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What is the relationship between interest rates and savings?

In theory, the interest rate can affect the decision to save in two ways.

Substitution effect of change in interest rate – When the interest rate is low, it reduces the consumer's incentive to save because of relatively poorer returns- lower interest payments. When interest rates are low, there is a bigger incentive to spend rather than keep saving.

On the other hand, when the interest rate is high, it may lead to an increase in savings as consumers can receive higher rates of return. There is a bigger incentive to save rather than spend.

Income effect of a change in interest rates – lower interest rates reduce the income received from saving, and so people may need to save more in order to gain a reasonable return on your savings. This is important for people thinking of retirement.

Higher interest rates may increase the income received from savings. There is a bigger incentive to save when the returns are higher.

What is the best way to start investing?

Form your investing strategy based on the amount you'll invest, the timelines for your investment goals, and the amount of risk that makes sense for you.

There are a couple of investment instruments for you to choose from. The most popular include:

1. Bonds: A bond is a loan to a company or government entity, which agrees to pay you back in a certain number of years. In the meantime, you get interest.
Bonds are less risky because you're sure when you'll be paid back and how much you’ll be paid.

2. Stocks: A stock is a share of ownership of a business. Stock prices move based on investors’ evaluation of the company’s performance, including leadership changes, new product releases or how it’s doing financially.
Companies issue stock to the public to raise money to grow or pay off debt. Stocks are also known as equities.
This can be riskier as the stock prices vary depending on the company's financial capability, you are not guaranteed of the returns.

3. Mutual funds: A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities.
Your investment strategy depends on your savings goals (and how much money you’ll allocate to each) and how many years you plan to let your money grow. The longer the time frame associated with your goal, the higher the percentage you should have in stocks.

How to Get an unsecured loan in Nigeria

Unsecured loans are loans that doesn't involve any form of collateral. Do you need a loan without collateral in Nigeria? Fundall gives access to credit facilities without asking for collateral. All you need is your mobile device and a stable internet connection and a few documents. You can request for a loan from the app or website. The request takes less than five minutes to complete. You can request for an instant loan, Payday loan, SME loan etc.

How to save and invest in Nigeria

When it comes to saving or investing, one has to be careful. There are several methods of saving in Nigeria. The most popular to save in Nigeria is via a traditional bank. However, that is not the best way. Rather than saving in a traditional bank where the interest rate for the savings is low. It is better to save in a FinTech platform like Fundall where you will get at least 10% annual interest on the savings

How to save and budget your Salary

People always complain that their salary doesn't last. Here are 5 tips that can help you save and budget your salary

1. Figure out your take-home salary:

2. Choose a budgeting plan.

3. Track your progress..

4. Automate your savings. Automate as much as possible so the money you’ve allocated for a specific purpose gets there with minimal effort on your part. Fundall will help you with automating your savings

5. Revisit your budget as needed. Your income, expenses and priorities will change over time. Adjust your budget accordingly, but always have one.

How much money should you have in your savings?

It depends on how much you earn and spend over a period of time. There is no fixed amount of money to have in your savings. A general rule of thumb is to have at least two months worth of living expenses plus 30%. You should also invest your part of your savings so that it can yield interest.

Can You trust an Online Saving Platform in Nigeria?

Yes, you can trust. With Fundall for instance, your savings & investments are held by a Trustees on your behalf. They ensure that your money is safe & well managed. Fundall also uses Bank Grade Security. Your data is secured with us. We use world-class standard security and encryption technology to protect all details. Also, Biometric Security App security & authorization personalized to you with our fingerprint security.

How to Save more money on a Tight Budget.

Here are a few tips on how to save money on a tight budget.

1. Remove all unnecessary spending, cut them off. Stop spending on things that you don't need. Reduce your expenses on things you can do without.

2. Cut down your current expenses. Find a way to cut down on how you spend right now. Look for deals offline and online. If need be, live in a smaller apartment, sell your car and buy a cheaper and more fuel-efficient car.

3. Stop eating out if you can Food is a major cause of more spending for many. You can save costs by cooking your own food instead of always eating out.

4. Cut Every Category Just a Little Bit Find ways to cut your spending in each category, find ways to reduce your spending even if it is a little bit

How to efficiently manage your Salary

So many people find it hard to efficiently manage their salaries. Here are a few helpful tips.

1. Have a Budget A budget is very important as this will guide you in knowing what to spend on. It will help you understand your income and your expenditure. Your budget should be based on your net earning and not your gross earnings.

2. Save and invest money from your salary Make sure you save and invest part of your salary every month. The more you save the better it is for you. Also, save emergency funds.

3. Avoid Debt Traps Debt is not a bad thing. But you need to properly plan so that you don’t get into a debt trap. A debt trap is a situation where the debtor cannot pay his debts and is always indebted to one person/institution or the other. One way of falling into a debt trap is by using a loan to repay another loan.

4. Use Credit Wisely Don't borrow money for what you don't need. Avoid borrowing money to fulfill your wants. Take credits only when necessary eg to scale your side hustle.

