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Wednesday, 26 November 2014

Saving for the future

It seems like it has become impossible to save any money for the future these days. But nothing in this world is impossible, so there are many ways to cut down on expenditure and save for what’s coming ahead. The best way to make sure you don’t spend the extra money is too put it away in a savings account.

Banks offer saving accounts but there are also many insurance companies that offers life savings plan.  Mansard, which is an insurance company offers life savings plan that is specially designed to offer you a combination of superior returns on your medium/long term savings and a FREE Life Insurance cover.
To be able to save for such plans, you will first need to make little sacrifice on your day to day expenditure. Here are a few simple ways to save extra money:
  • Cut down on internet subscription plans on your smartphones, maybe use free Wi-Fi where available.
  • Review your Cable TV subscription, by going for a lower bouquet could fetch a whopping N100, 000 in savings in a year.
  • Cut down on unnecessary phone calls, try to keep it business related or urgent.
  • Spending your holiday in Nigeria can save you a huge load of travelling expenses.
  • Cut down on eating out, home cooked meal is always better.
  • Think about cutting down on cigarettes if you are a smoker. Ten cigarettes a day equates to 3650 sticks or 183 packets in one year. This will set you back around N73, 000.
  • Cut down on your drinking intake, alcohol is also quite pricey. Aside from being bad for your health, they are bad for your pocket.
  • Cut down on buying unnecessary clothes for family events or social gatherings. Every year, hundreds of thousands of Naira are spent on social gatherings.
  • Use the dry cleaners for only your essential or delicate clothes and use the services of the local "Washerman" for the rest of your clothing.
  • Lastly Energy consumption – try to run generators for fewer hours by doing this you could be saving a lot. Nigerians currently spend N796 billion annually to fuel their generators.

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