Contrary to popular belief, saving is not the best way to build wealth. The words “saving” and “investing” are sometimes used interchangeably, but when it comes right down to it, we should be engaged in both to secure our financial future.
A shared characteristic of saving and investing is the priority they should have in your life. If you are not doing either, the time to get started is now. This may require you to change how you spend and track your income, but it can and should be built into your plan. A general rule of thumb is that saving should be short-term while investing should be long-term. Women especially have been told myths about money and how to make it, and it’s time to dispel these unhelpful myths. Saving is absolutely a great practice to take on, but what are you saving towards? Saving to buy a property? Saving to buy stocks? Saving to invest? Research has proven that investing is the most sustainable way to build wealth, and young women in Nigeria and across the continent are increasingly becoming financially literate and in control of their money. It’s a beautiful development to witness. As we kick off 2022, here is a list of must-have apps on your phone to help you make more money in 2022 and beyond.
Sparkle
Sparkle is my go-to digital bank. It’s a quick and easy way to transact and it makes spending more fun and organized. Sparkle is very data-friendly, allowing you to understand your spending to make more informed decisions regarding your finances. You can split bills with your friends, pay your bills, buy airtime, and more. You can avoid the awkward conversation when requesting funds because the app allows you to do so without sending your account details. You can also save in your stash with high-interest options and it saves you from having to queue at a bank which is so valuable, during a pandemic or not. All you will need is your BVN to register an account with Sparkle.
Binance
Cryptocurrency is something you need to get familiar with. A cryptocurrency is an encrypted data string that denotes a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring. Bitcoin, Ether, Litecoin, and Monero are popular cryptocurrencies.
Binance is an online exchange where users can trade cryptocurrencies. Binance provides a crypto wallet for traders to store their electronic funds. The business also has supporting services for users to earn interest or transact using cryptocurrencies. Binance is great for both beginners and experienced users.
Read also: What banks must do to overcome fintechs threat
Bamboo
Bamboo is a great way to invest in the US stock market. You can invest in your favorite companies such as Google, Disney, Facebook, Chipotle, Amazon, Uber. There are hundreds of companies to choose from. It’s an efficient way to invest in the US market with either your naira or dollars accounts. Investing in stocks means buying small shares of ownership in a public company. Those small shares are known as the company’s stock. People typically invest in stocks hoping that the shares become more valuable when the company grows, which means you could earn a profit if you decide to sell your shares. The app is straightforward and has lots of great tips for beginner investors. This is a must-have app for every person, young or older. It’s never too late to start investing, and you don’t need a lot to start investing. It would help if you did invest consistently and strategically to benefit from compound interest over time. You will need your BVN to register an account with Bamboo.
Cowry Rise
Cowry rise is an app that allows you to save with time-bound accounts that are locked, which means you can only access the funds you keep after the agreed-upon date. They have options of 3,6,9, and 12 months or lifetime account which allows you to start saving towards your retirement now! This is an excellent app for people who have trouble with overspending. You can automatically save money from your bank account through a transfer or card. The great thing about this app is that all the savings accounts are with interest, and the longer you save, the more you earn. There is also the option to save in foreign currency and invest in Nigerian mutual funds. You will need your BVN to register an account with Cowry Wise.
As the saying goes: ‘your actions cannot be any wiser than your thoughts, and your thoughts cannot be any wiser than your understanding’.I congratulate you on taking your first step to prosperity!
