If you must learn how to save money like a pro, then you must understand how you can do that easily. Saving money in Nigeria is almost impossible. However, if you were able to discover the little ways you can use to save money, you will increase your financial base and grow your income.
There are basic wealth principles you must adopt as an individual. The basic principles of growing wealth are these.
- Make money
- Save money
- Invest money
- And, grow your wealth
Unfortunately, most people do not have problem with making money. Almost everyone can do that. However, where most people have challenges are in the area of saving. And once there is no savings, you can’t invest.
So, what if I were to show you how to save money like a pro in Nigeria? Won’t you find that valuable? In the following steps, we will show you practical methods you can use to save money as a Nigerian without placing too much burden on yourself.
How To Save Money In Nigeria
Below are some of the tips you can adopt to save more money in Nigeria.
1. Stop Eating Outside
One of the ways people usually over-spend is by eating out. If it is possible for you, reduce the number of times you eat out. In most places, a plate of food goes for #500. Calculate the number of times you eat out per week and you will be surprised how much you spend. Learn to cook your own meal.
2. Reduce the amount of cash you go out with.
The greatest temptation people do have is to spend impulsively. When you have money on you, you will want to buy almost anything that catches your attention. One way I dealt with this was to reduce the amount of money I go out with. I usually calculate how much I am likely to spend wherever I am going and then add some few more sum for unforeseen challenges.
3. Buy airtime from card vendors.
Buying airtime online is very cool. It helps a great way. But, if you find out it usually drains your income, you can discipline yourself to always buy airtime from street vendors. In this way, you will be forced to reduce how much you spend on airtime.
4. Save every little change.
Try this and you will see the wonders. Whenever you are left with little change from your day to day running, things like 10, 20, 50, and even 100 naira, don’t just spend it. Find a container you can use to drop in these little changes. Try this for 3 months and come back and give your testimony.
6. Postpone Buying by 24hrs
Before you buy something you never planned for, kindly delay it for another 24hrs. Most times, you will discover you never needed to buy those items. Why? Most times, advertisers and marketers psychologically manipulate you to think you need these items. But, delaying the purchase helps you overcome the manipulation.
7. Buy Items in bulk
The bigger, the cheaper. Let me use a common item to illustrate this point. A box of matches is sold #20. When you use like 10, you have spent 200 naira. However, buying a packet of matches that contains 10 boxes could cost you 100 naira or less. So, when you buy in bulk, you have saved 100. That may look like nothing. But, use this method and evaluate other items you buy and you could save roughly #5,000 monthly, depending on your overall expenses.
8. Use Shopping List
Have you ever gone to market and end up buying more things you want than things you needed? That won’t happen if you go to market with a list. First, look around home and find out things you need. Then, draft them down and go to market. This will help keep you in check from buying things you never needed.
9. Watch out for health signs
Usually, before we fall sick, we often have signs. Most people ignore these signs until it is very late. Sincerely, you will spend less money in preventing sickness by treating them early than allowing them to grow. It is dangerous and carries more risk. It will also cost you more time and money.
10. Use Piggybank
I have written how I used piggybank.ng to save money massively here. Piggybank.ng helps you save money automatically. You can save money and still get interest on the money. You won’t see that when you save in Nigerian banks.
Now, you have seen the various guide on how to save money like a pro. How many of these strategies would you adopt? Let us hear from you below.
Please share to help others.