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LITTLE EXPENSES THAT HAS AN IMPACT ON YOUR SAVINGS

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This article will delve into those little expenses that so many Nigerians think it doesn’t count.

 

“Let go is it not just that little money” I hear this from some Nigerians, yes that little money as you call it when it adds up it counts and this can affect your savings.

 

You have to be watchful of these little expenses so it does not affect what you plan to save; weekly/monthly

 

1]CHARGES ON ORDERED ITEMS

 

Do you know that items ordered from your local online shops have a collection centre that is either close to your home/office? yes, they do. Why pay so much on charges for it to be delivered to your doorstep? Some will say it is convenient but I beg to differ, save up that money for the delivery and go to the nearest collection centre to get your ordered items.

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2] CHARGES FROM BANK POS AGENT

 

The streets of Nigeria is flooded with agents of banks operating POS [Point Of Sale]. They charge a hundred naira for five thousand transactions. This is a transaction you can do via; your mobile banking app, Bank USSD code, automated teller machine with a far lesser charge when it is not the same bank as yours but if it is the same there is no charge on it.

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3]AUTO RENEWAL FOR SUBSCRIPTIONS

 

Setting up auto-renewals for; cable subscription, internet data bundle etc yea it is easy and convenient this is what it seems. Also, this is what the operators of these services advertised. Remember they are out there to make money. Yours is to ensure that the set amount for the month to be saved is achieved. Auto-renewal can put you in a too comfortable and relaxed zone, making you easily forget how much is expended on the fees for renewal and other charges from the bank that comes with it.

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4]TRANSPORTATION

 

I live in Lagos commuting from one place to another is always hectic due to heavy traffic. If you live in a city like Lagos using an online taxi to commute is expensive. You will notice when using the app to book a ride, there is this message that reads fair is higher now due to heavy traffic. Times like this using public transportation will help to save up money for you.

 

TAKEAWAY

I will leave you with this quote “Beware of little expenses; a small leak will sink a great ship”

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