FREQUENTLY ASKED QUESTIONS – PIGGY BANK TRAVEL SAVINGS GROUP

The travel savings group were created to encourage seamless savings towards a vacation. At the end of the savings period, you withdraw your money, get a 10% interest and hopefully put it towards a vacation. There will be a separate social media group for the members of the challenge to meet and connect and plan their trips to Zanzibar and Mauritius. However, you do not have to join the group – you can go by yourself or you can go to a totally different country altogether.

Do I have to make daily payments?

No, you can make manual payments weekly or monthly to reach the savings target. However, it is more advisable to commit to small daily payments to make it seamless and easier but ultimately, it is up to you.

What if I do not want to go for the trip after the savings period is over? What happens to my money?

You have full control over your money and you do not have to go on the trip. Your money remains yours and you can withdraw it after the savings period.

What are the dates for the trip?

Both dates are in July and December but they are flexible. The group selects a date that works for them, buys their individual tickets and travels together. If you do not want to travel as a group, that’s okay too. You still get your money.  

Do I have to save that exact amount of money?

No. You can make lump sum monthly or weekly towards the savings target. The daily savings was calculated based on the number of days before the vacation and the amount.

What is the total amount being saved?

The total amount is N350,000 to put towards your trip. This will cover the flight tickets. For example, flights from Lagos to Zanzibar are about N250,000. The rest can go towards your accommodation and living expenses. Again, it’s your money and you have full control over it.

What if I do not want to travel but still want to save? Can I join?

Absolutely. You can join in and save and at the end of the savings period, your money is yours, plus an interest of over 10%.