How Emmanuel Started Saving ₦3,000($7) From His ₦45,000($101) Monthly Income

Emmanuel is a Young graduate that makes a living from offering private teaching services.

Due to several issues and inflation, the running cost of offering his services has increased. Especially in the area of transportation.

He hasn’t been able to increase his fee for fear of losing patronage.

This has made savings a nearly impossible thing for him.

When he shared his story with me, my first advice to him was that he should seek ways to increase his income first. As income is the prerequisite for savings.

However, I also suggested the AutoSave plan to him. I recommended he starts by saving ₦100 ($0.23) daily. He set up a plan for ₦100 ($0.23) to be deducted from his bank account every day.

The target is for him to be saving ₦3,000 ($101) per Month. In a year he will be able to save ₦36,000 ($82) with an interest growth of 4% to 8% per annum.

Although some months he misses some days due to insufficient funds, he is still able to save something.

SmartCoop has helped hundreds of people like Emmanuel build sound saving habits. They have been able to build their emergency funds portfolio to handle unforeseen circumstances.

Story by Jovworie Tanshi