In today’s fast-paced world, it’s essential to have a solid saving plan, regardless of your profession or status. Whether you’re a 9-5 worker, business owner, or student, you’re undoubtedly aware of how quickly time passes by.
Saving money is a wise financial decision that can be pursued for different reasons. One reason to save is to prepare for unexpected situations or to achieve a specific goal, such as starting a business, obtaining a degree, or dealing with unexpected health emergencies. This type of saving provides a clear purpose for the money being set aside.
Another reason to save money is to enjoy luxurious items or experiences that cannot be purchased outright. This type of saving may be necessary to afford a trip, a property, a car, special occasions, fashion accessories, and more. By saving gradually over time, one can eventually afford these luxuries without jeopardizing their financial stability.
People save money for various reasons, and regardless of the purpose, having savings can be advantageous in the future. Whether you’re saving to prevent financial difficulties or to attain your desired possessions, having a savings fund can be a helpful safety net.
In this modern age, technological advancements have revolutionized the way we save money. Gone are the days of the traditional “thrift collection” as we have embraced new methods of saving. With technology, we have access to various digital tools and apps that enable us to save automatically and efficiently. These technological changes have made saving money much more convenient and accessible for everyone.
Thanks to the availability of smartphones, anyone can easily start a saving plan from the comfort of their own home. With this in mind, I would like to introduce you to Piggyvest – a digital platform for saving and investing money.
Why PiggyVest?
Piggyvest is an online financial institution that focuses on assisting individuals with saving and managing their finances, much like traditional banks. However, their approach sets them apart by providing additional features and benefits that incentivize individuals to save more.
Initially launched as Piggybank on January 7th, 2016, the company achieved success within three years of its inception. As a result, they rebranded and changed their name to Piggyvest, while also introducing direct investment opportunities for their users to complement their savings plan. With Piggyvest, individuals can save and invest their money efficiently while achieving their financial goals.
7 Reasons Why Piggyvest is the Ultimate Savings Solution for Digitally-Minded Nigerians
1. Interest
One of the benefits of saving money with Piggyvest is that users can earn interest on their savings. The interest rate that Piggyvest offers depends on the chosen saving plan, and users can earn the following rates:
- Piggybank: 9% per annum
- SafeLock: up to 13% per annum
- Target: 10% per annum
- Flex Naira: 8% per annum
- Flex Dollar: 7% per annum
- Investify: up to 25%
2. PiggyPoints
Piggyvest offers its users rewards in the form of points for consistent saving. These points are obtained by saving a minimum of N2,000 at once into either the Piggybank or Target wallet. It’s worth noting that for Target savings, the duration should be 90 days or more.
The accumulated Piggy Points can then be converted into cash.
1 Piggy Point = N10.
I’ve come across inquiries such as, “Do I have to save N2,000 only to earn Piggy Points?” The answer is no. Piggy Points can also be earned when you save more than N2,000. The following image outlines the amount of Piggy Points that will be rewarded for various saving amounts.
3. Referral Program
Piggyvest provides a referral program where users can earn N1000 for every person they refer. When a new user signs up using an existing user’s referral link, the existing user receives an automatic reward of N1000.
To sign up for the PiggyVest referral program, follow these steps:
- Visit the PiggyVest website and create an account if you don’t already have one.
- Once you have an account, log in and navigate to the Earn N1000 page.
- On the Earn N1000 page, you’ll find your unique referral link. Copy this link and share it with your friends and family.
- When someone clicks on your referral link and signs up for a PiggyVest account, you’ll receive a reward of N1000 automatically.
- You can track your referrals and earnings on the Earn N1000 page.
Sounds cool right? By sharing your referral link, you can earn extra cash while helping your friends and family save and invest with PiggyVest.
4. AutoSave and QuickSave
Piggyvest offers a convenient way to save money without the need to log in to the app constantly. This is made possible by the app’s automation feature which allows users to set the amount, time, and frequency of their savings. Additionally, Piggyvest also has a QuickSave option under the Piggybank feature which lets users manually input the amount they wish to save. With these features, users can easily save money and achieve their financial goals without any hassle.
5. Investment
Piggyvest provides an investment service called Investify that enables users to earn higher returns on their savings by investing in various opportunities listed within their dashboards. Depending on the chosen investment opportunity, users can earn interest rates as high as 25%. With Investify, Piggyvest offers its users a simple and accessible way to invest and grow their savings over time.
6. Target Savings
Piggyvest’s Target Savings feature allows users to save regularly and progressively towards a specific financial objective or goal, whether it is a personal goal or a shared one that involves multiple users. This feature provides a simple yet effective way for users to work towards their financial aspirations, whether it’s for a vacation, a down payment on a home, or any other desired target. With Piggyvest’s Target Savings feature, users can easily track their progress and stay motivated toward achieving their financial objectives.
7. Withdrawals
Piggyvest offers four scheduled dates throughout the year for users to make free withdrawals: March 31st, June 30th, September 30th, and December 31st. Additionally, users can choose their own preferred withdrawal dates, provided that they also occur four times per year.
By limiting free withdrawals to just four times per year, Piggyvest encourages its users to master a saving habit. Any withdrawal outside of the scheduled Piggyvest withdrawal dates or user-selected dates will incur a penalty fee of 2.5% of the withdrawn amount. This policy incentivizes users to stick to their savings plan and avoid frequent withdrawals, ultimately helping them reach their financial goals faster.
Finding the Suitable Savings Plan for Your Needs
Piggyvest offers a range of savings and investment options that are customized to cater to specific needs.
- For those looking to consistently save money and only withdraw funds on a quarterly basis, the Piggybank wallet may be the ideal option. By enabling this feature, funds will be automatically deducted from your account and saved, eliminating the need for manual savings.
- If you have a specific savings goal, like saving for rent or a vacation, then the Target Savings feature on Piggyvest is worth considering. This feature allows you to set a target amount and a deadline for achieving your savings goal.
- For users seeking a long-term savings option, Piggyvest’s SafeLock feature is an ideal choice. This feature offers higher interest rates, providing an opportunity to earn more money by locking away funds that are not immediately needed.
- If you are interested in investing or seeking to expand your portfolio, Investify offers pre-vetted, low-risk investment opportunities that can assist you in increasing your wealth. These opportunities are regularly accessible and can aid in diversifying your investments.
Read..
- The Ultimate Guide to Saving and Investing Money on PiggyVest
- 10 Proven Strategies for Mastering the Habit of Saving Money in Nigeria
- How to Withdraw Funds from PiggyVest Safelock Before Maturity
That’s A Wrap!
Just because you have enough money to cover your expenses, doesn’t mean you should overlook the importance of saving. Start a savings plan today with Piggyvest and secure your financial future.
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