Tips On How To Save Money In Nigeria: Your Way To Financial Independence
Trying to save money in Nigeria can be so easy if you know the little things to do which will make all the difference. Like the saying “don’t neglect your little beginning”, you mustn’t start saving thousands of naira on the go. You can start with as little as #100, the most important things is your consistency and discipline. If some tells you that there are secrets on how to save money in Nigeria then such a person isn’t entirely truthful.
There are no secrets on how to save money in Nigeria; all you need are important tips to help with your savings. You should never think that a good job is a prerequisite to good habit of saving money. It is very important you cultivate the habit of saving no matter how little it might seem at the moment.
The fact still remains that most Nigerians lack the basic habit of saving money. Oftentimes, we spend even before the money arrives into our pocket. If you actually want to learn how to save money in Nigeria, then reading this article is a good sign you are on the right track. This article provides you with the necessary tips on how to effectively and efficiently save money in Nigeria.
When carried out consistently, that your little savings can add up to millions if you do it with all diligence and determination. Belief, one of the hardest things about trying to save money in Nigeria is to start. Procrastination is a big setback when it comes to saving money.
Important Tips On How To Save Money In Nigeria
Save money in Nigeria using online savings and investment platforms
With your traditional banks, you get free access to withdraw your money any time you want without restrictions. You need to move your money to some of these online platforms that will restrict your access to the fund and also pay you higher interest for your savings. If you don’t find a way to restrict how you access your money, it will not be easy for your you to save.
For your higher interest and more restricted access to your money, you are advised to open an account with SumoBank, or Cowrywise. These platforms helps you to spend less and save more. The benefits of using these savings and investment platforms other than your traditional banks include:
- You can perform Instant save on SumoBank should you come across a spare cash
- The savings are automated and without stress, unlike what you experience with traditional banks.
- You can save as little as #100 on daily basis on the SumoBank platform for example
- Unlike what you get elsewhere, these platforms pay you up to 10-15% interest on the
amount of money you are able to save.
- You can withdraw the money directly into your bank account provided it is the stipulated time you for your withdrawal.
For your easy and quick registration to start saving for mouth watering interest rates, kindly visit the SumoBank website.
Follow a strict budget
You ability to follow a very strict budget is a good start if you want to save money in Nigeria. it is very important for you to prioritize your budget in order to effectively save money. When you go through your credit card statements, utility bills expenditure, bank statements, etc it will help you understand your regular expenses.
By identifying how your money is spent goes a long way in helping you know those expenses you can cut down on in order to save more. You can’t save money in Nigeria without following a strict budget.
Plan to save money
After you have made your budget, the next thing will be to include a savings category inside your budget. You can make it a point of duty to always save at least 10% of your earnings. Although it might seem such a big task at first but you will definitely enjoy the dividends later. If you find it difficult to maintain the 10% monthly savings formula, then you really need to cut down on your expenses. You need to look into things like entertainment, dining out, etc and find ways to reduce your expenditure.
Also see:How to save money from salary 2019
Have a definite goal to save for
In order to save money in Nigeria efficiently, you need to save for a definite purpose or goal. When you have something to accomplish with your savings, it will be an added motivation to you. Are you saving to start a business, buy a house, goon family vacation, or do some shopping? Having a goal in mind while trying to save money in Nigeria will always come with an advantage.
Form the habit of always buying in bulk
This is a good way to ensure you spend less while not missing out on the frequent items you always use. When you buy in bulk, it reduces your expenses by getting you a discount from the seller or supplier. Aside from getting a discount, you will rarely run short of those items you bought in bulk.
Monetize your time
It is always very helpful to put a cost to your time as it will help you when making financial decisions. For instance, if your net monthly salary in Nigeria is N80, 000, and you work from 8:00am to 5:00pm 5 days a week means you work for about 160 hours a month. By the aforementioned statistics, you earn N500 for every hour you put into your job.
You can imagine going for a Sunday drink with friends to spend N4000. It translates to 8 hours of work, so you need to ask yourself if it is actually worth it.
Avoid any form of impulsive buying
Buying impulsively is always contrary to the ways that will help you save money in Nigeria. You need to always make a list of what you need before going for shopping and always abide by your list. It will surprise you how much you spend in a month when you outline everything you have bought out of impulse.
The Black Friday Sales oftentimes make you delve into buying things you don’t actually need. Sometimes, you realize you only bought them because they are cheap and not because you need them at that point in time.
Minimize eating outside
For you to save money in Nigeria efficiently, then there is the need for you to eat more homemade meals. You will be able to save more money by buying affordable foodstuff at home. If it can be feasible, come up with a weekly plan for your meals and don’t forget that good food must be eaten only in restaurants. There is actually nothing wrong in eating out sometimes, but you must make it a habit if you want to save money in Nigeria.
You can always add to the above tips on how to save money in Nigeria because the list is endless. In as much as the list runs till infinity, the only constant is that you need to save money in Nigeria if you must improve your financial disposition in today’s Nigeria.