30 + Ways on How to Save Money in Nigeria Every Month( 2023)
Many Nigerians find it difficult to save from wages or salaries. The majority of the people are unnecessarily extravagant, so after the buying sprees, there’s nothing left to save. Others are unable to filter their needs from their wants. Use these money saving tips to generate ideas about the best ways on how to save money in Nigeria.
The act of saving is a habit that anyone can learn. It may be challenging initially, but it becomes easy to adjust to the new lifestyle with time.
To save money in Nigeria, there are several different things that you can do. Here are 30 ways to help you get started!
How To Save Money In Nigeria
It is not uncommon for prices of goods to suddenly rise in Nigeria, and market factors, exchanges, and inflation may be to blame. In the face of it all, you will realize you are spending almost all your earnings, and there’s nothing left to save.
However, this does not have to be the case. Whether prices hike or not, you can save money so long as you set your mind to it. See saving as a need you have to fulfill. The whole process becomes easy when you make it a priority.
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11 Simple Ways To Save Money Monthly In Nigeria
There are many ways you can save money in Nigeria if you have the right mindset. The easiest way to stay motivated is to set a goal and visualize it in your head.
Try to picture yourself using your savings for a big project by the end of the year. Moreover, the tips for saving money you will read in this article will only work when you are determined to crush your saving goals. So, are you ready? Yes? Let’s get started!
1. Work with a Budget
How would having a budget help me save money monthly? Remember that shoe you bought from the mall when you had more than enough in your closet? That’s it; you could have saved it. If you start saving all the money spent on wants, you will have a lot in your savings account.
A budget helps streamline your spending. It makes it easy to distinguish a need from a want. You can make a yearly or monthly budget. Write out everything you need and want on paper, including the amount to be saved monthly.
Go over the list and circle out the things you cannot do without. Read through again, slowly this time, and properly analyze all the needs you circled. You might find a few on the list that can be stroked out.
Copy out your needs in descending order of importance. The amount to be saved should be the first on the list. Calculate the total cost of your needs to ensure it meets your income. If the money exceeds your income, go over the list and reduce the prices, starting with the amount to be saved.
This might take a while, but you will arrive at something you can work with. Ensure you stick to the budget religiously. The early stage of the transition to a new lifestyle will surely be uncomfortable, but then, it’s worth it. Creating a budget is one of the best ways on how to save money in Nigeria.
2. Save a Convenient Percentage of Your Earning
The journey to reaching your saving goal is an exciting one. However, you have to manage your excitement to make logical decisions. The smartest approach to saving is setting an achievable goal. When it comes to saving, the pebbles make the mountain. For example, if you earn 100,000 nairas a month, you can choose to save #10,000 monthly. This is just 10% of your entire monthly earnings.
At the end of the year, you would have saved a total of #120,000. This can be invested in a business or used to buy something tangible that would be useful to you in the long run.
3. Keep a Log of all Your Transactions
Many people give up on saving halfway through, and the issue most of the time the unease that comes with making fewer purchases. Unlike their counterparts, people who adopt frugal lifestyles tend to reach their goals. One way to ensure every naira you have goes to something valuable is by keeping track of what you spend it on.
As humans, we tend to be forgetful. We could go to canteens and forget to get our change. Or lend money to a friend and forget to ask for it. You are responsible and accountable for your money. Everyone else may forget, but you should not. These little losses here and there can make up for some of the things you had to forego. This way, you lessen the difficulty due to your new lifestyle.
4. Automate Your Savings
Financial services companies like PiggyVest and CowryWise have made significant contributions to how people can save money in Nigeria. You can download either of these apps, create an account and follow the procedures involved. This feature is not common with conventional banks, but you can check it out at any local bank branch to confirm its availability.
The biggest perk of saving with these companies is offering generous interest rates. PiggyVest, for example, offers an interest rate of 13% as a reward for saving. Asides from that, they share regular saving tips to help you stay motivated through the journey.
5. Save With Your Bank
You can save your money with a savings app or save with your bank, and using the two options concurrently has proven to be more profitable. Most people who set year-long goals get constant thoughts of quitting. Some urgent bills may come up, prices of goods may rise unpredictably, or you may have a pressing want you wish to sort. This is one of the problems you will encounter as you try to save money in Nigeria.
Sometimes, discipline does not solve the problem. You can withdraw your money from the savings app in such a situation and deduct only the amount needed at that moment. Go to your bank and request to open a fixed deposit account. The interest rate with fixed deposits is often higher than regular rates. Here is a list of banks and their interest rates. The rates tend to fluctuate, so you can confirm before opening an account from the bank.
6. Shop Wisely
The moment you start saving, you will understand the value of every naira at your disposal. Wise shopping determines how much money you can save monthly. When you set a saving goal, you can choose to save more so long as it’s convenient.
Do not buy things you do not need, no matter how tempting they seem. Negotiate the prices whenever possible. Some buyers offer discounts while others do not; stick to buyers that give discounts and negotiate well.
Consider buying in bulk as goods tend to be offered at a lesser cost when purchased in bulk. This is a great way to cushion the effect of inflation whenever the cost of goods rises.
7. Opt For An Insurance Plan
How is insurance a way to save money monthly? Are the insurance services in Nigeria worth it? While this may seem far-fetched, insurance is a great way to save money. Saving plunges you into a frugal lifestyle, and you may be left handicapped when life emergencies dawn on you.
There are a plethora of great insurance services in Nigeria. Get a full-package insurance plan that covers everything insurable.
8. Cut Your Expenses
You might have to do many things yourself as you try to save money monthly. This may mean ending your subscription to a cleaning company’s service or cooking your lunch yourself.
