137 Views

6 Important Ways To Increase Your Savings During Economic Recession

To increase your wealth and reduce the effect of depression on your finances, adjust your personal banking habit by following these rules.
1. Use less of credit card: Stay away from unnecessary loans or debts. Debit card will give you access to only the money you have in your account but credit card can make you spend more than you have in your account. So, use less of credit card to stay out of debt.
 
2. Transfer idle money to fixed deposit: Many people leave their idle funds in current account and pay heavy charges on it. If you know you won’t need the funds very soon, look for banks with competitive interest rates where you can fix the funds and earn some interest.
3. Create emergency fund: Emergency fund is the money you save to help you adjust to your financial needs when you run out of funds. If your business goes down due to economic recession or wrong financial decisions, you can fall back on emergency funds. You don’t have to spend all your income. Build the habit of consciously saving part of your money in a bank account, which can be earning interest. This money can also be channelled into investment if you have a lofty idea later.
4. Draft your budget: Draft a budget that is suitable for your income and which can allow you to still save after incurring your expense. Know how much you earn every month and how much you are saving. Create a list of preference and spend according to the relevance on the list. Do not spend outside your budget so that you don’t violate your savings rule.
5. Avoid frivolous spending: During periods of abundance, you probably have a lot of money to throw away. But in periods of recession, you need to understand that you cannot be spending anyhow. You have to do away with things that can reduce your bank deposits like spending on parties, buying expensive things you don’t really need just to please people around you.
6. Use more of savings account: Every savings you make will make a meaning to your account. If you feel some money is not relevant and you continue to spend anyhow, overtime, you will discover it could have increased your bank balance.
7. Make regular deposits into your savings account: so that it could yield a little interest and not attract charges. Let your money stay longer in the savings account because withdrawing without depositing will drain your account. Keeping your money in a current account will make your bank to deduct regular charges from it.
N/B: You could give yourself targets to save specific amount every month so that if you run into any financial trouble, you don’t have to start looking for loans or borrowing from friends.
Source: Punch

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

This is How A Nigerian Governor, Nyesom Wike Celebrated Real Madrid’s Champions League Victory
Politics
38 views
Politics
38 views

This is How A Nigerian Governor, Nyesom Wike Celebrated Real Madrid’s Champions League Victory

MT - May 27, 2018

The Rivers State Governor, Chief Barr Nyesom Wike joined other fans of Real Madrid FC to celebrate the dramatic victory of the team over Liverpool FC Saturday…

“I Am Getting Married Soon” – Don Jazzy tells Bank W
Entertainment
46 views
Entertainment
46 views

“I Am Getting Married Soon” – Don Jazzy tells Bank W

MT - May 27, 2018

Nigerian music mogul and producer,Donjazzy may have let it slip that his wedding will be sooner than we think.Donjazzy has been joking about his quest for a…

SEE Why Angry Pastor Orders Church Members To Leave Wedding Reception
Romance and Love
66 views
Romance and Love
66 views

SEE Why Angry Pastor Orders Church Members To Leave Wedding Reception

MT - May 27, 2018

An unusual incident was witnessed at a wedding yesterday in Delta state after the pastor who conducted the wedding was disappointed by the couple. According to journalist…

See The PDP Governor Who Has Vowed Not To Criticize President Buhari
Politics
48 views
Politics
48 views

See The PDP Governor Who Has Vowed Not To Criticize President Buhari

MT - May 27, 2018

A Nigerian governor has vowed never to castigate President Muhammadu Buhari to prove he is still a member of the Peoples Democratic Party (PDP). Governor of Ebonyi…

Full Match Fixtures For 2018 Russia World Cup
Sports
55 views
Sports
55 views

Full Match Fixtures For 2018 Russia World Cup

MT - May 27, 2018

The long awaited FIFA 2018 World Cup will take place in Russia and will be hosted by the same country. The world’s largest football competition will begin…

Ekiti 2018: Why PDP Cannot Be Defeated — Jonathan
Politics
79 views
Politics
79 views

Ekiti 2018: Why PDP Cannot Be Defeated — Jonathan

MT - May 27, 2018

FORMER President, Goodluck Jonathan, has stated why the Peoples Democratic Party (PDP) cannot be defeated in the forthcoming governorship election in Ekiti State. Mr Jonathan, speaking at…

Argentinian Football Legend Reveals His Greatest Nigerian Player. Guess Who
Sports
59 views
Sports
59 views

Argentinian Football Legend Reveals His Greatest Nigerian Player. Guess Who

MT - May 27, 2018

Hernán Crespo, Argentine football legend, on Saturday said Austin ‘Jay Jay’ Okocha is the greatest Nigerian player. Crespo said he would never forget playing against Nigeria’s ex-internationals,…

