20 Ways to Save Money Every Month in Africa
It doesn’t matter the current situation of your finance, just know that you can still turn your personal finance life around especially if you take seriously the savings tips in Nigeria I have listed in this article.
Well, doing that is pretty not as hard as all that is required to make a deliberate effort toward becoming a better saver and cutting the cost of your living.
Investing money, no matter how small is also another lifestyle you must adopt at this point, no matter how small.
If you are interested in micro-investment, then sign up at SumoBank and make a deposit to your investment account to earn 15% interest annually.
In as much as it looks very simple to save money in Nigeria and Africa at large, making the first move is always the hardest part.
Related: Best savings platform in Nigeria.
Some of these money savings suggestions take just a few minutes, while others require a bit of regular effort. Still, they’re all incredibly simple and anyone can do them to save money in Nigeria.
Obviously, not all the money saving tips mentioned here will apply to everyone, so, just go through the list and find the best 10 or 15 that do apply to you and use them to become a better money saver as a Nigerian. You will be shocked of how good money saver you will become when you do. So, below are;
20 Simple Ways to Save Money Every Month In Nigeria
- Move Your Money from Your bank accounts to savings platforms and earn higher interest
Using you bank gives you 100% access to spend unnecessary with ATM card for making purchases, because of this, many Nigeria are finding it very difficult to save money and this is definitely not good for the personal finance life. To stop this, it’s highly recommended you open account on platforms like SumoBank or PiggyVest that helps you save more and spend less.
Another sweet side of using these platforms is that;
- Savings are Automated, no stress of going to bank or doing any work
- You can save as little as 100 daily.
- You can do Instant Save on SumoBank when you come across any spear cash
- Your earn very high interest of 10-15% on your savings when compared to using commercial banks.
- Withdrawals are instantly made directly to your bank account. Looks great right?
Kindly visit SumoBank website to register and connect your bank to start saving right away or click on the ‘Register Now’ Button below to get started.
- Cut Down Your Electricity Bills
Good to see that most homes in Nigeria now have started using prepaid meter to pay their electricity bills and no more monthly estimated bills.
If this is your case, you can cut cost and save more by putting off the energy-consuming appliances in your home/apartment when not in use.
Put off all the ACs, bulbs, fan, TVs, etc when you’re going out for the day. It will save you a lot of money over time.
Indeed, this is a great way to save money in Nigeria.
- Cut Down Other Utility Bills
Just the same way you cut down your electricity bill, you can do the same for DSTV, GOTV, Water bills, waste management bills, etc just to save you more money.
- Buy Food Stuff in Bulk:
Why buy food in bits from the food retail shop in your street when you can buy a bulk of it at way cheaper rate from the main food market. Buying cups of rice and other foodstuff is definitely costlier than buying a half bag or full bag at once. Same with Ingredients.
- Drink and smoke less if you can’t stop:
Let’s assume you drink 10 bottles of beer every week and smoke 2 packets of cigarettes at a cost of 4000 weekly. You will be shocked on the amount of money you will save if you cut it down to half in a year.
That will be 2000X52= 104,000 Naira saved and 208,000 Naira saved if you stop entirely.
This may be difficult if you’re addicted to alcohol and I know people spend way more than 4000 per hangout in a week but decided to use 4000 Naira which is the minimum.
If you are keen to saving more money, try this if you’re into alcohol. It will help you save more money.
- Sign up for Good Customer referral programs and promote.
There are good customer referral programs that pays you money to tell your friends and family about their service. Sign up and use these platforms, then, join their affiliate program to earn from each person you invite to use their platform.
One of the best referral programs to join this 2019 is SumoBank Referral program. The platform pays you 600 Naira per each person you refer to sign up and save up to 7500 Naira on the platform.
You can make over 60000 Naira monthly doing this. (By telling your friends about the platform, sharing on Facebook, Instagram stores and Timeline, tweets, etc).
- Watch Less TV
Watching TV doesn’t save you money anyway, however, it exposes less to new money-spending ventures. You definitely will be shown Ads on TV and they are all tailored to making you spend your money.
- Spend Lesser Time on Social Media For Pleasure (FB, IG, and Snapchat)
Instagram and Snapchat burns data. Trust me, you will be amazed at how much you will save in money just by using their social media website that burns your data less.
- Master the 30-Day Rule
Avoiding instant gratification is one of the most important rules of personal finance, and waiting 30 days to decide on a purchase is an excellent way to implement that rule.
Quite often, after a month has passed, you’ll find that the urge to buy has passed as well, and you’ll have saved yourself some money simply by waiting. If you’re on the fence about a purchase anyway, waiting a while can give you a better perspective on whether it’s truly worth the money.
Related: Top 5 savings Apps in Nigeria
- Know what you want to buy before going to the market.
Don’t go shopping any day without having a list of what you want to buy. If you do, you will end up buying things you don’t need. You will save money in Nigeria by not going shopping with a list of items you want to buy, reason being that Nigerian shopping system is quite tricky and makes many buy things they never planned on buying before leaving the house. You will need to have a greater percentage of your money saved on a Savings platform like Sumobank to enabled you keep and lock out some funds out of reach until a particular time where it will be more useful.
- Buy High quality.
Buying high-quality products will save you lots of money on the long run as low-quality products will wear and tear and eventually make you spend more money while replacing them too soon. It’s better to spend 10000 NGN on a pair of quality shoe that can last up to 2-3 years than spending 5000 NGN buying up to 3-5 pair of shoes each that will not even last up till 1-2 years. This is also a good way to save money.
- Live simply, and enjoy it!
Instead of a concert, go to the park which is less costly, then, later catch up on YouTube. This will not only help you save money but saves you time and stress as well.
- Clean your own house and do your yard yourself.
Instead of hiring costly home cleaners, why you convert it and take it up as a challenge upon yourselves and do the home leaning every weekend. It’s an adventure. Avoid costly cleaning compounds… most of them don’t work that well, and the chemicals they use can even harm your kids at home.
- Maintain stuff.
If it breaks, fix it, yourself, don’t be in a hurry to discard broken home items that you can fix. Most home repairs are very simple. Mending things is a challenge, but the rewards are there. Keeping your car clean and maintained is not that difficult.
- Adopt Frugal as a hobby.
Shop for things instead of just buying. Avoid instant gratification. Go through your days figuring out how to save money, it will be very important to your personal finances on the long run. It’s a wonderful game. Keep track of those savings you’re making, and you will be amazed.
www.sumobank.ng is a great platform to save and keep a track record of all your savings activities.
- Record your expenses.
The first step to saving money is to figure out how much you spend, never forget this.
- Make a budget:
Running your day to day life on a budget is very important especially if you’re a public figure that is prone of spending due to social pressure.
By having a budget, you run your life on daily basis, you get to avoid surplus spending once you have reached your limit for the day.
- Pick the right tools that will help you save Money.
I have written an article about the top savings platform in Nigeria, do check it out and pick the one that best suit your savings need in Africa.
To make, Sumo Bank is the best savings platform since it comes with lots of utilities that will help you save more, invest and learn how to grow and manage your money.
- Watch your savings grow
While doing all these, keep a close eye on the growth of your savings, you will eventually start getting encouraged the more when the figure starts getting huge.
- Turn off the lights.
Keeping the lights on in your home may not be expensive if you’re on an Estimated meter billing every month, but it sure does cost much more money if you’re using a Pre-paid meter in your home. To save as much as you can, turn off lights any time you leave your house or even when you leave the room. Turning off lights when you have plenty of natural sunlight can also help keep your electric bill down over time. The bottom line of the whole thing is; If you aren’t using a light, turn it off to save your meter some fast reading.