When you don’t earn much, you might have the mentality that you really can’t save money and investment is just impossible because the money is not enough.
You need to start from where you are and grow your money. You can make some good investments even with your small salary. Here they are:
Treasury bills
This is one of the safest investments one can be involved in. Treasury bills are federal government issued securities. They are backed by the federal government, so it is considered to be quite a safe investment. You don’t have to stress yourself on how to buy treasury bills because your bank can buy them for you. At least, most banks do.
Mutual funds
Take out some of your previously saved money to open a mutual funds account with Investment One, Stanbic IBTC asset management or with any investment bank of your choice. Your money will attract more of a size-able interest than when it’s sitting pretty in your bank account. Another plus is that the money is not as easily accessible as when it’s in your bank – you lose a good chunk of your interest when you try to withdraw before the maturity date.
Insurance savings
Insurance companies like AXA Mansard, Leadway, etc usually have a platform where your insurance plans can double as a sort of savings platform for you. This is a triple win for you, because you’re insured, your money is not easily accessible and you also get an interest rate better than whatever your bank is offering. The interest rates tend to vary based on CBN policy and you lose out on your interest if try to withdraw before the maturity date.
