The need to save cannot be over-emphasized (can it?). It is the most basic way of surviving rainy days. The rainy days do not come with a warning, so your savings are your handy umbrella.
We can talk about what savings do and what a saving culture benefits users. The truth is that saving based on the dictates of your conscience will not always be enough.
I believe that everyone understands the importance of saving. We all want the good life, and we strive towards it in one way or the other.
We understand how certain things cannot be achieved without having lump sums available.
Having a lump sum for a project or in an emergency is what savings offer you. This implies that the value of your savings cannot be overestimated.
The value of automated savings cannot be overestimated either. It removes your dependence on ‘guilty conscience’. Your conscience is dependent on the circumstances around you per time.
Automatic saving also sets you on the road to financial discipline. In clear terms, automated saving takes the decision-making away from you and deals directly with your bank account. This is regardless of your frivolities, cravings, and other factors digging holes in your pocket.
How does automatic savings work?
An automatic savings system allows the plan contributor to automatically put a fixed amount of money into their savings account at stated intervals.
This is basically an automatic transfer from your bank account into your savings or investment account dedicated to this purpose. In this case, an account with Zimvest.
The benefits have been stated earlier as it removes the probability of you not putting anything in your account for any reason. For the most part, this targets your salary account. But it works with any account through which you receive income regularly.
A percentage is removed and managed on your behalf. Managing in this context includes investing the amount set aside. This implies that you are not just saving; instead, you are saving and investing. Talk about killing two birds with one stone.
It is easy to set up a plan. You will be required to link your savings and checking accounts, then request a direct deposit from your employer. You can request that part of your salary be deposited into savings while the rest goes to checking.
This system of savings also helps you with budgeting and regulating your spending habits. Visit us at www.zimvest.com.ng for more on savings and investment.