How to save successfully as a Nigerian in Nigeria? Read on and find out why you are still broke and how to save up on all those extra expenses.
Financial goals of people vary from people to people. You any want to be as rich as Elon Musk and I may want to own a yacht at 25. These goals give us something to look forward to and to work toward achieving. Thoroughly go through this guide and learn how to save successfully as a Nigerian.
First and foremost, most of us think what we want is what we need. That’s wrong! Our wants and needs are two different things entirely. A person may want to have ice-cream but that doesn’t mean the person needs it. A person needs money to pay for an apartment, such need is necessary for shelter. Stop the habit of unnecessary spending of money on things you want. Rather focus on more of your needs. Through this, you learn how to save successfully as a Nigerian. Also, you can determine where your excessive spending goes while all your extra little spending adds up bit by bit and should go straight to your savings.
Secondly, we all want to be well-off and comfy. This doesn’t mean you should start spending on trivial things because you think they will make you comfortable. Instead of spending that money, why not use what you have. For example, you want to go to the movies to check out a newly released movie. And you have a flat screen TV or a laptop, why not wait till said movie is out for downloads, then download the movie for way lesser than a ticket price; sit back and enjoy!
Furthermore, minimize the amount of money you spend on eating especially for those who eat out most of the time. Imagine spending 500 naira on a plate of food you buy; in a month, that’s 10,000 naira. If you reduce it to maybe once in a week for eating out, then the 10,000 naira reduces to 2,000 naira. You get to save the extra cost and also improve on your culinary skills.
Likewise, reduce the amount of money you spend on subscriptions. From airtime/data to Netflix and other subscription services. Most people don’t believe they actually spend so much on subscription especially those that don’t check their updates before renewal. Always cancel the subscriptions you don’t use in order to save expenses and set aside more money.
Thirdly, make a list of what you will need to pay for every month. After payments, the money left over should go to your savings. Also make a list before going shopping so as not to purchase what you never intended to. This doesn’t work for some people but disciplining yourself enough to stick to the note is a step forward and an effort made to better yourself.
Additionally, instead of spending huge amounts of money on having fun with your friends, why not look for simpler inexpensive ways to do so. For example, you could take turns in having sleepovers or dinners in each other’s houses instead of at a restaurant/cinema/hotel. You could also ask each of your friends to come along with foods, snacks or drinks. This will definitely minimize the amount you spend on food.
Also, rather than visiting the manicurist or pedicurist every time, try grooming your nails yourself. Also look for a cheaper means of getting your hair done. You could treat yourself to a once-in-a-month beauty care to minimize spending and save up on the extra money.
Conclusively, if you are privileged enough to have your own house or even a space, why not rent it out. The space may be an extra room or an extra area in a compound, which can be used for varieties of activities. Or you could also indulge in some of these activities that generate income, asides from your main hustle. Check out my article here, on money making hobbies that will definitely generate money in your spare time.
Carefully follow everything discussed above and you would find yourself saving up on that car or house or anything you desire.