In a country like Nigeria that is full of uncertainty, managing your finances can sometimes feel like you are walking through a maze. With cases of inflation, economic shifts, even unexpected emergencies, understanding risk is crucial in making the right financial decisions. It is important to know that ‘Risk is not just about losing money, it is about being prepared for what life throws at you’, and this should be everyone’s wake-up call.
In your journey to financial independence knowing how to choose safe savings plans can make all the difference.
However before choosing a savings plan, it is crucial to know your risk tolerance, especially as it involves your money. Here is how to do it:
Set a goal: What are you saving for? Is it short-term goals, like a vacation or a new car, typically require lower-risk options or is it long-term goals, such as saving for your child’s education?
Understand Your Time Frame: If for example, you are saving for a wedding next year, you might want to play safe and keep your money in a savings account.
Consider Your Lifestyle: Your salary, family responsibilities and current expenses also play a big role in how much risk you can take. A single 9-5 worker would have different options than one with a family of five.
Well the good news is, if you prefer to play it safe, we have some reliable savings options that can help you grow your money without taking on too much risk:
Leadway Savings Plan: If you are looking to save for long term goals, this is the best option for you. It involves a minimum monthly payment of #10,000 and accumulated interest on each contribution. The minimum policy term is three years and it also offers protection by providing a lump sum benefit in the event of the policy holder dying, contracting a covered critical illness or sustaining a disability owing to an accident, during the policy term period.
You can visit our Leadway to explore this plan further.
Leadway Smart Cash Plan: This plan is designed specially for persons who want to save towards a short term goal they need cash for. Unlike the Leadway Savings Plan, it has a one year policy which is renewable based on your preference, making it suitable for short term goals or annual bills like shop/house rent, school fees etc. Apart from the interest rate it offers from your savings, it also provides a life cover against death due to natural causes within that period.
Personal Savings Plan: Quite similar to our Leadway Savings Plan, it involves a minimum monthly contribution of #20,000. If you are looking to get that car or finally take that vacation you have always talked about out of the group chat, now is the best time to get started!
Education Savings Plan: Every parent wants to be able to send their child to school, see them study, excel and graduate, but some do not find this easy. However, this plan is specifically designed so you do not have to fret about school fees or whatnot once you start saving up. In unfortunate cases where the policy holder passes away within the policy term, there is also a free life insurance cover payable to the beneficiary. You can click here to learn more about this plan.
CONCLUSION
Understanding risk and choosing safe savings plans is more important than you think, it is your ticket to a secure future.
So whether you are stashing away funds for that dream vacation, preparing for your kids’ education, or just ensuring you have a safety net for those unexpected bumps in the road, think of it as turning your financial stress into smart decisions, complete with a shiny savings account. Start today, and pave the way for a brighter tomorrow!
