Personal Finance

The young Nigerian’s ultimate guide to saving money

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.

  1. 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.
  2. 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.
  3. Compare prices – When shopping in major markets, visit at least three stalls to compare prices before making a purchase.
  4. 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!
  5. 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.
  6. 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.
  7. 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.
  8. Practise frugality often – Flamboyance isn’t a choice when you have money goals.

2 Comments

Click here to post a comment

Your email address will not be published.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

  • If one make a fix deposit in your bank and desire that the month interest should go directly to his account will that be possible and how many percent interest for one hunderd thousand

    • Dear Michael,

      Thanks for reaching out to us. You can not pay your monthly interest to another account as the monthly interest goes directly to the Fixed deposit account.

      Also, we currently do not have a fixed interest rate. Interest rates differ depending on the amount involved and the tenor of the Fixed deposit.

      You can also visit any of our branches close to you for a one on one consultation.”

      Thank You