The hardest part of saving money is not about how much an individual intends to save but how to start. In this article, we will teach you nine (9) best ways to save money in Nigeria. Check also how to withdraw money from ATM without using ATM Card.
A lot of Nigerians are not good when it comes to saving money. Knowing how to save money in Nigeria is one of the most essential qualities that you need to have to be able to maintain the standard of living that you desire for yourself and for your family.
Anyone who doesn’t know how to save money tends to spend unnecessarily. No matter how little it may seem, consistent saving can ensure that you arrive the end of each month with a reasonable amount that can help you offset some of your bills that, ordinarily, you would have struggle to offset without have such savings.
Best ways to save money in Nigeria
Below are how to save money in Nigeria;
1. Create a budget
The journey to a thousand mile, as they say, begins with a single step. Creating a budget is that very single step you need to begin saving money. Budgeting helps you order your expenditure and find a balance between spending and saving money across a whole year. Constantly check your credit card statements, bills, banks statements, and work out your expenses rent or home loan, transport, and electricity.
2. Make plans to save
Once you have planned your budget, create a savings type within it. Try to save at least 10 to 15 percent of your earnings.
3. Take record of your expenses
Ensure that all your expenses are recorded and analyzed, from time to time. Overtime, this will help you review your spending habits and take off unnecessary spending.
4. Make savings automatic
Make sure to automate your savings. You can do this by using apps that automatically removes a preset amount from your bank account daily and place in the account that you have created specifically for your special savings.
5. Open a fixed deposit account
A fixed deposit account restricts your access to the money you have saved. Another greatly positive side of having a fixed deposit account is that it gives you high interest on your savings.
6. Choose something to save for
As humans, there is one particular reason that we choose to live. Some would say they live for the kids, wife or their dreams. This help them to pursue the goal of staying healthy for them. To be able to have an effective and consistent savings habit, you must choose something to save for. Set that as your target.
7. Be a prodigious negotiator
Being an astute negotiator is one skill that can help you save a lot of money in the world today. Learning the art of negotiation can save you thousands of naira each month in the long run.
8. Buy things in bulk
Make sure you buy in bulk, the items that you frequently use. This is because, sellers are known for giving discounts when buyers buy in bulk.
9. Master the 30-day rule
Avoiding immediate pleasure 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. Apply this and you will be wonderful in saving money.