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Do you have Emergency Funds?

Emergency funds are funds stashed away to cater to any sudden expenses or crisis such as illness, job loss, Covid lockdown, accidents, and other unplanned mishaps.

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Emergency funds are funds stashed away to cater to any sudden expenses or crisis such as illness, job loss, Covid lockdown, accidents, and other unplanned mishaps.

Emergency funds are typically 3-6 months of your net income stashed away in a separate account. These funds are built over time through gradual saving. The emergency funds should be able to take you through at least 6 months of unplanned crisis.

Remember the last Covid lockdown, how did you survive without a Stash? Do you have a stash somewhere? Or are you stashing with your spouse? No money, no honey ooo. Without finance, there is no romance. That relationship or marriage may be strained without money in the future.

You need to Stash your funds with StashBox savings app. Create an emergency plan today. A Ruby Plan or Sapphire plan on StashBox helps you achieve emergency goal.

With Ruby Plan, you earn 9% per annum on your savings while you earn a whopping 14% on Sapphire plans. Start saving with StashBox today.

To start saving casually, kindly download the StashBox App on your mobile phone app store via the links below:

Android or Apple store.

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Top 5 reasons why you are struggling to save

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Are you struggling to save money? You’re not alone. A lot of people find it difficult also especially due to the harsh economic conditions. But knowing how to save money is a critical part of achieving financial freedom, and getting it right is important. Over the course of my financial journey, I’ve learned how to save and now would like to share why you might be struggling to save money and give you some tips to overcome your challenges.

Why you might be struggling to save money

1. You don’t have proper motivation

The biggest struggle toward saving is lack of a reason to save. Attaching a goal to your savings is very important to help you get better at it. For example, saving for retirement, vacation, tuition fee and so on are good motivations to start a savings and be encouraged to keep saving.

Once you know what sort of life you’re saving towards, you’ll feel more motivated to add money to your savings account. If you start saving early, you’ll be able to live well whenever you need money.

StashBox is a savings app that allows you create a goal for your savings plan and automates your savings according to what works for you Click here to download from Android or Apple store.

2. You don’t follow a budget

Once you know how much you need to save for your goals, you need to have a plan. If you don’t have one, you’re likely to overspend on regular expenses. This, in turn, means that you’ll have less money to save. Using a budget helps you decide how much money you need for all of your expenses so that you can put money into your savings. If you put aside your savings as soon as you get paid (often called paying yourself first), you’ll find that it’s easier to find money to cover your expenses. Scarcity breeds ingenuity, after all. 

3. You get FOMO

Fear of Missing Out (FOMO) is a major reason people are struggling to save these days. Eating out at a restaurant or joining your friends for “just one drink” can easily empty your budget. Even if you plan an affordable outing, I know just how easy it is to order another beer or get dessert that I don’t really need.

It’s important to learn the art of saying no when socializing to ensure that you stick within your budget. Remember, the more money you spend at one social event, the fewer social events you can go to. So, spend reasonably to avoid missing out later.

4. You give in to impulse buys

Going to the shops can be fraught with temptation. In fact, shops do everything in their power to get you to spend more money. They line the queue with tempting products like sweets and chocolates so that while you wait your turn it’s easy to grab them and put them in your trolley. While it’s impossible to avoid temptation completely, there are a few things you can do to fight back:

  • Don’t go shopping on an empty stomach.
  • Take a shopping list and stick to it.
  • Add a category in your budget for impulse buys.

5. You can access your savings too easily

Something you should know is if you have easy access to your money, the easier you are likely to dip into it. And as you can imagine, this will make growing your savings difficult. The solution to this is to keep your savings in a savings or investment account that you can’t access. Not only does this make it difficult to spend it, but these types of accounts also make your money work harder for you than a traditional savings account.

Another great feature the StashBox app allows you to take advantage of is the Safe Lock feature that lets you to choose or not to lock your savings till the end of your tenor.

End your money saving struggles

Over time you will overcome each of these reasons you are struggling with to save money. Once you have your motivation and get going, you’ll quickly get used to saving. And of course, when you start to see the financial rewards, you’ll find even more motivation.

Get started! Save for a short term or long term

Download the StashBox App from your mobile phone app store via the link below:

Android or Apple store.

Struggling to save money isn’t a new challenge for Nigerians.

Have you ever found it difficult? How did you overcome your challenges?

