KOLO: SAVING LIVES SINCE THE DAYS OF OLD

As a child with financially enlightened  parents, I understood the value of saving.  Just as we began the new year, a friend on social media made a post about her savings from the previous year in fanciful saving tin banks. In the English speaking sense, it's called a "piggybank" but in our part of the world we generally call "kolo", a word perhaps derived from the Yorubas (a major tribe in Nigeria). This simple act, with the evidence of cash staring at her online friends including me, woke many up to the thought of starting theirs. Should I call it motivation or new year resolution?

FANCY SAVING TIN BANKS

Hmmm! To be honest, in recent times, I had not been thorough and religious about it but I tried and as little as it might have yielded, it paid off.  The economy now has shifted people's mindsets and strengthened their decisions to prioritize their finances. I am sure the reason for the very tiny opening was to save coins, which was once valuable currency for us.

Just a few days ago, on an intimate group, one of us shared her testimony of how her "kolo" had enabled her purchase a new phone for her birthday and once again, the reality of "the kolo effect" set in. While some thought it was a waste of time, some thought you still have to put the minutest notes in it thereby diminishing its value. Others also thought it wise to rather invest in what would yield returns on a long run.

The truth is that the purpose these wooden wooden boxes serve cannot be over emphasized; often  times we have loose cash, and what better way can it be made use of? KOLO! It is also good to know that quite a few do understand the need for this in the long run and have started cashing out on social media for exorbitant amounts. Many fear that having the wooden box can be challenging either due to lack of self discipline (opening at any certain time), or because it can be stolen but the good news is that, there are e-platforms that guarantee security and has been recommended by many users i.e piggybank.ng: https://www.piggybank.ng/ amongst others.

Money saved up after this 'kolo' was broken

 You can also create DIY safe box from containers, cans or reusable products that can act as "kolo" if really you do not want to buy one. Alternatively, you can ask a carpenter  or furniture maker create one for you. To instill discipline, you can make an effort with a few friends to motivate yourselves; that way you are accountable. It is very safe to introduce one's children to it now as it becomes a part of them, and they grow up with that saving culture.

Always remember that nothing is too small and little drops make an ocean. Have a money-full and fulfilling year. Thank you.

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IMAGE CREDIT: GOOGLE