You’ve got your sights set on something special, maybe that latest gadget, a dream vacation, or even a flashy car. It’s tempting to tuck away your naira just for this moment, right? But hold up, let’s talk about why stashing all your cash for instant splurges might not be the smartest move in this exciting financial dance. Let your Piggyvest rest.
- The Money Party Pooper: Inflation!
Ever noticed how the amount of puff puff in small chops reduces but the price increases? That’s inflation, and it’s like a sneaky party crasher that makes your money lose its value over time. Saving without a plan to make your money grow means that your naira will keep losing value, just look at the progression of naira to dollar over the last six months. That is the evidence you need to know that saving to spend only is not the best money plan.
- Short-Term Thrills, Long-Term Yawa:
It’s true, splurging on owambe outfits or bolt rides can be fun and classy but with the fuel pump price things are very expensive. Have you considered joint ownership of a car? Owambe fashion is momentary and they fade faster than harmattan. Without a bigger plan, you might find yourself with a wallet as empty as a danfo at midnight, regretting not having more cash for the juicier things in life.
- Money can grow
Think of your naira as a plant it can grow when planted in fertile grounds like stocks, businesses, foreign currency, Gold or land to hold its value. But if you lock it away just for spending, it’s like the tale of the ungrateful servant who kept his 50 cents in the bible. You’re missing out on the chance to grow your money.
- Rainy Day Blues: Emergency Drama!
Ever had an okada splash dirty water on your fresh agbada? That’s life – unexpected things can happen. If all your savings is for parties, latest gadgets and pepper soup, you might be left drenched in trouble when sudden expenses hit. Having some savings tucked away for emergencies is like having an umbrella for your wallet.
- Future You Deserves It!
Think about it like this: Future You is waiting for an invite to a VIP party – a retirement full of relaxation and enjoyment. If you’re just saving for today’s asun and small chops, Future You might be left standing outside the gate. Planning ahead and saving smart means that VIP experience is guaranteed!