Admin | December 1, 2023
2 minutes read
It's not every day you meet financially savvy students who do not run out of funds, unlike others. Dive into the world of 20-year-old Busola as she tells Bankly how she adopted an unconventional but effective way to save money.
Can you recall your earliest memory of money?
When I was younger, visitors would come to our house and give us money when they were leaving. I remember how my mum used to collect it under the guise of keeping it for me.
LOL. I’m sure a lot of Nigerians can relate to that. So, when did you start saving?
I can’t say but I used to save my Christmas money inside a ‘kolo’ (called piggy bank in English)
Who would you say influenced your savings habit?
My mum. My mum is a single mother and she always saves before making any purchase and against any expense. She even used different banks to save for me and my sister’s school fees and all that. Once she pays our rent, she will immediately start saving for the next one. I think one of the reasons why she does this is so that no expense catches her off guard or gives her unnecessary anxiety. To an extent, this indirectly taught me how to save. She used to give me an allowance for the whole semester and tell me to manage it.
What is your motivation for saving?
Students used to run out of funds in school but some of them have the privilege of asking other family members for money. Since I didn’t, my motivation for saving was that I didn’t want to ever beg for money from anybody so when my mum gave me 100k for the whole semester, I used it wisely and even saved from it.
Do you have a savings plan?
Yeah, sort of. Anytime I withdrew money from the bank at school and I had some change left after spending, I made sure to save it. It could be as little as N20 but I would save it in random bags or purses around the house. Over time, I realized that it made more sense to keep them in a bank. So, I opened another account to keep my savings. I rarely got money from other family members but whenever I did, I added it to my savings as well. Even after saving 200k in four semesters, I didn’t stop there. I continued with my savings habit. When I was 19 years old, I started saving towards my 21st birthday. I saved up to 160k and ended up using the money to swap my iPhone 7+ with an iPhone 11.
I’m very particular about the interest on my savings so I always make sure to use a bank with high interest. I strongly advise this too. Saving will not make you rich but it will save your ass. When starting your savings journey, look out for banks that offer nothing less than 10% annual interest on savings. That’s the surest way to get good value for your sacrifice.
Thank you so much, Busola. This was an insightful episode about savings.
Thank you for having me.
Bankly Microfinance Bank is a lifestyle bank that provides everyday people with valuable financial solutions to move them forward through the different stages of life. Since operations in 2019, Bankly has been the preferred choice of over 12 million individuals and enterprises in Nigeria, facilitating their financial growth through banking solutions that make business sense. The bank is licensed by the Central Bank of Nigeria