In an effort to help individuals make sound financial decisions, Whether you are beginning your professional career, an entrepreneur, a trader, employee or nearing retirement, the financial literacy series will provide you with the tools and resources you need to make informed decisions regarding your financial well-being now and in the future.
“Consuming less today in order to consume more of your preferred taste in the future” ~~ J. J. AFOLABI
- The three basic types of savings everyone should resolve to have this year and going forward for a guaranteed comfortable life are:
- Personal savings
- Emergency savings
- Retirement savings
Personal savings: This is where your 5% income should be kept, and must be considered as a comfort cushion. The personal savings is where one should save all monies for major purchases or expenditure that your salary, income or profit cannot accommodate immediately. For example, home renovations, buying land, or for a vacation and/or expensive expenditure.
Note: If spending is a real weakness of yours, please set up an automatic deposit from your main account to the personal savings account to help you live up to the savings commitments.