Saving Money Monthly In Nigeria – Here’s 11 modern ways you can appropriately save money in a country like Nigeria.
Nigerians believe that there is a secret towards understanding how to save money, especially in a country like Nigeria.
Most people are looking for ways to save some extra cash and cut back on their spending when they are ready to let go of their bad financial habits.
Sometimes it is difficult to save money in a country like Nigeria where expenses skyrocket almost every week, steadily eating into one’s monthly income. But that is a wrong notion.
Financial analysts argue that what is needed is an understanding of tips and strategies that make it easier to save more of what you earn.
Little savings can add up, especially if you do it consistently over time, and doing several things all at once may mean that you can save significantly each month. Sometimes all it takes is that first step in the right direction to get things moving in your favor.
Sometimes the hardest thing about saving money is just getting started. These Modern Ways to Saving Money Monthly In Nigeria can help you develop a simple and realistic plan to save for goals, big or small.
However, a good saving culture depend largely on how much of your monthly income you are able to set aside, and how disciplined you are towards sticking to your monthly budget.
Modern Ways To Saving Money Monthly In Nigeria:
There are various ways you can plan your financial freedom by yourself. You can make contributions monthly, quarterly, half-yearly or yearly. You can also make contributions as low as N1,000, N2,000, N5,000 and above monthly. But here, we have provide the modern ways you can perfectly administers your saving culture in Nigeria. See below the Modern Ways To Saving Money Monthly In Nigeria:
1. Open a First Bank EasySave Account
Are you looking for a safe and secure way to set funds aside? Then EasySave is for you. EasySave is an insurance policy designed for individuals who want to save for various short-term financial goals with interest payable on your insurance premium plus a life cover. How does this work? See below:
Savings
- You will enjoy competitive returns on your savings
- Savings will be accumulated over a 12 month period.
Life Cover
- Enjoy a life cover ranging from N500,000 to
N2,000,000 - The annual premium for the life cover starts from as low
as N5,000 - The cover is in place for the duration of the policy
- Accidental death is covered from inception of the policy
while death by natural causes is covered 3 months from
the inception of the policy
Maturity Benefits:
- At maturity, you will receive full refund of investment premiums plus accrued interest
- The maturity benefits will be available after 12 months
2. Individual Savings Account
Individual Savings accounts have some limitations on how often you can withdraw funds, but generally offer exceptional flexibility that’s ideal for building an emergency fund, saving for a short-term goal like buying a car or going on vacation, or simply sweeping surplus cash you don’t need in your checking account so it can earn more interest elsewhere.
The Zenith Individual Savings Account is recommended if you have a specific savings goal in mind or you just want to start setting money aside. This account offers interest on your funds regardless of the goal.
3. Open a fixed deposit account.
By restricting easy access to your money, fixed deposit bank accounts can give you a higher interest rate than basic savings or transactional account you might be used to.
Fixed deposit accounts allow bank customers to keep their money in the bank and earn several percents per year on top of the original amount. Even if the process of placing a fixed deposit varies slightly from one bank to another, opening a fixed deposit account is still very simple.
4. Choose something to save for.
One of the best ways to save money is to set a goal that you will love to accomplish with your savings. Start by thinking of what you might want to save for, perhaps you want to save for a new car, a new house, a vacation with family or even for retirement.
Then figure out how much money you’ll need and how long it might take you to save the needed amount and make a commitment to make gradual efforts to achieve them.
5. Be a great negotiator.
No other skill in the world will save you as much money, or be as valuable to you later in life, as the power of negotiation.
Learning the art of negotiation can save you thousands of naira each month in the long run. You can make use of books on negotiations and deal makings as a way to start your education on negotiation.
6. Buy things in bulk.
This one’s pretty easy, if you have any items that you use frequently, then look into seeing if you can purchase them in bulk and get a discount from a local supplier.
Oftentimes you’ll find that you’ll get a much better per-unit price, and you’ll rarely have to worry about running out of that item again, making this a fairly easy way to potentially save money on your essential needs every month.
7. Create a budget.
At the heart of any savings plan is a carefully outlined budget. Budgeting helps you prioritize your expenditure and find a balance between spending and saving money across a whole year.
By checking your credit card statements, bills, banks statements, and receipts, you can work out all your regular expenses, such as your rent or home loan, transport, insurance, and electricity.
8. 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.
9. Make plans to save.
Now that you’ve made a budget, create a savings category within it. Try to save at least 10 to 15 percent of your income. Consider the money you put into savings a regular expense, similar to groceries, to reinforce
If your expenses are so high that you can’t save that much, it might be time to cut back. To do so, identify nonessentials that you can spend less on, such as entertainment and dining out, and find ways to save on your fixed monthly expenses.
10. Record your expenses.
A great step to save money is to figure out how much you spend and keep track of all your expenses both business and personal.
Keeping a good record of your expenses over time will help you review your spending habits and cut off on unnecessary spendings that may be eating up on your finances.
11. Make savings automatic.
Another simple way to save money is by automating your savings. Tech startups like Piggybank and Corywise are taking the lead on helping Nigerians (especially the millennials) save money easier and smarter.
The concept of automatic savings using any of these apps is simple; the app automatically removes a set amount from your account as scheduled and put in a saving account that you cannot be withdrawn until a set time has elapsed.
