The importance of savings cannot be overemphasized. Savings is not a habit that is built only when you want to achieve goals, but also very important in helping you cushion unexpected expenses and emergencies. As the popular saying goes “Save so that your savings can save you”, you never really know when the rainy days will come.
Building a savings habit is most times easier said than done. It requires a lot of planning and most importantly; discipline. Discipline is a very important skill when it comes to saving as it is very easy to break your savings when you want to make a purchase or meet a non-urgent expense for avoidable reasons.
An important step to developing a successful saving habit is planning and this can come in many forms. But the most important part of the planning process is to create a saving formula. The most common formula is the 50/30/20 rule, but this sometimes does not to apply to everyone as needs, wants and plans differ. For example, people who pay the rent and those who don’t will have various approaches to this.
The easiest and most common way out for most people when it comes to discipline is to automate and lock their savings till a fixed date where they decide whether to use the money or lock it till a further date. Fixed deposit is also another option. The essence of discipline is how you manage your money in order to resist the temptations of impulse spending. The experts can still have access to their funds but not touch it except when necessary.
goStash helps you cultivate a savings habit so easily that it becomes second nature allowing you to reach your financial goals faster. goStash is gomoney’s easy-to-use savings platform that allows you to save money with minimal effort. With tools like automated savings and stashlock, goStash makes it easy to stay on track with your savings goals. goStash offers a variety of savings plans that are tailored to individual needs and allow you to track your progress.
You can create your savings goals in unique ways where you get to create a name for each stash, set a goal amount with an actualization date, insert a photo related to this goal to differentiate it from others, and set a schedule for automate deposits to keep you on track.
Users are given the flexibility to either lock the stash till a certain date or leave the stash unlocked for easy access to funds. Fund & withdrawals are equally seamless. If your goals change along the line, you can easily edit your stash goals, make changes to your automated debits and many more. Once a goal is achieved, you can make withdrawals and close the stash. A locked stash however, cannot be unlocked or closed before the set date.
Your stash can act as an expense purse which enables you to stick to your budget and spend per category without losing sight of your expenses.
Save towards your financial goals with goStash. Learn more about goStash