cyborg44:
It takes great deal of discipline and commitment to save. May God help us all this year. Can I hear u say a loud amen

Amen, my brother!

merits:

How digital 'kolo'or pigvest be?please I need more explanation.

if you fixed lock. You will out the date is should last. You cannot withdraw until that date you put. It also has interest. If you Choose weekly or daily savings. It will auto debit you daily or weekly. Same money you can't withdraw until the complete amount you want to save.

contra:
Good mindset.

But there are better ways to save than the kolo method. You're losing about 2% of the money's value every month to inflation. In December, you'll lose close to 30%.

If you put the money in a money mutual funds, you'll earn some interest to reduce the inflation impact.

Google how to save money with interests. Don't fall for the high interest yielding MMM type of investment or savings app/website.

Again, good plan but crude.

He didn't say he does not know about all this saving methods nor about inflation. But he chose this method because of convenience. I did it last year,not minding I had some monies in my Mutual fund accounts and still earn some passive income and salaries altogether. But saving method like this, has indeed,defied modern economics and naysayers because of its cultural advantage.

mrksquare:



Lol!! Pls what is the meaning of SAPA?

Serious Absence of purchasing ability..

Vinnie2000:



My brother..
If u have that money in a Bank Acc, you can easily give it out!

Like me, my brother last wk said his Landlord was embarrassing him over Rents and bills. That I should lend him 15K.
Thru Mobile transfer, I sent him!

If nah Kolo, I go fit send the money ?

So despite some shortcomings, it is a great savings style!

Who is talking about bank account

If you understand your type of person, saving will be a way of life irrespective of the person begging you for money. Making budget with your savings or borrowing people from your savings is wrong, that's where people get it wrong

Vinnie2000:
...


All of you capping about inflation and currency drop..What's ur problem?

We are affected, kolo, Banks, piggyvest or whatever!
As long as you buy food, Data, clothes, etc, Inflation is affecting you!

U pple should stop discouraging others!

Its not the same thing. I don't save I invest. No matter how bad the currency falls I continue to trade with it's current value.

AlhajiBitcoin:
You for give somebody the key to keep for you.

He won't know what the key is meant for.

You have to destroy a metal box come December.

no, is to brake the key.

I did last year and it worked for me. See...

Nicepoker:
Its not the same thing. I don't save I invest. No matter how bad the currency falls I continue to trade with it's current value.

Don't you spend Money on daily necessities?

Dat's my point!

Inflation or Fall in currency value is still affecting you as you buy those items!

yinkeys:

Basic economics
What if $1 = 1000 naira on the 5th January 2023?
Right now $1 approximately 600 naira
Saving in a piggy bank doesn’t account for inflation rate.
Your money’s buying power will reduce.
Not discouraging you but it’s best to invest in something than to save
Except you simply want to keep money aside to test your discipline or for future expenses.
I guess I’d join you too lol.

I want to test my discipline

WiszyFraud:
Did you know??


If an ant was the same size as us, it would be twice as fast as a Lamborghini.

On what logic is this based?

So some people still do this old fashioned thing after the investment platforms available in this modern world that can make your money increase without working for it

GRAMMARJAMES:
Good Morning Nairalanders...

Happy New Year to you all.

So, i just purchased my ''KOLO'' today 5.1.2022 and i'm gonna be saving in it till December 10 2022. (So help me God).

I Know this wont be easy because of the country's situation but i can do it, i've done it before during the time of Covid (though break it after 7 months). (Hunger kill pass Covid abeg).

I have thrown the keys inside the KOLO itself to avoid every spirit of temptation. I'm a civil Servant who also has (2) side hustles (Dog Breeder) & Club HypeMAN.

May the spirit of SAPA never locate my way, May the SLAY queens never see me, may the SHAYO friends never see road to my house. May the spirit of Dorime never sing in my head. so help me God I pray.. (Amen)

I will keep you posted by revisiting this topic come December 2022.

Lets all cultivate the habit of saving.

Thank You.

Amen. Me too. I will emulate this. This is big oh!. Thank you Op.

Kingsleyebere:
So some people still do this old fashioned thing after the investment platforms available in this modern world that can make your money increase without working for it

one can do both.. wisdom will require one to invest the money after breaking the asusu.

obembet:
Just reserve your girlfriend own o. Givers never lack

Funny

iCauseTrouble:
I don break my own yesterday.

too quick.

2022 any small money wey i go make na enjoyment
Because tomorrow no sure for Us

Be like I go join you on this challenge ooo..

