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Ecobank CEO gives reasons why you should save

Savings will create room for your financial independence, and it will enable you to handle emergency situation.

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Saving money

This is perhaps the best advice you can get today; how to keep your money without spending it. 

Most people especially the youths, go through life spending more than they could make. This is majorly because there are lots of distracting options around them of which they are forced to choose one through peer preasure or acquired social needs. 

But here is the good news. 

The moment you know why you should save your money without spending it, the easier it is to resist the temptation to whip out your credit card when you see an ad for that fine shoe or Tshirt you have always wanted to buy. 

According to the MANAGING Director, Ecobank Nigeria Limited, Mr. Patrick Akinwuntan, knowing why you save is the best strategy for saving. 

He called on students and youths to imbibe the habit of saving, stressing that it would make them financially responsible and stable. 

Akinwuntan made this submission during a lecture to mark this year’s World Savings Day at  Ahmadu Bahago Secondary School, Minna, Niger State. 

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Represented by the Zonal Head of Operation, North Central, Mr. Sadiq Adeyemi, Akinwuntan described savings as money set aside for future use rather than spending it immediately, adding that it is also income earned that is not spent. 

Althhough youths in Nigeria hardly earn enough to save, knowing the reasons for saving can be a great incentive to keep a significant part of what you earn as saving not just for the rainy day but for basic priorities of life such as shelter and domestic bills. 

“I urge you to give priority to saving a portion of funds that come your way. This should be deliberate and intentional. Savings will create room for your financial independence, and it will enable you to handle emergency situation, pay for accommodation and education, fund self development, retirement and vocational lifestyle, while also ensuring a guaranteed future”, he said.

Savings is a habit that is formed over time and should be nutured by constant practice. 

Saving will also save you a lot of headache as you will always have funds available to handle life's challenges whenever it comes knocking. 

Therefore, as you step out today, make a conscious effort to spend only when is absolutely necessary and save a portion of whatever you earn.

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