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Save Without Loss with Direct Debit: The Story of Lola
“My name is Lola, and this is the story of my journey to financial freedom.
For a long time, I took part in the contributory scheme in my office commonly referred to as “ajo”. I joined in at every opportunity. But my colleague, Becky refused to participate. I wondered why. After a while, I put it down to her thinking she was too good for us.
Then something happened – the people who collected the first and second rounds of contributions for our umpteenth cycle were fired! We all panicked. Not for them or how they would manage themselves and their families, but for those of us who had contributed and had not collected our lump sums. My colleagues who had been dismissed were counting on their salaries to pay us back.
You see, I contributed N100,000 a month during our usual contributory cycle. This incident threw my finances into turmoil. I had school fees due the next month. I told Becky what happened. It was at this point she told me about the Mutual Fund account she operated with ARM and the Direct Debit mandate she was running.
I understood the concept of Mutual Funds but I did not understand what she meant by a Direct Debit.”
What is a Direct Debit?
A direct debit is an instruction from you to your bank authorizing the bank to pay fixed amounts at specific intervals (monthly, quarterly, annually etc) to a merchant or an institution.
A direct debit could be a systematic and strategic way to save towards various objectives i.e. the birth of a child, payment of school fees, acquisition of an asset, growing capital for a business, et.c. The list is endless!
An ARM Mutual Funds Direct Debit:
- Encourages disciple and promotes personal financial planning
A direct debit helps you organize your finances such that you know what you are saving/investing before you start spending your income.
- Saves you time
Modern life is hectic – and you may not remember to make that contribution into your mutual fund account every month but direct debit takes care of that. Once your mandate is given to your Bank, so you do not need to lift a finger.
- Is flexibile
A direct debit allows the payment amount and frequency to be varied (at anytime), keeping you in control.
“I should have signed up for a mutual fund years ago. My funds would have been safe and there would have also been the opportunity to earn returns on my contributions instead of contributing my monies to a plan that had no opportunity for capital appreciation. Do not wait years to start a mutual fund and a direct debit like I did. Act now, and sign up for a direct debit if you already have a mutual fund, or open a mutual fund account today with a direct debit instruction.”
Contact us for advice at ARM Engage on 0700CALLARM (07002255276), send us a mail at [email protected], visit our website at www.investmentcenter.com or join the conversation on facebook and twitter (armengage).