Why saving is the smartest thing to do in a pandemic – Kolopay

The world is an uncertain place, which can cause fear and even panic. When people panic, they make choices that are less than optimal but we can fight back against these urges. One of the best ways to feel a bit more in control is by saving money. Building up a stash of cash can give us choices when we feel like everything else is falling apart. At the very least, it can help us feel a little less anxious about one very important element of our lives.

Saving money right now also allows you more choices later on, as it gives you a back-up plan in case you need one.

Zach Holz

As places and activities shut down around us to protect us from the coronavirus, this presents us with a multifaceted opportunity. Less things to do gives us less things to spend our money on. Our behaviour is often dictated by our environment, and shopping is definitely one of those behaviors. Covid-19 has changed our environment, and for those with out-of-control spending habits, this can be a great opportunity to switch your behaviour to the more frugal side.

Instead of shopping, read a book, listen to a podcast or catch up on that Netflix show you’ve been meaning to see. Rather than going out to eat, cook for your family. To replace the gym and fitness classes, take a walk around the neighborhood, visit a park or go for a run. All of these behaviors will help you develop good habits whether there’s a pandemic or not, perhaps except for Netflix, but, hey, a little distraction won’t hurt you in these times.

Focusing on these free activities will not only help you now, but also in the future as you develop lasting habits that will make you happier, healthier and wealthier down the road. By breaking your shopping habit now, you can realise that happiness doesn’t have to come from swiping your credit card. Lasting happiness comes from pursuing your purpose, learning, exercising, appreciating your loved ones and enjoying art.

Saving money with kolopay.com right now also allows you more choices later on, as it gives you a back-up plan in case you need one. For me, I’m supposed to move to China in July to teach there for the next two years. All signs point to that still happening, as of today, but a niggling part of my mind is worried that with all this uncertainty, I won’t have that opportunity. So instead, I’m saving my cash.

I already have enough set aside to live off for one to three years, depending on where I spend my time. I won’t have to sell any of my investments, which have lost value due to the market’s recent volatility. While I don’t know that this will fix all my problems, it certainly helps me sleep better at night knowing that I’ll be OK for the foreseeable future.

The other great reason to save money right now is to take advantage of investment opportunities later. Stocks, bonds and real estate have been priced quite high in many markets around the world. After a panic sell-off, if you have a large cash position, you can be in a great place to invest when things are cheaper. As the old expression goes: “When there’s blood on the streets, buy property.” People who survived the last crash of 2008 are those that bought when the market was low and gained a huge amount in those following years.

While it’s important to stay informed on this rapidly developing situation, obsessing over it will only increase your anxieties. When you’re anxious, that’s where advertisers want you, because you’re not thinking clearly or logically. You’re more likely to buy their products, even if you don’t need it or can’t really afford it. That’s another reason to try to find activities that keep you from focusing exclusively on the dangers of an uncertain world.

Also, remember to be grateful. Your friends and family are hopefully still there for you. Food is still delicious. The sky is blue. Remembering these things can keep you from the darkness that can cause you to spend too much money in retail therapy.

Saving more money now can benefit us in multiple ways. Hunker down. Stay safe. Store your money securely with kolopay.com

 

Source:thenational.ae

How to use Kolopay

One of best things about Kolopay is that it is very easy to use. From its design to carefully placed help texts, you’ll have it running in a matter of minutes. But should it happen that you are still having troubles setting up an account or creating a goal, below is a step-by-step guide to how Kolopay works.

Step 1: Create an account.

Step 2: Create a goal.

AutoSave

EasySave

Step 3: Fill out the checkout form by entering your card details.

Step 4: Recieve message on success.

Step 5: View your goal.

In addition to all creating and viewing goals, you can also

View transactions

Share with family and friends to earn koloCoins which can be later converted to cash and added to a target.

Add your card once to avoid entering card details every time you want to create a goal.

Read FAQs for more information.

Kolopay makes Digest Next50 African Startups

Digest Africa NEXT50

Impulse buying/unplanned spending and easy access to saved funds have stopped millions of people from achieving their planned goals. KoloPay, on the other hand, is a cashless mobile and web application that enables you to achieve your target savings over a period of time and offers discounts on the good and services customers are saving towards.

KoloPay

kolopay.com was selected as one of the startups to watch in 2019.

