How to Start Saving Money with Cowrywise

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Cowrywise is a financial platform that was founded in July 2017 and its main objective is to improve savings and investing culture in the country. This is achieved by the platform’s several saving options and investment opportunities such as mutual funds.

Regulated in June 2021, the platform has partnered with leading financial institutions to safeguard users’ funds and data while also working with professional fund managers in selecting the best investment options for users.

If you’re looking for ways to save money, unlike Piggyvest savings, Cowrywise serves as another great option to take your finances to another level. The platform is run by professionals in the banking and finance industry to ensure that you get the maximum from your investments.

How Cowrywise Savings Works

When you create an account, which I practically recommend, you are allotted great plans to choose from. You can start with a single plan, two or more at the same time. Cowrywise offers about five savings plans, each of which has its features and use cases.

If you intend on using it for savings, I recommend adding funds to your account to make the process simpler. I’ve detailed a guide on how to add funds to your account, savings plans and features, and how to start saving money immediately.

Cowrywise Savings Plans Review

Cowrywise allows you to save for as little as N1000 on their regular plan. Below are some of the savings plans so you can choose what align with your savings goals.

  • Savings Circle: This is where you collectively or collaborate with friends and family to save together towards a given objective. This type of savings allows you to invite people with whom you share the same ideology and save together.

The plan has two types:

  1. Cowrywise savings challenge: Saves towards a target goal. The challenge ends when everyone in the circle reaches the circle you set from the beginning.
  2. Cowrywise savings collection: Collectively saves towards achieving a particular objective. It can be like a contribution but in an advanced way.
  • Regular Savings: This plan allows you to save for at least 3 months and get rewarded with juicy returns for being disciplined with your savings goals. You can choose whether to automate your savings (either daily, weekly, or monthly). However, you get to withdraw from this plan after reaching the 3 months maturity date. You can also roll over the plan for another 3 months to increase your returns. The choice is yours.
  • Money Duo: This plan is for couples who want to save for the long term in achieving a particular objective, like buying a house, car, or anything. With the plan, you see exactly how the money is being invested. Very accountable and transparent.
  • Halal Savings: This is for Muslims who don’t want interest on their savings, but just want to save money till the maturity date they’ve set. It’s an interest-free savings plan for savings only. You don’t expect interest or returns while in this plan. So, if you’re a Muslim this is a perfect plan but there are lockups. The plan is similar to Regular Savings.
  • Emergency Savings: Urgent need for funds may arise which may prompt you to withdraw from your savings. It also has features like maturity date, target, automation, and triggers.

The good news is that you can run several of these plans on the app at once, increasing your returns and making you more money. The only plan that can’t be locked is the Money Duo Plan.

You can also include your withdrawal date longer than the minimum date. For example, you can have a Regular or a Halal Plan that is locked away for longer than 3 months.

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How to Start Saving with Cowrywise

Follow these steps by step processes to start saving your money and meeting your financial goals.

  • Step 2: It will bring a list of the savings plans to choose from. Pick the one that interests you the most and click on it.

For example, if you want to start an emergency saving, click on Emergency Savings.

  • Step 3: Click Create an Emergency Plan to continue once you’re on the page.
  • Step 4: Set a savings target: You’ll be prompted to set a savings target that you want to achieve. Set a realistic target by tapping on Different Amount or clicking the default options.

  • Step 5: Set your monthly savings towards the target. It will ask you how much you would like to save every month. Once you’re done setting what you will be saving monthly, click Continue.
  • Step 6: On the next page, choose your preferred day. The day you would like to be saving every month. After that, click Done to proceed.

  • Step 7: Choose a payment method. A summary of what you’ve selected will display prompting you to choose a payment method.

Click there and you’ll see a list of payment methods to choose from:

  • Debit Card: add your card if you would like to pay with a card.
  • One-Time bank transfer.
  • Stash – Stash is another feature on the app that allows you to send and transfer funds easily.

Choose any of them, then after that, click on Create Emergency Plan to complete.

As you just created an emergency savings plan, you can view the plan you created to make adjustments. You can also set triggers and automation.

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How to Add Funds to Your Cowrywise Account

If you like, you can add money to your account before trying any of the plans, whether savings or investing. It’s in your best interest to ensure you’re carefully spending money.

Now, follow this process to add funds to your account using either Stash or Account Balance:

  • Step 1: Log in to the app: On the homepage or dashboard, you’ll see your balance reading zero as a first-timer.
  • Step 2: Click on the Top Up button to start adding funds.

  • Step 3: You’ll be asked to choose where the funds will go. Here, you can choose between My Savings, Naira Investment, and Dollar Investment.

  • Step 4: When you click on My Savings, it will bring all the list of saving plans and the most recent emergency saving plan you just created.
  • Step 5: Click on the Emergency savings you just created to proceed.

  • Step 6: After that, it will ask you how much you want to add. Click on any of the options or add a different amount.
  • Step 7: Choose a payment method then click Pay.

Note: A 1.50% fee will be charged when you use the bank transfer method. You can use Stash to add funds to your savings and investments.

How to Add Funds to Your Stash Account on Cowrywise

  • Step 1: To start adding money, click on Stash on the homepage.

  • Step 2: Next, click the Add Money button.

  • Step 3: Choose a payment method between Bank Transfer or USSD.

  • Step 4: Transfer the money to any of the account numbers specially dedicated for you to add funds to your account.

Those steps will enable you to add funds to either your main balance or Stash account with just a simple click of a button.

Tips for Saving Money with Cowrywise

Now, that you know how to save money and you’ve familiarized yourself with the Cowrywise saving plans, here are my tips that will help you achieve your goals and objectives.

  1. Saving is for the Long Haul: Understand that saving is for the long haul and not a short-term or get-money-quick way. Some people use online saving apps after they’ve tried traditional savings methods just to increase their money, but when they discovered that the money is not significantly adding value or increasing, they start blaming the platform. You can’t put little money and expect it to grow massively in the shortest possible time. If you want more money then you will have to save more. Also, the more you lock up your funds, the more interest you will accrue.
  2. Lock up and Maturity: Almost every plan on Cowrywise can’t be broken. Unlike Piggyvest where you can break your savings, Cowrywise doesn’t allow you to break, instead, it teaches you the importance of savings and how to ride for the long haul.
  3. Take Advantage of All Plans: Taking advantage of all the savings plans will be beneficial to you because some tend to outperform others. If you have the money, there is nothing wrong with saving in all 5 plans. This will not only make you more money, but it will also improve your output and discipline.
  4. Research: Continuous learning is key to success in anything you’re doing. Endeavor to research a particular information before taking a decision. Never rely on every piece of information you found on the internet as some were obtained without proper knowledge or research.
  5. Interest Rates: Understand the interest rate of all the saving plans, the fees involved, and how easy it is for beginners. Most may have higher interest rates than others but with high fees. Understanding each of the plans tends to go a long way in deciding which one is right for your goals.

That’s A Wrap!

Cowrywise is a great saving and investment app that I mostly recommend to my readers. If you’re still on this page, it means you are ready to take your finance to a whole new level. I suggest you conduct thorough research or review as you shouldn’t depend on every piece of information on this page even though everything here is correct.

Along the line, I am here to impact the knowledge of financial education and it starts with the way you spend, save, and invest money. These components shape and reshape how your future will look for the next 10 years.

Thanks for reading. Please don’t forget to subscribe to my blog for all things personal finance, investment, and savings. I will be waiting for the comments should you have any.

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