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Mr. Martin rarely spends time with his family due to the demands of his work. He daily misses the family especially his wife, ChiChi whom he loves so much. He considered quitting his job but realised that it would be unreasonable to do so especially when he has no substitute. Though he would have loved to spend more time with his family, it is important for him to also set aside time to provide for their needs.
One day, he suddenly remembers that the house rent and children’s school fees are due in the next two months! “Not again!” He thought. From his mental calculation, he requires about N70,000 to clear the bills; As at yesterday when he checked his balance in the bank, he had just N8,000. “How do I bridge this gap?…Yes! Abdul! He always bails me out. I am certain he will not hesitate this time around”, Mr. Martin thought aloud. “The time is now, delay may be dangerous”, he said to himself.
Now with Abdul, after exchanging pleasantries, Martin went straight to the point. “You know you are my confidant and the only one I can open up to. The house rent is due again; Abdul, I need your help. I will pay back the way I paid the last one: on a monthly basis, and you know I don’t default. Mr. Abdul was silent for a long while and when he spoke: ”Martin, I will not be fair to us if I don’t tell you the truth; it is time you let loose and be free. I wonder why you don’t ask me how I cope especially when we earn the same salary. Wise Up friend! Wise up! If you have been investing an amount every month, you would not only have saved enough, you would have made additional income too”.
Abdul paused again, seemed he was lost in thought and when he spoke, he said: “Let me tell you my story…I signed up for ARM Mutual Fund Direct Debit and I have been putting away N10,000 every month. At the end of the year, I would have saved N120,000.00 which covers some major expenses, and I won’t have to be running around like you. Why don’t you join me and be free, friend? We work hard, but you know what: we need to be smart so we can be free. I’m afraid; I cannot help you at this time. Now you really have no choice than to take a short term loan my friend, and I can assure you, the rate will not be friendly at all!”
Which would you like to be, Martin or Abdul?
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What is a Direct Debit?
Direct Debit is an instruction from you to your bank authorizing the bank to pay fixed amounts at specific intervals (monthly, quarterly, etc) to a merchant or an institution.
Did you know that you can instruct your bank to make these payments on a monthly basis into your mutual fund account?
Is it important to have a Direct Debit?
A direct debit helps you put purpose to your savings. It could be a systematic and strategic way to save towards the birth of a child, school fees, acquisition of an asset, buying a car, growing capital for a business, etc. The list is endless.
Other reasons to have a Direct Debit include:
- Encourages disciple and promotes personal financial planning
- It saves you time and reduces the stress of making bank transfers every time
- Flexibility: you can increase or reduce the amount at any time
Wouldn’t you rather act now before it is too late? Sign up for a direct debit today and be free.
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).
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