The New Year that will be ushered in in few days, is a new phase and opportunity to make some financial decisions to achieve your financial goals.
Thrift savings is one of the major ways to be financially disciplined in the New Year.
Ajo or adashe, esusu, as it is fondly called is a contributory saving scheme done among a group of people or colleagues in offices, markets, communities or amongst traders.
There is no academic limitation for this financial saving scheme. It all starts with a group of people coming together to save a particular amount of money every month, then each person takes the whole money at the end of each month in turns till there is no one left. It is usually a rotational weekly or monthly contribution.
There are a lot of benefits that accompany this saving scheme. It has helped a lot of people financially over the years. Here are the amazing reasons you should take thrift saving as a priority in 2023.
1. It helps you to be financially disciplined
Thrift savings is a huge way to discipline yourself financially. Taking a particular fraction of your income to put it in a saving scheme consistently for a long period takes great effort. The more you do this consistently, the better you become financially disciplined. It helps you to become disciplined with your finances.
2. It helps you to achieve huge financial goals
To achieve great financial goals in 2023 and also accomplish huge projects, you need to consider thrift contributions. Saving a fraction of your salary with an expectation to accomplish huge projects helps to ease you of financial stress.
For example, if you intend to buy a car or start up a business at a particular month in the New year, you can set aside a certain amount of money for just a few months depending on your income to achieve it. This means you don’t have to spend all your income at once in achieving those projects.
3. It serves as financial backup
Thrift contribution is a great financial platform to fall back on in times of financial troubles. Running a helter skelter for funds when there is a financial emergency can be frustrating.
Saving your money somewhere assures you and gives you hope that you have a financial back up to meet the needs.
4. There are no bank charges
Unlike saving in a bank, contributory savings does not require extra charges like other financial institutions. Contributory savings saves you a lot of fees and charges that can sadden your money.
Thrift savings should be part of your yearly plan in 2023 to avoid financial heartbreaks, turst me, you cannot go wrong with it.
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