If one of your goals for 2024 is to achieve financial security, then a personal savings plan is your roadmap to achieving that goal. A personal savings plan is a structured approach to saving money over time to achieve specific financial goals or objectives. A defined plan helps you identify your savings goals, prioritise them, …
Teaching children to save money is an essential life skill that can set them on the path to financial responsibility and independence. While financial literacy is essential for children’s long-term financial well-being and success, learning financial responsibility from a young age provides children with a strong foundation for managing money effectively as adults. These skills …
Savings accounts in Nigeria provide individuals with a secure method for managing their personal finances and achieving their financial goals. Offering various interest rates and account features, these savings products are designed to cater to a wide spectrum of savers, from those just beginning to accumulate wealth to seasoned investors looking for smarter money management …
Savings accounts and fixed deposits are both common financial instruments that individuals use to save and grow their money. Each option has its advantages and disadvantages, and the choice between savings vs fixed deposits depends on your financial goals, risk tolerance, and liquidity needs. Choosing Between a Savings vs Fixed Deposit Account Before choosing between …
As you begin a new cycle in your financial journey, there are many reasons to save money in a High-Yield Savings Account (HYSA). A HYSA is a type of savings account that offers a higher interest rate compared to traditional savings accounts. These accounts are typically offered by online banks, digital financial institutions, or certain …
Are you ready to unleash your inner tycoon? Then it's time to start paying attention to insightful money quotes that would help you grow. Taking control of your finances is a powerful and empowering step toward achieving your financial goals and securing your future. Reading or listening to success stories of individuals who have achieved …
Personal finance experts unanimously agree – one of the cornerstones of a healthy financial life is building an emergency savings fund. Having quick access to cash reserves allows you to cover unexpected expenses without accruing debt or raiding your investment accounts. While storing money in a checking account provides liquidity, the meagre interest earnings mean …
Small business owners play a crucial role in the economy, contributing to job creation, innovation, and community development. Although they typically possess a strong entrepreneurial spirit, small business owners are driven by a desire to create, innovate, and bring their ideas to life. As a result, saving money is crucial for any business, especially small …
Inflation significantly impacts savings as it erodes purchasing power but what is its effect on your savings? As of August 22, 2023, the inflation rate in Nigeria today is 22.79%. This is the highest inflation rate in Nigeria since September 2005. The main drivers of inflation rate in Nigeria today are listed as the rising …
Inflation Rate in Nigeria Today and its Effect on Your Savings
It's great that you're thinking about saving for retirement early on so that you can make the necessary plans to ensure a comfortable and secure future. The earlier you start planning, the more time you have to save and invest, and the more likely you are to achieve your retirement goals. The Nigerian Pension Act …
Saving money in Nigeria can be challenging, especially given the current economic climate and rising inflation. Saving money is an important part of financial planning and can be beneficial for individuals and families in a variety of ways. In addition to creating a sense of financial security and providing access to emergency funds, consistently saving …
As part of nairaCompare's commitment to empowering Nigerians with the information and tools they need to succeed, we are thrilled to announce the addition of 4 new savings products from the Alternative Bank on our platform! These offerings are designed to cater to various financial needs, providing you with diverse options to grow your funds …
