Weird Ways I Save
Saving never really came easily to me. I liked what I liked and never believed in denying myself the pleasure of having it if I could afford it. However, I found that sometimes, I really could not afford it, I went out of my way to get it. Other times, I just realized it was just an impulsive want, nothing I really needed. I found myself splurging and getting broke not knowing where my money was going. In the midst of all these, I found weird ways to save money. These weird ways have led to more normal and mature ways of saving.
- Mint Notes Preservation: I noticed I found it difficult to spend mint notes. Maybe because as a child, during Christmas, visitors gave us Mint notes and you had to save them till your mum asks for the money to "save it for you. This habit stuck with me and I noticed I often exhaust all my options before pulling out one. I store them in different denominations to avoid spending them but now that I am grown, I store only 500 naira and 1000 naira notes. Also, I keep the 100s and 200s till I can find someone to trade it with. I never really considered this saving till I realized that I had saved almost 100k in mint notes. You should probably try this.
- Art Purchase: I love art! I love art so much, but then in 2015, I realized how valuable they could be. Their asset potential is enormous if you get the right one. Lucky me, I met Lemi Ghariokwu, Fela’s album art designer, who is a big artist in Nigeria, met great friends and clients who have opened my eyes to the art that appreciate. They are not just pretty décor guys, they are money stacks, sitting pretty and bearing fruits while adding beauty to my house. Interested? DM me on IG @ms_einsteinette
- Lending Money: I have reviewed this one, but it worked for a while. When I leave my money in the hands of others, I don’t plan for it so, while it may not yield interests it comes through later. However, friends and strangers have taught me that sometimes, it may never come true, so I don’t lend money to people anymore. I am leaving organizations like Baines Credit, Pay Later and Page MFB to do that. You can too if you know how to collect your money. Me, I have signed out from this. The struggle to get your money back can be exhausting and can destroy relationships (I learned the hard way).
- The Old School Way: I have particular accounts I do not have unlimited access to. The only thing enabled is alert. Once money drops there, it can barely come out. I don’t have mobile banking apps, e-banking apps and ATM Card tied to those special accounts. The thought of going to the bank dissuades me from touching funds there.
- Dollar Conversion: I convert my money to dollars and save it in my dollar account so I don’t spend it. Sometimes, I sell the dollar at a better fee than I bought it and make extra cash :)
Bonus: Currently, I utilize great apps/services like Piggy Bank, Cowry Wise Mutual Funds and Fixed Deposits to save. What’s really cool, is you earn interest on your money. Also, the traditional tin-can or locked wooden box method also works. When they pile up, you can move it to a mutual fund.
You can read more of my money hacks and views about money-related issues on Shalom Truths Magazine
Love,