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Saturday, 27 December 2014

Creating A Savings Plan

We are sharing seven easy steps to help you come up with a great savings plan and still be able to meet your other obligations.

Know your income and your expenses - It is important to know how much you earn, how much money you spend and what exactly it is that you spend your money on. This is essential so that you are sure that you don’t spend more than you earn. 


·     What are your primary concerns? - You need to identify your main financial concerns in order to create an effective savings plan. They could be job security, education costs, medical bills, money which you owe or lack of savings. Find out which issues worry you the most and then think about the different ways in which you can tackle those concerns. If job security is a major source of concern for example, you may need to start building emergency savings.
·    
     Order your priorities and set your goals - People have different financial priorities. Decide what YOU want to save money for, whether it’s paying for education, saving for a trip or wedding, paying off debt, building future savings for retirement, or other purposes. You will then need to check how your income matches up with your list of priorities.
·     
    Determine timeframes - When considering your financial priorities, you should also be thinking about a timetable for achieving them. How long will it take for you to reach your goals? What are your target dates?
·    
     Create a budget today - YES TODAY! You will need to save a certain amount of money every month for each of your financial goals. How much you save depends on how much you earn and how you can cut down on your expenses. Living on a budget means being vigilant about your spending habits. Find out areas where you can spend less and save more money for something else.
·    
     Finally, create an automatic savings plan - After calculating how much you want to put aside each month, you can set up an automatic savings plan. This can be done by setting up a monthly standing order on your salary account with the funds going directly into a savings account.
Financial experts advise that you save 10% of your earnings and to live off of 90. Also, you must make a commitment to yourself not to touch your savings account for any reason other than fulfilling your established financial goals.
Don’t wait until tomorrow; create your savings plan today.
This has been courtesy Fidelity Bank as part of The Bankers Committee Financial Literacy Public Enlightenment Programme brought to you by The Bankers Committee, comprising all the commercial Banks in Nigeria and the Central Bank of Nigeria, CBN.

68 comments:

Emmanuel Echo said...

Yes, a saving plan is one of my New Year resolution.

***ECHOMASS***

luvlyn said...

I seriously needed to know diz,so I. Watch how I spend diz coming year...

david davo said...

Seen...........next

Anonymous said...

Dat is a good way to plan 2015 budget, by saving with fidelity bank

Anonymous said...

Dat is a good way to plan 2015 budget, by saving with fidelity bank

Gloriafines Okaiman said...

Good one.

nonso okoh said...

Ok...Nice one. Its not easy tho..takes discipline


Nonso Okoh via SAMSUNG GALAXY SMART PHONE.

Dahenriez said...

Thanks for the tips.

Peero said...

D first step is to have a job

Odeh Peter said...

Ok! Will look into it!


SUPERSLIMC4

Wil iam said...

Good advice.

Joch Joseph said...

thanks! it's helpful.

Ada Denis said...

Good one.

Emeka Ezeanya said...

Soo useful.. Thanks for the info!

oseyi gabriel said...

Hmm, quite insightful!

fredy obot said...

madam Linda wat if u don't have money how will u plan

Anonymous said...

Yeah yeah

Gbolahan Akinbode said...

Okay next pls

emy zeal said...

True talk**EMZEALLOUS**

Anonymous said...

For real, i love this guide and helped me a lot some years back.

I wish to implore each and every one to imbibe the spirit of savings, not just savings but a targeted savings.

What is that thing desire to acquire for yourself in life?, have a set goal and work toward it. It's very important that you discipline yourself/throat, it's just the secret.

Compliment of the seasons.
AK
stephen.akpan@atlanticfluids.net

Anonymous said...

Gullible nigerians: when Obasanjo ruled, he was the worst president now that GEJ is on throne, they say Obasanjo was the best. Mark ma words: after GEJ tenure he will be remembered as the best becos SHARIA will definitely come to stay, I mean...EYE for EYE TOOTH for TOOTH. Linder keep campaigning for APC, your days are numbered!

Anonymous said...

The only thing that comes into ma head when heard the word "yoruba" is DIRTH *FAT BLACK SMELLY FOOLS*

Henry Eze said...

Saving plan...when i still ask mum and dad for ordinary 100 naira....I will pass

Henry Eze said...

Savings plan...when i still ask mum and dad for ordinary 100 naira....I will pass

sunday joy said...

Alright, tnx for the information. It has been noted.

akinwale victoria said...

Nice one

Miss flawless said...

