Do you have personal trouble with managing money or a poor spending habit? You make plans and set goals to achieve with your money, but you fail to accomplish anything. You may make some money, but you find yourself with dry pockets before you can do any of the things you had planned to do. If this is you, then you’re reading the right article.
So many people have faced and are facing the problems you face. Finding how to get a raise or doubling your hustle appears to be a solution, but it’s not. You’re in the best position to fix your bad spending habits and money managerial problems. There’s a bunch of rich articles you can check. Try this one – “How to break the spending habit“; from the balance.
Is Saving a sure way to break bad spending habits?
You want to save money to buy a laptop, start a small business, pay your debts, get a gift for your mum, pay your rents, etc. You’re aware of the need for a secure means to plan, save, and manage your money. For this, you need an extra man or app. That’s the point of this article, and that’s why I’d recommend the nkwa app.
Let’s talk about your Nkwa.
Nkwa is an app that serves as a secure pocket for its users, allowing them to save and maturely manage their money. With Nkwa, users set a goal and make locked (inaccessible) savings via Mobile Money or Orange Money; until they reach their goals. The app helps you safeguard and withhold your money for you until you’ve met your objective.
Remember the wooden bank?
As children, we used to have these wooden banks, where we would save money (coins only) for one project or the other. We would challenge ourselves to drop coins into our banks- every day. The goal of such a challenge was to save enough money for feasts, a gift to one’s crush, toys, clothing, shoes, or a school project.
It’s hard to believe that some kids might have much better spending habits than many adults. “Nkwa is exactly the electronic version of this wooden bank (synonymous with moving from a choronko phone to a smartphone. Imagine the difference in functionality)”, says Akwo Ashangndowah, Co-founder of the Nkwa app.
Nkwa is the app you’ve been looking for; here’s why!
First, you set financial goals for themselves (say raise $50 for a personal printer or 100,000FCFA for a pastry business). Next, you define a period to meet this goal (say three months). Nkwa then compels you through daily reminders; to save that money. You can only withdraw this money at the end of the set time frame – given that the planned amount is gotten. To reiterate, you create your account- tell Nkwa;
- what you want to save as a whole,
- how often you want to save
- how much you want to save and
- for how long you want to save.
At the end of the agreed time, withdrawing your money is as easy as making an MTN Mobile Money or Orange Money transaction. If you must withdraw a dime from your money before the set time, the penalty is a 5% fine. That’s how it is!
Why the name “Nkwa”?
In an interview with one of the Co-founders of this technology – Akwo Ashangndowah; I raised the question of the origin of the name “nkwa.” Here’s what he had to say; “nkwa means pocket in mboko pidgin.” Well, “mboko pidgin” is a modified form of the English language, commonly spoken in many neighborhoods of Cameroon.
How Secure is your money with Nkwa?
You don’t have to “Bamileke” to worry about your money. Every hard-working person is careful about where they put their money. When I asked Akwo about this issue, he had the following points to reassure you and every other potential user;
- The Nkwa service is as secure as MTN Mobile Money or Orange Money because that’s actually where your money is.
- Nkwa is in partnership with MTN and Orange, enabling the availability of corporate accounts, where users’ savings are kept safe.
- Nkwa is a product of Maealth Tech, a registered company in Cameroon; headed by the same Akwo Ashangndowah.
- The Nkwa mobile app doesn’t keep your money; MTN or ORANGE has that Responsibility. Nkwa’s service only makes it difficult for you to steal your own money before you’ve attained your set objective.
- Nkwa is just a gateway between you and your money. Helping you stay disciplined and focused.
- On the nkwa app, you can get regulary reports on the status of your savings and goals. This gives you all the insight you need on how your money is fairing.
What makes Nkwa unique?
Besides the 5% disciplinary charge for unplanned withdrawals, Nkwa has more to offer- more that you will not find elsewhere (banks, Mobile Money or Orange Money,etc..). According to Akwo;
- Benefit from interest on savings: Nkwa’s service offers a 3% interest on your savings, more than any other financial services around.
- Plan your money: With the Nkwa’s app, you can plan and manage your spending by partitioning your money for different needs; as you set goals. Remember, it’s not just about accumulating money; it’s about planning, saving, and managing your spending habit.
- Save from anywhere: The wooden banks were preserved at home, while modern banks in some building. Nkwa’s app can be put in your pocket (“nkwa”). Nkwa gives you the flexibility to save from anywhere and at any time- while also avoiding the regular queues.
- Learn to be financially independent: In addition to the goal-setting and planning services of Nkwa, valuable tips are poured out to you daily – tips to help you attain financial freedom.
What’s Nkwa’s mission for you?
“We envision a future where Cameroonians are more proactive towards realizing their dreams through smart financial habits – budgeting, saving, and finance education. ” Words of Akwo Ashangndowah. Nkwa’s long-term goal is to assist its users better manage their finance; to achieve financial freedom.
A poor spending habit is what you should fight with all you have. If you’re not saving money for that amazing project of yours, how do you expect to accomplish it? Saving might not be sufficient; planning (setting goals), budgeting, and then saving – is how you obtain financial liberty. Do all this and more with Nkwa. Download the app here today, Happy Saving!
Besides planned and managed saving, what other tips to fix a bad spending habit do you have? Know of any other apps for saving money? The discussion is wide open, share your thoughts with me in the comment section at the bottom of this page. Do not forget to like this article, and share it with your friends on social media. Cheers to financial freedom!
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