Ever wondered how your friend on the same pay grade with you managed to buy that car or secure a plot of land? It’s no magic; they saved for it! Saving money as a Nigerian isn’t rocket science. A large number of people have skilfully mastered the art of saving money and the tips they used are still valid today. Here are a few.
- Set money goals – Whether you want to get a car or gadgets, the first and most important thing is to have a goal. It will chart the course of your savings.
- Say NO more often – Because you are not Father Christmas… Nigerians are generous by nature but be discerning to know that not every request for money deserves your attention.
- Compare prices – When shopping in major markets, visit at least three stalls to compare prices before making a purchase.
- Drive hard bargains – In the large sense, awoof isn’t actually a bad thing. If it feels like you’ve made huge savings after haggling with the seller, then you just won!
- Buy original – This isn’t even about being petty. Purchasing knock-offs will leave you duplicating an item over and over again. Authentic stuff may cost you a fortune but will save you money in the long run.
- Think thoroughly before making any purchase – Before making any purchase of 10k and over, carefully think it through. If possible, don’t make a purchase until you’ve thought about it for 48 hours.
- Prioritise and cut your expenses – Ask yourself if you want to add another black dress to the 15 you already own or you need it because the need arose.
- Practise frugality often – Flamboyance isn’t a choice when you have money goals.