Since its invention in England in the 12th century, football and money have been known to go hand-in-hand. But unfortunately, in many cases, these are lousy money decisions that have brought ruin to a lot of people.
As with many sports, people put their money at stake on possibilities and speculated outcomes that are not assured during the football season. As a result, risky wagers, unsafe stakes and unhealthy gambles, which lead to possible extreme money crises, become the order of the day.
At Cowrywise, we aim at helping everyone make the best financial decision to build wealth. Thus, we created a circle all football fans can safely bet on. It’s a savings circle for you and your fellow fans to save together, challenge one another and build wealth, the same way you scream “Gooaall!” together.
This is where the series of questions start.
“How does it work?”
“Can I lose my money?”
“Is it a gamble?”
“When will I get my money?”
Hey, no worries at all. In this article, you will find robust answers to all the questions you may have.
How does it work?
We already wrote an entire article on how the football goals challenge works. We created a savings circle for eight popular teams, so you get to save together with your team. These teams are Chelsea, Liverpool, Arsenal, Manchester United and Manchester City in England, Barcelona and Real Madrid in Spain and Paris Saint Germain in France.
Every week, you save a sum of #500 to your circle. This helps build a consistent saving culture for you during the season, which becomes a part of you henceforth. Also, for every goal your team scores, you save #500.
To put it in context, if you join the Chelsea circle as a fan, you start saving #500 every week. Also, whenever Chelsea scores a goal, you save #500 for each goal scored.
Is the savings automatic, or do I have to save manually?
Yes, it is 100% automatic. We will debit the weekly savings from your account every week. Then, once a football game is over, you will be debited 500 naira per the number of goals scored by your team. So, if your team scores three goals, you’ll get to save 1,500 naira.
However, you can still save manually. You can top up your savings with any amount at any time you wish to do so.
What happens when there is no money in my account?
Nothing happens. We will only debit you when there is money in your account. There is no penalty for not having enough money in your account during the game. You can either top up your account manually or wait till the next game when there’s enough money. We will always advise that you top up manually as we don’t want you to get left behind by the other fans on the leaderboard.
Can I withdraw anytime I want?
Remember, the goal is for you to build a better money culture this season. People who build wealth do so by saving and investing their money over a long period. This is what we want to help you with, and that’s why you won’t be able to withdraw your money until the end of the season. So consider your money safely kept for you till the end of the season.
When can I withdraw my money?
You can withdraw your money as soon as your money matures. The maturity date is on the 22nd May, 2022 when all the local leagues have completed Matchday 38. At maturity, you can withdraw your money into another savings plan or re-invest it to keep growing, and you can also withdraw to your personal bank account.
How safe is my money?
Your money is safe with us. No one has access to your locked funds on Cowrywise, not even your fellow fans in the same circle as you. Simply focus on keeping your password and pin protected, let’s help you do the rest.
Will I earn any interest?
Any amount of money saved or invested in an active plan on Cowrywise earns interest. So, yes! Your money keeps growing at a rate of 7.5% per annum. Excited much?
Can I join more than one team?
Sure, you can. Joining more than one team is 100% possible, but be aware that this also means you will be debited for each team uniquely. You can also check our other circles of those saving towards January, bachelors who are saving together, people saving 2k weekly and many more. You will definitely find something that interests you perfectly.
I want to save more than 500 naira. Can I increase my savings per goal above 500?
No, you cannot increase your automated savings amount to more than #500. However, you can manually top up your savings after you have been debited. This means, if you would like to save #1000 per goal scored, after we save #500 for you automatically, you can proceed to save the remaining #500 manually.
Can I leave the group if I’m no longer interested? Can I withdraw my money when I leave?
Sure, you can leave the group at a point when you’re no longer interested, even though we would love to hear from you before you do that. Once you leave, the plan becomes a personal plan. This means you are no longer saving with the team. However, the plan is still locked, and you can continue saving in it personally until the end of the season.
What if I mistakenly leave the circle, can I join again?
Yes, you can. However, when you left, your plan already became a personal plan. So, joining again means you will be starting afresh with the group. How do I mean? If you joined an Arsenal group, saved #5000 and left mistakenly, your plan becomes a personal plan immediately you left. So, if you join again, you will start from the beginning, while your initial 5,000 naira that you saved remains in the personal plan.
Will I get updates on what’s happening with other teams?
Apart from that, Kalu Aja will host a bi-weekly roundup on Twitter, where he’ll give updates and also serve as your finance coach during this period. You should follow him, don’t miss out.
How can I join?
It’s easy; you’re just a few clicks away. Click on your preferred team below, create an account or log in and start saving.
Save with fellow Liverpool fans here
Build wealth with fellow PSG fans here.
Grow your money with fellow Manchester United fans here.
Save and earn interest with fellow Real Madrid fans here.
Build wealth with fellow Manchester City fans here.
Save and earn interest with fellow Chelsea fans here.
Grow your money with fellow Arsenal fans here.
Save with fellow Barcelona fans here.
For these plans, the odds are very sure. Why lose your money to betting when there’s a better way to grow your money? Start saving with fellow fans now while your team stays winning
Got more questions?
Drop a comment and we’ll attend to them right away.