How 24 Persons Cheated Death After Boats Capsized In Lagos
Inspiring
46 views
Inspiring
46 views

How 24 Persons Cheated Death After Boats Capsized In Lagos

MT - May 27, 2018

No fewer than 24 passengers escaped death by whiskers on Friday after to boats collided and capsized in Ojo area of Lagos State. The accident, which occurred…

Inside EFCC Report On Corruption Allegations Against Obasanjo
Best of Nigeria
57 views
Best of Nigeria
57 views

Inside EFCC Report On Corruption Allegations Against Obasanjo

MT - May 27, 2018

As President Muhammadu Buhari and a former president, Olusegun Obasanjo, continue to engage in a war of words, PREMIUM TIMES has obtained a report by the Economic…

“Why Adams Oshiomhole Is A Proven Liar”: Reno Omokri
Politics
49 views
Politics
49 views

“Why Adams Oshiomhole Is A Proven Liar”: Reno Omokri

MT - May 27, 2018

Adams Oshiomhole is a Proven Liar So Nigerians Should Not Be Surprised at His Most Recent Lie That Adams Oshiomhole is a confirmed liar has already been…

Simi Is Better Song Writer Than I Am — Adekunle Gold
Best of Nigeria
47 views
Best of Nigeria
47 views

Simi Is Better Song Writer Than I Am — Adekunle Gold

MT - May 27, 2018

Nigerian Singer, Adekunle Gold says colleague, Simi is better than him as a song writer. Adekunle Gold disclosed this to fans at his album listening on Friday.…

Meet Yekaterina Lisina, Tallest Professional Model With Longest Legs (Photos)
World Buzz
51 views
World Buzz
51 views

Meet Yekaterina Lisina, Tallest Professional Model With Longest Legs (Photos)

MT - May 27, 2018

Yekaterina Viktorovna (born October 15, 1987), is a Russian basketball player who competed for the Russian National Team at the 2008 Summer Olympics, winning the bronze medal.…

Aisha Abimbola: What Late Nollywood Actress Told Colleague, Afeez Owo Before Her Death
Entertainment
75 views
Entertainment
75 views

Aisha Abimbola: What Late Nollywood Actress Told Colleague, Afeez Owo Before Her Death

MT - May 26, 2018

Yoruba actor and filmmaker, Afeez Owo, has revealed the last conversation he had with the late Aisha Abimbola aka Omoge Campus. In an interview with GoldmyneTV, Owo…

Super Eagles Striker, Emenike & Ex-MBGN Fiance, Iheoma Nnadi Release Pre-wedding Photos
Romance and Love
71 views
Romance and Love
71 views

Super Eagles Striker, Emenike & Ex-MBGN Fiance, Iheoma Nnadi Release Pre-wedding Photos

MT - May 26, 2018

Super Eagles striker, Emmanuel Chinenye Emenike who plays as a striker for Las Palmas on loan from Olympiacos, and his fiance, a former Most Beautiful Girl in…

‘Assurance’; See How A Nigerian Doctor, Obinna Ebirim Empowered His People In Imo.
Best of Nigeria
77 views
Best of Nigeria
77 views

‘Assurance’; See How A Nigerian Doctor, Obinna Ebirim Empowered His People In Imo.

MT - May 26, 2018

A young Nigerian medical doctor and philanthropist, Dr. Obinna Ebirim, has continued to show that the welfare of the masses is his main priority following another grand…

HEALTH: Helpful Tips To Avoid Infections
Food and Health
62 views
Food and Health
62 views

HEALTH: Helpful Tips To Avoid Infections

PH - May 26, 2018

The rising threat of infections has become of great concern in recent years. While the risk related to "traditional infections" has often been reduced by vaccination and…

$16bn Power Projects: We Have Started Probe of Suspects – EFCC
Politics
74 views
Politics
74 views

$16bn Power Projects: We Have Started Probe of Suspects – EFCC

MT - May 26, 2018

Following representations made by some civil society groups, the Economic and Financial Crimes Commission (EFCC) has set machinery in motion to probe the controversy surrounding the $16…

Real Madrid vs Liverpool: Why Coutinho Will Receive Champions League Medal
Sports
77 views
Sports
77 views

Real Madrid vs Liverpool: Why Coutinho Will Receive Champions League Medal

MT - May 26, 2018

Liverpool will give Philippe Coutinho a winners medal should they beat Real Madrid in tomorrow’s Champions League final in Kiev, The Sun UK reports. Coutinho left Anfield…

Loading...