A Cowrywise user recently left the comment below on our Instagram and it encouraged the team.
To be honest, I really love your educational content @cowrywise. I’ve learnt a lot about money from your weekly roundup of articles in your stories and your videos as well. – Emmanuel
One of our core values is financial education and this includes how to maximize all features on the Cowrywise app for your financial growth. In this short guide, we’ll spotlight the one-time generated accounts and how to use them effectively.
Use one-time generated accounts to top up any plan
One-time generated accounts allow you to quickly make bank transfers to any of your savings or investment plans on Cowrywise. So whether it’s a savings plan for rent or a long-term dollar investment plan, you can use this to generate an account number in a few seconds. However, this is very different from your Stash account number.
Difference between one-time generated accounts vs Stash accounts
Stash is the in-app wallet that allows you to easily move funds into your savings and investment plans. Also, it is the only means to withdraw funds out of your Cowrywise account. While one-time generated accounts are used to fund plans directly.
This means that you can only access these one-time accounts when you want to top up a plan directly. The account number generated expires after 20 minutes, which is why you should not pay into the account after the 20 minutes time frame. If you have not paid into the account after 20 minutes, kindly generate another account number to pay into.
One-time generated account numbers are temporary and should not be saved as beneficiary accounts on your bank app. While the account numbers you are shown on Stash are more permanent and as such, may be added as a beneficiary on your bank app.
These temporary accounts are only ideal for when you need to make quick bank transfers directly into a savings or investment account.
Conclusively:
- Do not erroneously pay into one-time generated accounts after it expires. Neither should you set it as a beneficiary on your app as it is temporary.
- Only your regular Stash account numbers can be set as beneficiaries on your bank app. We’ll inform you if this ever changes in the future.
- Temporary accounts expire after 20 minutes. They can only be generated when you want to directly fund your savings or investment plans via bank transfer.
- Alternatively, you can send funds to your Stash and then fund your savings or investments from Stash.
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Ex – shopaholic here ?
Some days, it’s difficult to ignore the sales – genuinely so ??
But a locked plan plus the fear of going back to the past (the time when I had no personal savings but still thought I was living the good life??♀️) keep me going ??
No 7!!
I’m going to remove my card ASAP! :sob:
No. 4. very important
Always know your needs and your wants .. not all WANTS are NEEDS
We make that mistakes countless times , buying the things we don’t really need and later regret buying them but worse still keep repeating same mistakes again and again ??♂️.
Bye bye to buying by impulse ?
I am not sure if I am a shopaholic. You know that saying that you can’t know how you will behave in a particular situation if you haven’t been there.
I have mastered the art of taking time before buying anything. I also try to explain to a friend if I am at a crossroads of either buying or letting go.
Most times, we don’t know there is a difference between want and need because of love at first sight. Asking someone might help.
I love tips 5 & 7. 5 is important for everyone, we have been deceived to believe that we are saving money when we go for discounted goods (lol), my eyes do clear.
For 7, I have found myself several times letting go of buying something because my credit card isn’t near (this is my table)
All the tips are helpful.
Couldn’t help but scream for joy reading this article. . truly intentional limited cash develops your Survival skills . .by force!! – Lock your Funds today & Help your future finances!
As an ex – shopaholic., such habits comes with sinking emptiness and a certain point in Life it could be quite destructive.
Cowrywise indeed makes such transformation journey a lil’ easier.
????ope why did I have to open your mail just let me get this ear pod on discount in peace na ??