The banks are not your friends.

BANKS and BANKING
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One of the worst places to save your money is in the bank.
The bank exists to keep your money safe ,not to save it.
So a savings account is practically a safe account.
Whatever you keep there would be safe, although safely diminishing in value!

The interest for savings is pegged at a minimum of 4.2% by the CBN.
Few banks inch towards 5%.
But with an inflation rate of 15.9%, your savings account is theoritically reducing in value at the rate of 11.3%!
So while your money is safe, it is not being saved. Inflation is spending it!

Consequently you need to place your savings where the yield is either equal or greater than the inflation rate, if it must remain a savings.
A money market fund, an FG bond or ETF (if you are scared of the stock market) is a better place to truly operate a 'savings account'.
Most banks dedicate some of the money you deposit into these same funds too!

The only money that should be in your savings account should be emergency fund which provides liquidity (ease if access) in case of emergencies.

Your monthly upkeep should be withdrawn once in a month to buy household items needed for the month.
Regular withdrawals racks up your transaction cost particular if you withdraw from other bank ATMs.
Banks make money on frequent transaction costs.
You can save money by reducing the frequency of your transactions.
Frequent withdrawal is also an indication of frequent spending which is a bad habit too!
This is besides the productive time you spend on Bank and ATM queues.

In conclusion, planning your spending will save you some money.
#FinancialSenseSeries.