A penny saved is a penny earned, goes the age long parlance. The more one earns, the greater one’s chances are of having a great financial future. Savings Makes Sense (SMS) and the habit of saving money can be learned by anyone and everyone with a little discipline on our daily financial choices (save, spend or invest).These days, a large number of adults open savings accounts in banks but most don’t actually save any money in it, as it serves just the purpose of receiving salary from their respective employers or receiving payments from their customers. Some even open accounts for their wards, only to start withdrawing from it once funds in their accounts are expended. It could therefore be implied that most people are willing to save but do not know the best way to go about it; similarly, schools attempt to teach the habit of savings, but could potentially do better.These gaps could be plugged with a familiar but forgotten local concept – KOLO (SAVINGS BOX).
WHAT IS KOLO?:
The concept of a Savings box known as Kolo in Yoruba started in the olden days as home-made bank where money and valuable items are kept for future use. Traders used these objects to safeguard their funds for a rainy day. Younger ones also made use of kolo to save money received as gifts in order to fund purchase of new clothes and other spends during local festival. Kolo was first made of mud (clay), then later modified into wood with some having padlocks.
THE BRAND – “MYKOLO”, MY SAVINGS:
MyKolo is an artistic savings box, to be augmented by a desktop/mobile application, that would encourage the habit of savings mostly amongst the younger generation, in an easy, stress-free and sustainable manner.The key features of this wonderful savings box include:
- Speed – it is a home-resident bank and easy to access
- Quality – made from fine wood from Smartwoodsng
- Price – affordable and relatively cheap
- Quantity – one can have as many MyKolo to serve different purposes (buy a appliance, charity, travel for holiday, etc.)
- Design – varieties between children, adults and corporate organization (Square, House, Piggy bank, Rabbit; others to be introduced in due course)
BENEFITS OF MYKOLO TO THE SOCIETY
The benefits of every child owning MyKolo are quite endless. We have highlighted below a few of them:
- Help children to cultivate and practice the habit of saving, thus learning financial freedom early in life;
- Make children appreciate gifts, giving and value of money;
- Help individuals cut unnecessary spending;
- Limit potential habit of borrowing funds, instead of being careful lenders;
- Make learning to be more fun, since saving money is fun;
- Enable students believe more in themselves, as they set and achieve their financial goals; etc.