Rosaline5000:
lol I remembered when my little cousin was saving, he was 15 then and his mother usually gives him N500 to school, he will trek to his father place because his parents were separated and collect an extra money which he will use for transport for school then he will save that N500 his mother gave him.
He doesn't eat in school instead take food from house to school or wake up very early to prepare indomie to take to school.
After saving for 3 months thinking he already have like more than 20k in the kolo only for him to open it and it was just 4k . He didn't know that when he was putting money in the saving box his senior brother was helping him to collect it.
And a lot of people was even collecting money from his saving box and it's was a common knowledge where he kept it.
My lil cousin cried and cried that day and everybody around kept denying and denying they ever took his money.
3 months of suffering just wasted like that

This story is irritating.

What a sad family to belong to.

JBoss25:
You think say u wise

Mumu

BigSarah:


Not everyone wants to be rich

LMAO

Vinnie2000:
...


All of you capping about inflation and currency drop..What's ur problem?

We are affected, kolo, Banks, piggyvest or whatever!
As long as you buy food, Data, clothes, etc, Inflation is affecting you!

U pple should stop discouraging others!

If you save your money inside Kolo, you will come back to meet it less valuable than you left it as opposed to saving it in a digital wallet that will give you interest on top. It’s a very simple advice that any well meaning person will drop.

Don’t stress yourself if you cannot comprehend, you cannot comprehend.

GRAMMARJAMES:


Please explain o. i don't understand

fungus will grow and spoil the cash.....

I dey save my own inside my bank account. I make up my mind that I don’t want to spend beyond a certain amount and that’s exactly how it happens. I wish all the savers including myself all the best. May we do reasonable projects with the money

Bobmarie:
Mumu

ur papa

newoffer:
Ventilation that will give rat access to the money.

pls be reasonable and sensible bfr quoting me this 2022. you don't even know what ventilation is at this stage in ur life

GRAMMARJAMES:
Good Morning Nairalanders...

Happy New Year to you all.

So, i just purchased my ''KOLO'' today 5.1.2022 and i'm gonna be saving in it till December 10 2022. (So help me God).

I Know this wont be easy because of the country's situation but i can do it, i've done it before during the time of Covid (though break it after 7 months). (Hunger kill pass Covid abeg).

I have thrown the keys inside the KOLO itself to avoid every spirit of temptation. I'm a civil Servant who also has (2) side hustles (Dog Breeder) & Club HypeMAN.

May the spirit of SAPA never locate my way, May the SLAY queens never see me, may the SHAYO friends never see road to my house. May the spirit of Dorime never sing in my head. so help me God I pray.. (Amen)

I will keep you posted by revisiting this topic come December 2022.

Lets all cultivate the habit of saving.

Thank You.

Another easy way out since you are civil servant. Why not go to your bank and tell them to auto deduct every month into another account the same bank will open but you cannot access till December. You can instruct them to be deducting 30k monthly from your salary. Since you have two side hustle you can still survive.
Happy saving but at the end make sure you invest it and not to go use am OWABEM

you can save and invest on piggy vest bank using I use PiggyVest to save & invest securely. Sign up with my link and get ₦1,000.00 to start your own savings journey - https://www.piggyvest.com/?newref=1&ref=4703803cd11019

Its safe,secure and fast you can read more online

You can also luck fund for a period of time(just like fixed deposit) and get your daily interest .You will issued a bank account too with many benefits

Really

WiszyFraud:
Did you know??


If an ant was the same size as us, it would be twice as fast as a Lamborghini.

Now, imagine the speed of a housefly..

Rosaline5000:
lol I remembered when my little cousin was saving, he was 15 then and his mother usually gives him N500 to school, he will trek to his father place because his parents were separated and collect an extra money which he will use for transport for school then he will save that N500 his mother gave him.
He doesn't eat in school instead take food from house to school or wake up very early to prepare indomie to take to school.
After saving for 3 months thinking he already have like more than 20k in the kolo only for him to open it and it was just 4k . He didn't know that when he was putting money in the saving box his senior brother was helping him to collect it.
And a lot of people was even collecting money from his saving box and it's was a common knowledge where he kept it.
My lil cousin cried and cried that day and everybody around kept denying and denying they ever took his money.
3 months of suffering just wasted like that

Pitiful boy
E dey pain ehn

My brother & sister do me shege when we were small. Sometimes you would meet a cracked kolo, sometimes it would be nowhere to find. I cried so much then.