We can all agree that saving money is a necessary requirement in this modern day where the cost of living is very high, and the money we save today is what will help us in the future. That is the beauty of saving money.
From my understanding of saving money, there are two main aspects to it. I am not going to talk in financial terms because I may not get them correctly. There is a type of saving where we deposit money in a bank and keep it there to be used whenever there is a need. There is also another type where we open an account that is not withdrawable for a long period of time while we continue depositing money into it. I engage in both types of savings.
I save for emergencies and major needs: I have a bank account where I deposit money from my earnings. I save money that is not immediately needed there, and the money is always available for withdrawal when a major need arises, such as a health emergency or any form of urgent situation, or even when I want to carry out a small project. I usually deposit leftover money into this account.
Saving for the long term: I also have another bank account where I do not have easy access to withdraw money, but the account is active and working. The bank is far away from my city, and because of that, I find it very difficult to travel there to withdraw money. I also do not have the bank’s mobile app to make transactions, and I am yet to activate the USSD method, all because I do not have a debit card to authorize it. So, I deposit money into this account and leave it there until the time I am fully prepared to use the money. That is when I travel to the bank to transfer the money to one of my easily accessible accounts. This method helps me save money a lot.
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