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6 steps to becoming financially stable

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How to get started with saving and investing in your future

Financial stability is one thing everyone desires. The lack of basic financial education leaves many people especially young adults clueless about how to manage their money, apply for loans, and get or stay out of debt. Having good knowledge of it keeps you financially stable and not go broke on time.

For everyone who want to be better financially, let’s take a look at six important things to understand about money. These financial tips are designed to help you live your best financial life. It would also help you take advantage of the fact that the older you get, the more time your savings and investments have to grow.

1. Learn Self-Control

The number one thing to learn is self-control. keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your personal finances in order.

You are most times moved by impulses to purchase things you don’t really need which in turn affects your money. This first effective step towards this is learning and mastering how to say “NO”

2. Control Your Financial Future

If you don’t learn to manage your money, then other people will find ways to mismanage it for you. Some of these people may be ill-intentioned, like unscrupulous, commission-based financial planners.

Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you’re armed with knowledge, don’t let anyone catch you off guard. Whether it’s your partner who slowly siphons off your bank account or friends who want you to go out and blow tons of money with them every weekend.

3. Know Where Your Money Goes

Once you’ve gone through a few personal finance books, you’ll realize how important it is to make sure that your expenses aren’t exceeding your income. The best way to do this is by budgeting. Once you see how the cost of your morning coffee adds up over the course of a month, you’ll realize that making small, manageable changes in your everyday expenses can have as big an impact on your financial situation as getting a raise.

In addition, keeping your recurring monthly expenses as low as possible can save you significant money over time. Even if you can swing a utility-packed apartment now, picking something plainer could let you afford to own an apartment or house sooner than you otherwise would. 

4. Start an Emergency Fund

One of personal finance’s most-repeated mantras is “pay yourself first.”

No matter how low your salary may seem, it’s wise to find some amount—any amount—of money in your budget to sock away in an emergency fund every month.

Having money in savings to use for emergencies can keep you out of trouble financially and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non-negotiable monthly expense, then pretty soon, you’ll have more than just emergency money saved up—you’ll have retirement money, vacation money, or even money for a down payment on a home.

It’s easy to put your fund into a standard savings account, but this earns almost no interest. Put your fund in a high-interest online savings account, short-term certificate of deposit (CD), or money market account. Otherwise, inflation will erode the value of your savings. Just make sure the rules of your savings vehicle permit you to get to your money quickly in an emergency.

5. Guard Your Health

If you’re uninsured, don’t wait another day to apply for health insurance.

It also pays to take daily steps now to keep yourself healthy. Such steps include eating fruits and vegetables, maintaining a healthy weight, exercising, not smoking, avoiding excessive alcohol consumption, etc. All these behaviors can save you on medical bills down the road.

6. Protect Your Wealth

To make sure that all of your hard-earned money doesn’t vanish, you’ll need to take steps to protect it.

There are a variety of vehicles in which you can invest your savings. They include high-interest savings accounts, money market funds, CDs, stocks, bonds, and mutual funds. The first three are relatively free of risk, while the remaining three carry greater possibilities for financial setbacks. They also carry greater possibilities for monetary rewards. Learning about investing is an important skill for building up your savings—and, eventually, building wealth.

The Bottom Line

Remember, you don’t need any fancy degrees or special background to become an expert at managing your finances. If you use these financial tips for your life, then you can be as personally prosperous as someone with a hard-earned MBA in finance.

Download the StashBox App from your mobile phone app store via the link below:

Android or Apple store.

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Save & Invest

The 30% Rent Rule

The 30% rule recommends that your monthly housing costs should not go above 30% of gross monthly income.

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The 30% rule recommends that your monthly housing costs should not go above 30% of gross monthly income.

For example, if you earn $1,000 (N500k) monthly then your monthly rent should not exceed $300 (N150k). This means you earn $12,000 (N6m) per annum, then your annual rent should not be more than $3,600 (N1.8m).

Except you inherited a big mansion from your family or your father is some billionaire mogul, you have no business residing in Asokoro, Ikoyi or Victoria Island in Lagos. Find a location that suit your earnings.

Earning an Ikorodu salary and aspiring to live in Lekki is financial recklessness. Have you saved towards your next house rent?  Start saving today with StashBox. Naija landlords no dey play with their money oooo.

Setting aside 30% of your monthly income in a dedicated savings plan like Ruby Plan saves you from Landlord harassment. You even earn 9% per annum on your savings.

Your landlord is not your friend. Owe him rent and you see the demon in him unleashed. Save today with StashBox.

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