THE ART OF SAVING

Saving without a source of income is like trying to drive a car without tires; it won't work. Saving is "income not spent" or "deferred consumption". For savings to be effective 2 things must be in place;

1. Source Of Income: Saving without a source of income is hard work. Ablot of people try to save from pocket money (how so funny). Your pocket money is for your immediate need. Saving from your pocket money isn't a bad idea but how long will you keep it? Alot of expert always outlook this point. You keep saving so little when you have a want that requires so much. You save and forget that money in the bank doesn't grow; You need a source of income. The best place to put money is in an investment.

2. Plan/Target: They're different types of savings based on individual needs, all requires putting money aside and all requires a plan or target. What's the goal for the saving? buy a car in 6 month? maybe to get married, whatever it is you must have a plan for saving else you will end up spending your hard savings cash on irrelevant ventures.

Advice
It's practically difficult to save in the same bank you use for everything. Some people employ funny tactics like destroying their master card but still walk into the bank and pick up withdrawal slip. You should consider a microfinance bank since PayPal and co isn't supported in Nigeria. They're Apps that does savings you can Google and search them. I use paydaygl.com it's great for both earning and saving. Find out what works for you cos it's working for me.

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