Coins and money jar

23 Ways to save money in Nigeria (+ how to reduce expenses)

If you are living in Nigeria you would know that it is a country with significant economic challenges, high rate of unemployment and biting inflation. Add these to the mediocre amount most jobs pay as salary in this country you can begin to imagine how difficult it can be to save money at the end of the month.

Naira notes
Naira notes

But is the idea of cutting down on expenses and saving at least some bucks an impossible one? Not really. The fact is that with proper planning and by being more organized, it is possible to save money from your income/salary.

So guys, if you are interested in knowing how to save money in Nigeria, this article is for you.

*** Recommended for you: lucrative small business ideas in Nigeria

There could be tons of ways to achieve this, maybe, but here I want to share with you 23 ways to save money and I hope you find them really helpful!

1. Have the Savings Mindset

My sister would always say that saving is a mindset, and if your mind is not ready to save, it would never happen. If you do not have the mindset, money-saving tips or frugal living won’t work for you.

Whether you want to save money to invest in a business, or to have some money in your account in case of necessities, etc, it all begins with having the right mindset towards savings.

Learn to save and make it your principle!

2. Create a Budget

With your newly-developed mindset as regards saving, it is easy for you to save if you get a budget planner.

The idea here is to cut off random and unplanned expenses.

Make a list of how to drastically cut down expenses and always make sure you do not exceed your budget.

3. Pay Yourself Every Month

Like the book, The Richest Man In Babylon suggested, 1/10 of what you earn is yours to keep. So, while you are making that money-saving tips list, do not forget to include the money that should be sent to your savings account every month.

4. Record Your Expenses

As an undergraduate, I made lists every day. By the end of the day, my list tells me if I had a productive day or a reckless day. That is the same as recording your expenses. You need to see how you spend your money as this will help you cut down household expenses and other costs.

5. Make Use of Savings Services

Life is more comfortable with technology. There are a lot of great platforms where you can save online, like Piggyvest and Cowrywise. A certain amount of money will automatically be deducted from your account every month, and this is like the best way to save money.

6. Buy Things in Bulk

If you are thinking of how to save money from your salary, buying things in bulk is tested and trusted. It is easier to save when you shop for stuff in large quantities because things are cheaper when you buy in bulk.

7. Learn the Art of Negotiation

In Nigeria, if you do not know how to negotiate, you should learn that. Most purchases need you to bargain properly else you will be wasting a lot of money.

Whether it is foodstuff or even bus fare, price it. Do not just hand out money to whoever it is. Make sure you negotiate unless it is something with a fixed price.

8. Stop Eating Out

The amount of money that you spend buying food can be used to cook a good meal at home and leave you something to save.

The restaurant you visit to eat food makes profits off you. Therefore it means that cooking at home will save you some money. Since you have a goal to save more money, learn to cook at home.

9. Work Out at Home

It costs a lot of money to belong to a gym. Instead of spending a lot of money on a gym membership, you can start working out at home. Eat healthily, download a fitness app, and follow a routine, take walks too.

10. Use Public Transportation

Private cab services like Uber and Taxify (Bolt) are excellent, but they are not great for someone who needs to save. Using public transportation is one of the frugal ways to save money.

11. Have Fun at Home

This is among the best ways to save money for the future. Instead of spending your weekend chilling in the club, you can decide to have fun at home. Play music and dance your heart out, see a movie, read a book, invite your friends over, cook for them, and play a game with them. Do something you love doing. You do not need to spend a lot of money to have fun.

12. Avoid Impulse Buying

You see that dress at the store that looks good or the designer outfit that just came to town, take your eyes off it. Impulse buying is not advisable for you if you are determined to save money.

13. Buy a Piggybank

If you check social media, especially Facebook, you will see that piggybanks works. Get one and put a little amount of money on it. Piggybanks are creative ways to save money; you will be surprised to see how much you will have by the end of the year.

14. Open a Fixed Deposit Account

Opening a fixed deposit account helps you understand how to save money each month as a certain amount of money is deducted from your account, and the payment is fixed. Whenever you are ready to get it, you also get an interest.

15. Cut Down on Social Media

Do you have apps or social media habits that cost you several Gigabytes of data in one day? It is time to cut down on data expenses! Cut down the time you spend on Instagram, YouTube videos, etc.

Uncontrolled use of social media can waste you some would have been fruitful time and the data drain your money. Except you have a business you are promoting on social media, there is nothing extraordinary that you will miss if you take a break from it sometimes.

16. Take a List to The Market

We have talked about impulse buying, but take a list to the market always. It helps you stay in check. Try not to buy what is not on your list.

17. Cut Down on Asoebi

If you do not know what asoebi means, it is the outfits for wedding, burials and other celebrations. If you keep on buying every asoebi that comes along because you want people to see you in a particular light, you are not doing yourself any good.

18. Do Your Chores Yourself

If you are someone that pays people to do your chores for you, you will have to start doing some of your tasks yourself.

19. Spend Less Than You Earn

I don’t think there is any justifiable reason to spend up to what you earn let alone more than that! If you want to have a healthy saving habit, make sure you spend less than you earn.

20. Do Not Borrow to Spend

Try as much as possible not to borrow money to take care of your expenses. If you are trying to save, borrowing is not a smart choice at all becasue when you get your salary it will be used to settle debts instead of saving.

21. Do Not Jump on Trends

Trends will go the same way they came. So, why are you wasting the money you should be saving to buy the trendiest things?

22. Use a Cheaper Plan

As regards making calls migrate to a cheaper plan. So, you can talk more and spend less. You can also consider WhatsApp calls instead of regular calls. It helps save money.

23. Take action

A lot of people don’t take actions even if the desire is there. This does not only apply to saving money but in most other things.

But if you want to save money you have to make conscious efforts towards it. Make saving a habit today. Also check this out: best hand works that pay in Nigeria.

Leave a Comment

Your email address will not be published. Required fields are marked *