Money Chronicles: Why I Chose Cowrywise Over “Ajo”

Money Chronicles showcases the honest money experiences of everyday people who use Cowrywise. We share a story on the 17th of every month. This month, the spotlight is on Gloria. She shares why she chose Cowrywise over a thrift contribution (Ajo) and a simple but effective trick to help you say “no” to numerous money requests. ? You’ll find it to be both fun and educative.

Hi Hi! Please share your name with us

My name is Gloria Iyokpesomi Onemegba

When did you start using Cowrywise and what makes you continue to use the app?

Mmmh, I started using Cowrywise since like…I think a little over a year now. Initially, I wasn’t so committed. In fact, after my initial deposit, I’m not sure I even topped up again until recently when I decided to be more disciplined. I took that decision when my cousin advised me to join their ajò (thrift contribution). I asked her what the benefits are and she explained that it just teaches you to be disciplined with your savings. No interest and there is a possibility of collecting your money in piece-meal after so much dragging, because someone will most likely default.

Right there, I realised that Cowrywise was a better option for me. I chose Cowrywise because it helps me save consistently with automated plans, plus I get interests on all my plans. I don’t have to worry about getting my money when it matures; the swift way the money lands in your account when you make withdrawals ehn, feels really good! I hate stress and Cowrywise suits me just fine.

What major financial lessons have you learnt so far?

I’ve learnt some great financial lessons recently, the major one for me will be… spend from what’s left after saving and not the other way round. Because wahala be like bicycle, e nor dey finish ? plus after saving, you can plan with what is left.

Any advice for someone trying to get serious with their savings?

My advice for anyone that wants to start saving for the first time is, set a target and automate your savings. That’s all the magic you need. Thank me later.

What is your best Cowrywise feature?

My best feature will be the fact that I can’t move my maturity date earlier than the initial date, I can only extend it after maturity. It feels like with Cowrywise you must be disciplined with your savings. ?

Any advice for someone who struggles to say “no” when numerous people want to borrow money?

My advice to people like me who struggle with saying no when people ask is simple, lock up your savings, you can’t give what you don’t have. It works like magic. So you’ll say no with all sincerity because you actually don’t have. ?

Have you ever lent someone money and they did not pay back? What did you do?

Oh yes, a lot of times and they ended in premium tears, till this day I still haven’t been able to collect my money back. In fact, I have let go, it’s now bad debt. Lessons learnt, never lend out money you know you can’t forgo. Else you go get BP o ?

What did you spend on during valentines?

Since I’ve been born I’ve spent nothing on Valentine’s day ??? I hope to start soon though ?

What do you spend most of your money on monthly?

What I spend most of my money on…? I’m actually an impulsive spender so I make sure I don’t carry much cash around and there’s never so much in my operational account. So right now I would say I spend more on airtime and t-fare.

You’re with friends talking about personal finance, what will you say to them?

I would say, “the place to start with your personal finance is to plan your savings and plan your expenses. If you can be disciplined enough to stick to your budget and meet your target, then you’re on your way to becoming financially independent.

What’s that one thing you never mind spending a lot of money on and why?

The one thing I don’t mind spending my money on would be shoes. I love shoes.

Are you someone’s ATM and is someone your ATM?

I’m no one’s ATM and no one is my ATM?

What would you tell someone who’s considering using Cowrywise?

I chose Cowrywise and you should too! Go ahead and use it. You’ll be glad you made that decision. ??

Do you also want to begin a plan that’s secure and get returns for staying disciplined with your savings returns? Start here.