer or card transaction. With this option, your salary account will not be the only source of funds for your savings, which will help you reach your target quickly.
We must save to meet some specific needs at one point or another in our lifetime. We have dreams, some of which are necessary. For instance, it is normal for an adult in their early stages to think of building a house or buying a car. It requires a lot of funds and proper planning to make that happen. At this stage, target savings is needed.
To have successful target savings requires lots of financial discipline. Having a financial service that provides a target savings option with a build that promotes your financial discipline makes saving easier. With Earnipay, your target savings plans can be achieved seamlessly. We also provide a 10% interest rate annually to help you reach your goals quickly. You can head on to earnipay.com to find out more about our services.