Itanna Accelerator Experience by Isaac Omonayin

If I were to christen the 6th of August, I would undoubtedly call it the “Ignition Day”. This is because the 6th of August 2018 was the beginning of an amazing, intriguing and exposing experience for me and my entire team.

The journey started on the most interesting note. The structure that houses Itanna is a mind-blowing paradox. An old building that looks like an abandoned warehouse from the outside  but as soon as you step in, you enter one of the most colorful, lit, and exquisite co-working spaces you will find anywhere. The Itanna structure truly reflects its name; and the ambiance oozes excellence.

Itanna provides an avenue to meet some of the industry’s leading founders and CEOs that we look up to, and presents them in their realest form. Something we’ve noticed about all the CEOs that have had a session with us is that they come to us in their truest and most honest state; sharing stories of their successes, failures and naivety from their journeys in business and entrepreneurship. One such story is the best I have heard, and it’s of Mitchell Elegbe – CEO of one the fastest growing tech companies in Nigeria. He shared with the Itanna Cohort at one of the sessions how he and his co-founder were engrossed by the passion to see their vision grow that they forgot to keep a share in the company they founded for themselves. I remember getting home after that session asking myself all through the night If I am driven by half the passion these guys had.

 

And yes, that’s what Itanna does for us as a team. After one of the sessions with the Itanna Business Development Team, we (KoloPay) decided to work all weekend in the facility because the Business Development team illuminated the points we needed to improve on. It was basically the spark we needed to make us restless enough to work on what needed fixing. These little weaknesses in our business model were not obvious to us; but with the help of Itanna,

The Monday morning meetings that are held every fortnight have also been revealing, as they open me up to how uniquely intelligent members of the other startups in the Cohort are. The various approaches to solutions suggested to challenges shared are nothing short of amazing. The session is referred to as our BONDING session but I jokingly call it ‘Family Meeting’ maybe because of the round seating formation we take during these sessions or because we all try to find a solution to the challenge any one of us is having.

 

For sure, our business isn’t the same as it was before we stepped into Itanna few weeks ago. Our technology isn’t the same, and our communication isn’t either. We have benefitted from the immeasurable human and other resources available at Itanna. We have amazing testimonials from our customers about how improved our system is.

By the way, I must add how badly I get beaten at fuzzball by everybody in the Cohort.. The Fuzzball game would have been one of my best memories of my time at Itanna, but I have suffered so badly at the hands of everyone I’ve played with,  that I have resigned myself to only watching or maybe running the commentary for those playing.

Do you want to guess who the undefeated champion is?

 

What is kolopay

” One of the smartest things that you can ever do for yourself is to develop the habit of saving part of your salary, every single paycheck. Individuals, families and even societies are stable and prosperous to the degree to which they have high savings rates. Savings today are what guarantee the security and the possibilities of tomorrow.”

But saving is not exactly an easy habit to cultivate especially considering our economic realities in Nigeria and Africa as a whole.

The World Bank rates Nigeria as one of the countries with poorest saving culture (16%) even below Liberia. That figure is not a surprise considering the financial pressure that is on an average Nigerian. Countless bills to be paid on limited income. Though I believe Saving is a cultural practice for a Nigerian but the economic hardship might have stripped us of. I remember when growing up, mothers gave their kids money and expect them to at least save a portion of it. Mothers will ask you days later how much you saved from the sum she gave you days ago.

The word ‘Kolo’ is a Yoruba word which refers to a saving box.  Back in the days, parents tried to teach their young children to save by making or buying them a Kolo.  it is from this root that KoloPay picked her name.

Kolopay provides users a platform that helps you think of yourself first in your finance. That amazing feeling you get knowing that you have at least saved something for yourself before expenses take hold of your income, that’s what kolopay gives you.

On Kolopay you have the freedom to name the goal which you are saving towards and also the period you wabt to save for to achieve the goal

With the Autosave feature, you activate a standing order on your debit card or bank account for a regularly debit of a particular amount to be saved on your KoloPay account at a frequency (Daily, Weekly or Monthly) you prefer  with this feature you are sure

The SaveNow feature is for you if you want to save anytime you have

When you LOCK your account on KoloPay, it guarantees a 6%pa on your saved amount

On Kolopay,there are merchants who provide possible goals (goods and services e.g. Home appliances, events planners, vacations) you could be saving at amazing discounted prices.

KoloPay basically has one major goal which is helping you achieve your goals.

To signup on KoloPay, download the KoloPay app on google playstore or visit kolopay.com