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How To Save Your Money Against Devaluation



How To Save Your Money Against Devaluation
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Many countries in the world have been affected by inflation. This has, in turn, influenced all facets of the economy, and the price of commodities. The consequences of this are felt by everyone as the money spent on buying a product before the economic downturn has become insufficient to purchase that same product at the present.

Is there any need to save in your local currency? Are there better options you can take to save your money against devaluation? 

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What is Devaluation?

Devaluation is the deliberate downward adjustment of the value of a country’s money relative to another currency, group of currencies, or currency standard. 

One reason a country may devalue its currency is to combat a trade imbalance. Devaluation reduces the cost of a country’s exports, rendering them more competitive in the global market, which, in turn, increases the cost of imports. 

Saving In Your Local Currency Isn’t Even An Option

Just about a year ago, the World Bank published that the inflation rate in Nigeria between 2000 and 2019 was as high as 866.50% with a recession rate higher than sub-Saharan Africa’s average. Meaning, savings in Nigeria isn’t just on life support, it’s dead.

Anything less than fixed savings and you can’t even boast of a 5% annual interest.

The government and the average private businesses in Nigeria don’t experience such a growth rate, meaning they won’t be able to afford it without going under. Many don’t even offer salary bumps in over 5 years let alone a quarter increase biannually for their staff.

Citizens sadly have seen their money diminish in value as the day goes by. And experts believe that outpacing the inflation rate would need a 12% interest rate on those savings every year. This is however not attainable, given that banks, the financial institution patronized by most savers do not offer rates up to that amount. Except for fixed deposits, regular savers aren’t assured of even a 5% interest.

A pay rise is an effective way in which inflation could be curtailed. To outpace the rate of inflation, the payslip of each employee in the country needs to be increased by 25% every two years. This is nowhere attainable in the Nigerian situation because most organizations can’t even offer staff pay bumps let alone one that is a quarter more of what was paid two years back. For this reason, the growth of businesses is clogged and their assets would certainly be negatively affected by the poor state of the economy also.


Until recently, the US economy was in the longest growth phase in history – an 11-year growth phase that began in 2009. This expansion ended with the outbreak of the COVID-19 crisis. According to the National Bureau of Economic Research, the US economy entered a recession in February 2020.

During inflation, there’s always an accompanying devaluation of the currency. Money becomes of less value, and that easily leads to loss of money. Nevertheless, there are ways to get these financial assets protected. Your hard-earned money needs to be secured, else the risk of being on the losing end.

Despite the odds stacked up against your financial assets, there are ways to get ahead of the curve. These are ways that keep your money protected and up against the constant inflation in the country. The following advice might be the best thing you’ve learned this year and your ticket to an invaluable means of financial protection.

How To Protect Your Income and Save Your Money Against Devaluation

There are simple ways you can use to build a hedge against continuous devaluation and protect your income and wealth from being negatively affected. Some of these strategies will help you to gain from falling currency value instead of losing the value of your wealth.

  • Buy EuroBonds: Eurobonds are debt instruments of companies and governments that are denominated in a foreign currency such as the US Dollar. When you invest in EuroBonds you would have converted a portion of your income from your local currency to US Dollar, so whatever is happening to the US Dollar will be affecting your wealth. If the US Dollar is rising in value against your local currency, your wealth that you have invested in EuroBonds will be increasing in value as well. 
  • Invest in Dollar Fixed Deposits Accounts: Dollar fixed deposit accounts help you to place your income in a fixed deposit account that is denominated in dollars. Some companies offer you the opportunity to convert your local currency into dollars at a prevailing exchange rate and fix the same in a time deposit for as long as they want to do so. 
  • Invest in Cryptocurrencies: Cryptocurrencies are digital currencies that are widely used on the internet to pay for goods and services. Some of the major cryptocurrencies are Bitcoin and Ethereum. 

Investing or saving in cryptocurrency is very easy as there are worthy apps that can help you with this such as HaggleX.

One aspect of crypto that people love is its asymmetric nature. What does it mean? It means that the risk to investing in crypto and the gains are not symmetrical. Whatever you invest in crypto is what you stand to lose. However, the profit you can make from a single investment cannot be underestimated. How does asymmetric investing work? 

Let’s say you decide to invest $100 into crypto. You only stand to lose $100. However, you can make profits above $1000 with that single investment.  With asymmetric investment, you can turn $1000 to well over $100,000 while you stand to lose the $1000 you invested. 

Imagine you make a net worth of $200,000 from your job or business and you decide to invest 5% of your total net worth into cryptocurrencies. Five percent of your total net worth equals $10,000. What you stand to lose is just $10,000. However, in the right project, your $10,000 could make ten times your initial investment. Your $10,000 investment could be worth $100,000. 

What you stand to lose is far less compared to what you stand to gain when you invest in cryptocurrencies. Imagine if you had invested $10,000 in January 2017, you would have $306,404 today. What if you invested in Binance Coin (BNB) in January 2019? Within the space of two years, your $10,000 would be worth $469,956. That’s a huge ROI on your investment from just 5% of your net worth. Do you see why you need to invest in crypto now more than ever? 

How to Save in Crypto with HaggleX

HaggleX offers its users the opportunity to save in crypto. With the HaggleX app, you can earn up to 21% interest when you save your Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), USDT, or HaggleX Coin (HAG). There are two types of savings plans on the HaggleX app.

  1. Flexible Savings: This plan allows you to set up an automatic plan where you can store your crypto assets on a daily, weekly, or monthly basis. There is no interest rate with flexible savings plans. You can also cancel your savings plan at any time for a fee of 5%.
  1. Fixed Savings: This plan allows you to save and earn up to 21% annual return (APY) on your crypto assets. You can choose to save 3 months, 6 months, or 12 months. In contrast to the flexible savings plan, however, you cannot end the savings plan before the end of the savings period.

Do you want to start saving with the HaggleX app? You can do so with the following simple steps. 

  • Download the HaggleX app and create an account
  • Verify your email and complete your KYC verification
  • Click on the “CryptoSave” tab
  • Chose which Savings Plan you will want to proceed with
  • Choose which digital assets you want to save
  • Create a name for your savings plan and a little description
  • Fill in the necessary details needed including how much you want to save and for how long.
  • Click on the proceed button and you’re good to go. You can add funds to your savings account.

Saving in Crypto is the Best Option Against Devaluation 

Saving in crypto has been touted as the best hedge against inflation or currency devaluation. There are many applications out there you can use to save in crypto. However, not all of them can offer you a secure, user-friendly environment to store your crypto assets. Using HaggleX to save your crypto assets can never be easier. 

Download the HaggleX app on your Google Play Store or Apple Store for free.

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