Seen



Flawless

victoria bassey said...

checkout my blog victoriabassey.blogspot.com for your celebrity news

carlos iyke said...

Ok we've heard
$.
$.
@Mr Endowed via Lumia phone

Anonymous said...

Permit me to go off post. Dear LIB readers, where is Bishop Dammy? U see all of u wey dey root 4 am 4 d giveaway av u seen it all nw? Shina shine is more consistent dan most of dos dt gt d 100k. N.B dis isn't Shina Shine ooo, I don't knw him @ all, just a die hard LIB fan. Cheers!

charles ems said...

Nice write up.

kolawole omotunde said...

cool

LAURAAUJ KAHI said...

Enlightened.

Lovely mee said...

Nice piece

Zamani said...

Abeg dis saving thing hard joor.

Dauda Aliu said...

I see and hope beyond words. Who am I?






Blackberry gives you the best and make you forget the rest.
....................................
David (dave_gino)
»Commenting from my BLACKBERRY 9900«

jimoh ayuba said...

Thanks Linda,this is enough to make 2015 a profitable one#2015......#Gmooore'sTalk

Joel Thomas said...

I love the tips. putting aside 10 percent of total earning every month with an objective in mind. cool

Seun Charles said...

I love this piece, so interesting.


#BetterDaysAhead..... #Saylawcharles

Seun Charles said...

I love this piece, so interesting.


#BetterDaysAhead..... #Saylawcharles

NaijaDeltaBabe said...

Noted

labells said...

Una thank you for this enlightenment.

Cecilia Onajobi said...

Noted thanks

Olapeju Oluwamuyiwa said...

THAT'S EDUCATIVE...AKA...SHINE YA EYES

kate Isangha said...

Ok

K.Adebayo said...

My illiterate late mama once told me that if one earns N20k/month and finds it hard to save something from it, if such person receives N1million/month, he/she won't still have a savings account...yes/no?!
K.Adebayo
Kolacarinae@yahoo.com

Chikaodili Ndife said...

Stuffs happen and the savings plan scatters

Oliveivory@yahoo.com said...

Nice write-up.

obeto78 said...

Beautiful!

Anonymous said...

A load of sensible info..Eledumare punish poverty..prosperity is real.. thanks Aunti Linda nwanyi oma.
Register free 4 a chance to win a free scholarship to study abroad http://modeducation.info/fair2015/index.php?ref=MOD86937694

Anonymous said...

A load of sensible info..Eledumare punish poverty..prosperity is real.. thanks Aunti Linda nwanyi oma.
Register free 4 a chance to win a free scholarship to study abroad http://modeducation.info/fair2015/index.php?ref=MOD86937694

ebonyz... said...

Thanks for the advise

Cagey Berry said...

Impactful!

Kelvin Jackson said...

Nice one

Princess G said...

Tnx Fidelity Bank I really needed these.

Oluchukwu Okeke said...

thanks! it's helpful

Dee Virtue said...

Still asking ur parents for money to use it to buy 50mb data just to post unnecessary comments. Pls go and look for ways to earn money biko.

femi fex said...

Wow! I love this, God bless you plenty Linda nwa aba

Anonymous said...

Great info. This is how to have a great 2015, information, planning and hardwork! I will be back to testify!

MOSIWOMEKA said...

SAVING IS NOT EASY JARE.

Felix Alabi said...

In addition to the tips above, The first thing you need to do is sit down and go over all of your spending. It’s annoying but you have to go through your credit card statements and bank statements to see where you bought something, how often, and the reason for doing it. You might be surprised to find that you spend money on a drink or snack just for the heck of it...Reference:http://goo.gl/oo4TAJ

Jules Louis said...

I do this all the time but sometimes something comes up and like a ghost d money is gone. I think saving really means making a little bit more money than u actually need. I can't be saving if i need to get my kids a new pair of shoes. But i'll keep trying.

chibaby chidiogo said...

Mehn..I really needed dis,it was as if dey wrote it because of me..thank you FIDELITY BANK

chibaby chidiogo said...

Mehn..I really needed dis,it was as if dey wrote it because of me..thank you FIDELITY BANK

Richard Afon Yinkå Ray said...

Me too, especially with that 25k giveaway. (big grin)

Fola said...

You can't even spell properly...empty brain... Smh4u

snowflix said...

Have got the savings plan already, thanks for the reminder anyways #onelovefromSnow#

Energia said...

Keep this information for major purchases,

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