Photo: Kosofe Post
There are several ways one could achieve a great savings in 2020 either by bank savings, insurance policy, thrift, weekly or monthly contribution, and piggy bank known as ” Kolo” in Southwest, Nigeria.
However, the ancient tradition savings method “piggy bank” is still more effective for those who could not meet up with other modem day forms of savings.
“Its a good means of saving money for a child. It’s a method of promoting saving culture for both the children and adult.
However, bankers and insurance People are of the view that there are several policies well secured and protected without risk elements unlike the piggy bank vulnerable to theft and others.
The financial institutions or insurance stakeholders in several forums forget to take note that when the underworld People visit ones house without meeting any cash at hand, it can aggravate the level of damage on victim lives and properties.
Mr. Obina .N, promoting insurance products is of the opinion that”good to argue with a foreseeable conclusion in sight. Insurance companies offer savings with risk protection at the same time”
Because of unforeseen circumstances the concept of piggy bank can not be totally thrown into the Lagos Lagoon merely because of risk factors the financial institution and insurance institutions attributed to it.
To make the remaining 365 days financially worthwhile and emergency situations different people suggested personal saving policy that an individual can adopt by using piggy bank. One of the policy stumbled on is posted below.
100 naira daily—— 36,500 naira
200 naira daily—— 73,000
300 naira daily—— 109,500
500 naira daily—— 182,500
1,000 naira daily—— 365,000
1500 naira daily—— 547,500
2,000 naira daily—— 730,000
2,500 naira daily—— 912,500
3,000 naira daily—— 1,095,000
500 naira weekly ——— 26,500
1,000 naira weekly—— 53,000
1500 naira weekly —— 79,500
2,000 naira weekly —— 106,000
2,500 naira weekly—— 132,500
3,000 naira weekly —— 159,000
2,000 naira monthly —— 24,000
2,500 naira monthly —— 30,000
3,000 naira monthly —— 36,000
5,000 naira monthly ——— 60,000
10,000 naira monthly ——- 120,000
15,000 naira monthly ——- 180,000
20,000 naira monthly ——- 240,000.
Let’s give it a trial by picking any of the piggy bank policy, we can be consistent with and prayed before, during and after 365 days insurance risk does not set in such as theft, fire disaster, flood and Boko Haram improvised explosive devices respectively.