Here’s How to Save Smartly to Meet Your Needs

Oku Cobham
3 min readAug 11, 2021
Sourced from: Istock

One sweet drill I developed growing up was the habit of keeping part of whatever I was given for later use. My peers back then would always tag it “stingy”, but for me? My intent has always been to keep it for future use.

So even when I was given money as a gift, for lunch, church offerings, and blah, I’ll make sure I keep all or make a change and keep a higher portion in my savings. This way I could buy myself toys and candies on Christmas day, with little help from my parents.

Before now, there existed a savings box or a piggy bank with narrow openings to drop cash or coins for saving.

However, that was the good old days. Today, technological advancement has affected every sphere of human life including saving habits. With the presence of money-saving apps such as PiggyVest, Cowrywise, YNAB, Mint, etc. saving little pennies requires just your Smartphones and WIFI.

Most times it’s just a one-time process, after that, automation takes over. All you do is chill while your savings accumulate.

The one-time process may involve users setting up the exact amount to be debited regularly from their account on a daily, weekly, or monthly basis. In some cases, these apps allow users to set goals and save up to meet such goals.

A man who both spends and saves money is the happiest man, because he has both enjoyments. — Samuel Johnson.

If you’ve read that carefully, you wouldn’t need to be told why you should save money. Regardless, I can run down a few points here that can help you to build an effective saving habit.

1. Have a budget

“A budget is telling you money where to go instead of wondering where it went.”— John Maxwell.

Instead of spending unnecessarily, having a savings budget helps you to prioritize what your money is spent on, and what is going into the savings pot, depending on the goal you intend to achieve.

Financial institutions like Piggyvest and Kuda Bank, give crystal records of every transaction carried out on the app and as well allow users the joystick to control what is spent and what is saved.

2. Set a goal

This is simply, what do you want to save for?

Your goals can be the highest influence on how you allocate your budget. Your savings plan could be short or long-term. Do you intend to save for a vacation, buy a car, house, a phone, pay your rent, or are you saving for retirement?

Saving to meet goals as such can help nurture and polish your saving habit.

The “savings goal” feature is prevalent in all the money-saving apps I’ve come across, and even some mobile banking software. All you do is to set a goal, set the duration, and the amount you’d love saved up within the specified period. The system automatically spreads the money into equal ratios to be saved for that purpose.

3. Set a savings plan

“Do not save what is left after spending, spend what is left after saving.” — Warren Buffet.

Here is where technological innovations get fully appreciated. There are credible and reliable money-saving apps out there that can commit to a saving plan successful and stress-free through automation.

Once you have your goals mapped out, all you do is input. Then the system will predict how long it’s gonna take to achieve such a goal. You can choose to either save daily, weekly, or monthly as a saving plan to meet your mapped-out goals.

Compared to the days of grey, today the steady growth and penetration of tech into diverse industries of the World have influenced how humans access and derive full utilization from these industries.

Nowadays, one can easily save money, make investments, do transactions, and carry out other sorts of businesses from the comfort of their bedroom — all thanks to tech.

On your end, you may not be familiar with the few brands I mentioned, but there’s a list of many others that are available for users in other parts of the World. Check for one that soothes your taste, and enjoy the perks of a stress-free savings journey.