How to Save and Budget your monthly Salary

Are you wondering how to budget your monthly salary? You can use the 50/20/30 rule. The 50/20/30 rule is a guide on how to distribute your net income, it gives you a clear picture of where your priorities financially lie. The whole idea behind this rule is that 50 percent of your income should be spent on essentials, 20 percent on savings and the remaining 30 percent on lifestyle.

1. Essentials - 50 percent of your net income
Set aside 50 percent of your net income (income after tax) for essential living. It covers the necessities of life - those you would be paying four no matter what your life circumstances.

2. Savings - 20 percent of your net income
You should save at least 20 %

3. Wants -30 percent of your net income
The remaining can be used for spending on wants.

How to sell online

Selling online is the new order of the day for many entrepreneurs. However, many may be confused as to how to go about selling online.

There are a couple of channels you can use if you want to sell online such as Facebook, Instagram, Fundall Marketplace. All these platforms can be used but certain factors should be put in place to make sales.

First off, you need to decide what you want to sell and make a thorough investigation about the market size, demand for the product, ability to source for the product, ability to make a decent profit margin.

After proper investigation, and deciding on the products to sell, you need to source for the products. While sourcing for the product, two options will come to mind- To source locally or internationally (Best bet is China). Wherever you are buying the product from, ensure that it is of good quality.

If you choose to buy from China, you can use websites like alibaba.com, aliexpress.com, dhgate.com, etc. Make sure to check the reviews of the product before buying so that you don’t buy low-quality products.

If you are sourcing locally, you can buy from Lagos Island or other places you will be able to get good quality.

Third, Sell, Sell, Sell. In order to sell, you need to reach targeted people who will be interested in what you have to sell.

The more you reach your target audience, the higher your chances of selling. Use various channels available. There is WhatsApp status but please when you post your products on WhatsApp status, don’t flood people with pictures of what you sell, it can be very annoying sometimes.

Instagram is also a good channel to advertise your products. Post your products on Instagram, run ads on Instagram, you can even partner with influencers, pay them in cash or kind (products) if you can.

You can sell on Facebook too. Post your products on your profile. There are several buy and sell groups on Facebook you can join. Post your products on those groups. You can also run ads on Facebook.

Promote your products on online marketplaces, they will help you reach your potential customers too.

Deliver on time, people would not want to wait forever to get what they bought from you. Deliver yourself or partner with reliable delivery companies to help you deliver to your customers.

As for a Marketplace you can sell on, You should sell on Fundall Marketplace. Aside from the fact that we offer a marketplace you should sell your products on, we also provide you with an ecosystem that enables you to build wealth and grow your business. Fundall also provides entrepreneurs with the platform for automated savings, access to loan, a lifestyle debit/Credit card that has several features such as save as you spend. Another thing I like about Fundall is that they help people save towards retirement in Dollars.

What is the difference between savings and investment

Saving and investing are often mistaken to mean the same thing and therefore used interchangeably, but there is a difference. Savings are monies set aside for future expenses or need.

Investing is buying assets such as stocks, bonds, mutual funds or real estate with the expectation that your investment will make money for you. Investments usually are selected to achieve long-term goals. Generally speaking, investments can be categorized as income investments or growth investment.

Saving and investing are both important, but they’re not the same thing. While both can help you achieve a more comfortable financial future, consumers need to know the differences.

The biggest difference between saving and investing is the risk versus the reward. Saving typically allows you to earn a lower return but with virtually no risk. In contrast, investing allows you to earn a higher return, but you take on the risk of loss in order to do so.

What is joint saving?

A joint saving is when two or more people come together to save money.

What is savings-investment gap?

A savings gap is a situation where the existing level of savings is insufficient to achieve an economic objective. In the UK economy and other developed economies, a savings gap refers to the gap between current savings for retirement and that necessary to generate a desirable income from retirement. It is also called a ‘pensions gap’.

In less developed economies a savings gap commonly refers to the deficit between current aggregate savings and the level of savings required to provide funds for business investment. This type of savings gap is also called a ‘savings-investment’ gap.

It is a challenge for most developing countries, especially in Africa, to mobilize domestically enough capital to meet their extensive investment needs because of two main reasons: the undeveloped nature of their financial system and the low rate of access of households to basic financial products.

Why is the pig considered as the symbol of money saving?

Contrary to popular opinion, piggy bank doesn't come from the word pig. The origin of piggy banks dates back nearly 600 years, in a time before real banks even existed. Before the creation of modern-style banking institutions, people commonly stored their money at home — not under the mattress (or hay rack), but in common kitchen jars. During The Middle Ages, metal was expensive and seldom used for household wares. Instead, dishes and pots were made of an economical orange-colored clay called pygg. Whenever folks could save an extra coin or two, they dropped it into one of their clay jars — a pygg pot.

In the 19th century, when English the pitchermen received orders to make "piggy bank" they began to produce pig-shaped Piggy Banks. Since then, the piggy bank gets popular in the shape of a Pig.

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