This tip will do you some good when you have more time than money. Learn to clean your home by yourself. Set out a daily or weekly routine and commit to it. If you do not know how to cook, you can take cooking classes or watch videos on YouTube. In the process, you will acquire valuable life skills.
9. Get an Accountability Partner
This could be your partner, friend, parent, or sibling. An accountability partner is someone who helps you stay committed to your goals. Every time you feel like giving up, they would motivate you. Whenever the urge to go beyond your budget surges, they would help you stay disciplined.
Not everyone needs an accountability partner, and many people will be fine sailing on this journey alone. But, if you are someone who would need help staying on track, then you should find someone to whom you will be accountable.
Also, reach out to people in your neighborhood and community. Connect with like-minded people. Share stories about the ups and downs of your decision to save. Listen to other people share their stories. It would help you stay focused.
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10. Start a side-hustle
A side-hustle means more money, and it could also mean less time. Several people would say they do not have enough monthly funds not to save. Others see spending and shopping as an activity that helps them stay busy.
If you belong to either category, take this saving tip seriously. There are plenty of side hustle options you can try out, both offline and online. Do you have a passion for something you can build a business around? This is the right time to start it out. Do it now that you have nothing to lose and everything to gain.
11. Frugal Living
Frugal living means spending less and saving more, which means living below your means and becoming debt-free. Living frugally reduces stress and enhances your appreciation of the little things that money can’t buy, like rest, peace, and time with family.
Below are some best ways to frugal living and save money in Nigeria.
1. Make a list of all the things you need and all the things you want before entering the grocery store; this will help you stay focused when shopping for groceries instead of buying things impulsively.
2. When eating out, order water instead of soda or juice; it’s much cheaper and health-conscious too!
3. Instead of buying clothes at fast fashion stores (H&M, Zara, etc.), wait until there is a sale and buy clothes at thrift stores.
4. If you have a big bill to pay, such as rent, try paying with cash; it’s more “real” and less abstract than money on a card.
5. Save up all your coins in a jar, and when there is an amount that will add up to about N200-N300, use that money to buy recharge cards (airtime).
6. When planning how much you need for the week when cooking, don’t overestimate how much you will actually eat; this will prevent wastage of food and save some money!
7. Check out the library if you like reading books; they usually have a variety of subjects, and they are available for free!
8. If you have been paid, save the first 10% of your salary before spending it on anything else.
9. Go to local food fairs or cuisines festivals so that you can try different kinds of food at discounted prices!
10. When going out with friends, do not be afraid to ask how much everything costs; this will help you budget better and not spend more than what you have planned for that day.
11. You can even ask how much each product costs in different stores! This will help you find the best deal when shopping around town or online.
13. Do not buy things you don’t need; you will waste your money.
14. Stop buying bottled water and drink water from the tap; it’s healthier for your body and more beneficial for the environment!
15. Make plenty of sandwiches instead of buying lunch at school/work to save lots of money! Also, bring healthy snacks with you so that when hunger strikes during class or work time, you would have something on hand so that you won’t go hungry and lower how much money is spent on canteens and food courts in offices and schools.
16. Do not carry around a lot of cash on yourself; keep some in your wallet and the rest in a safe place at home.
17. Try to negotiate when buying things; it will benefit you more than the seller!
18. Buy second-hand electronics; they are usually in good condition and reasonably priced (for how old they are).
19. If something that you like but it’s too expensive, wait a few weeks or months and check back on it later; prices tend to decrease as time goes by!
20. This also applies to clothes and other out-of-fashion items (please don’t buy clothes that will only fit you for a year).
21. Always use online shopping websites such as Konga, Jumia, etc.; not only are they cheaper, but you can also buy different things at once without visiting several physical stores.
22. If there is something that you would like to buy, do not buy it until the end of the Month when you have received your salary; this way, if you realize that you don’t need it or the budget doesn’t allow for it, then you won’t feel guilty!
23. Instead of spending N500 eating out with friends every weekend, how about saving up all the money and taking them out at once? That way, everyone will enjoy themselves rather than rushing between classes/work, etc., to get to the restaurant before closing time!
24. Buy toilet paper in bulk instead of always buying small packs; you will save money and not run out of it so quickly!
25. Save up all your grocery coupons; there are usually offers that allow you to buy two products for the price of 1 or even free items with other purchases!
26. Try making homemade bread instead of buying it from the store; how to make bread is easy to find online!
27. Make a list before going shopping so that you won’t forget the things you need.
28. If possible, buy fresh food instead of canned foods as they have more nutrients and are healthier overall!
29. When planning how much money to carry around with you, always double-check how much change you should be back by any cashier/shop that you visit and how much it costs for transportation (if applicable).
30. Before making large purchases like a house, car, etc., make sure to do your research thoroughly; saving money when buying a car is another popular article on this website! Before spending it on anything else.
31. Go to local food fairs or cuisines festivals so that you can try different kinds of food at discounted prices!
32. When going out with friends, do not be afraid to ask how much everything costs; this will help you budget better and not spend more than what you have planned for that day.
33. You can even ask how much each product costs in different stores! This will help you choose how to best save money.
34. Split food bills with friends; this way, you will save lots of money!
35. If you are in secondary school or college, how about bringing your lunch box instead of buying lunch every day; this will help save lots of money over time!
36. Try making quick meals, making fried rice, making moin-moin, etc.; they are healthier than instant noodles, and cooking takes less time than it does for macaroni.
Conclusion: How to save money in Nigeria
Saving can be super fun and rewarding, and it propels you to build yourself and take hold of your financial life. You can save money in Nigeria by using the tips we’ve shared. Be sure to implement them, and you’ll see your savings grow!
The tips above are virtually all you need to know about saving money in Nigeria. Start your saving journey today!