Top 10 Best Money Saving Hacks for People Living in Nigeria

In a country like Nigeria, saving money and finding ways to save money is harder with their economic conditions. With that, we thought to share with you the top 10 money saving hacks for anyone living in Nigeria.

Poverty is a global threat, plaguing both developed and developing countries. Poverty has become pervasive in Nigeria in the last four decades despite the economic boom of the 1970s. Similarly, it was discovered that about 60% of Nigerians live below the breadline otherwise the country’s enormous oil wealth. Moreover, Nigeria has overtaken India in the less-than-envious top spot, but it is Africa’s second-largest and oil-rich economy. The country is not only endowed with oil but also with land and natural resources. But, a substantial portion of its population remains very poor because it fails to manage its wealth correctly.

However, we suggest the best opposite word for poverty is ‘saving.’ Here are some practical ways to spend less and save more. So, try out these top 10 money saving hacks for students, and for anyone living in Nigeria. At the same time, anyone can follow these tips to make better financial decisions in their life.

TOP 10: Be a Good Negotiator

Be a Good Negotiator is at the 10th spot in our list of the top 10 money saving hacks for anyone living in Nigeria. Learn to bargain prices, especially if you live in a country like Nigeria. Most small businesses ramp up prices once they see the way you’re dressed or the type of car you drive. You can’t imagine how much money you’ll save negotiating prices with a seller. Don’t be shy to bargain; it’s your right.

You can save thousands of naira from each deal, hence learning the art of negotiation. For example, when you buy vegetables from the market, you can bargain with the sellers to reduce the price. Collecting even a small amount of money from each seller can finally gain a significant profit. So, if you want to save a lot of money and learn negotiation skills practically, it’ll help you reach your financial goals.

TOP 9: Get Another Means of Income

Get Another Means of Income is at the 9th spot in our list of the top 10 money saving hacks for anyone living in Nigeria. Find another income stream or a side business if your monthly income is not enough for saving. It will generate an extra fund that you can keep as a saving. Thus, your primary source of income is insufficient to pay your bills, not to mention putting aside funds for saving. You can get another means of income either by moving to a part-time job or acquiring new skills to increase your income.

You have to update with today’s world. Therefore you may generate new business ideas. On the other hand, you can engage in agricultural activities like farming, fishing, crop cultivation, etc. On the other hand, you can deal with the modern world’s job opportunities. For example, digital marketing, web development, marketing, blogging, or you can start your own business. However, just only to think and plan. Then, you can find a way to gain extra income for your savings.

TOP 8: Open a Fixed Deposit Account

A fixed deposit account is a saving account that lasts for a set period. It earns you a higher interest rate for setting aside your savings for a longer time. You’re saving and making money in this way at the same time. All the banks in Nigeria offer this investment opportunity.

However, the interest rates may differ from one bank to another. So, you have to select the highest-paying bank. Opening a fixed deposit account is also very simple. Thus, anyone can try out this simple way of saving.

TOP 7: Save Money during Shopping

Firstly, you have to reduce your waste to save more. Have you ever tried to save money when shopping in Nigeria? In this case, you can try regular markets instead of malls. Most goods purchased in the mall are far more expensive than in the regular markets. You can either check out for new offers or buy from sales.

Then you can save more budget when shopping in Nigeria. Especially don’t waste your money on unnecessary things. Just ensure to buy the fundamental things you need. Besides, you can buy things in bulk. You may find high-quality goods for a low price in bulk if you try. As a result, you’ll save more money during shopping.

TOP 6: Save the Change

Do you know that little change you get after breaking a 1000 or 500 naira note? Yes, save it all. Get a piggy bank, save it and forget about it after a particular time. Piggy banks are not only for children but also for adults as they may help you to build the habit of saving.

For example, you can collect the change money in your wallet daily and put it in a piggy bank. Of course, finally, you may be amazed by the total amount. This piggy bank may help you during your critical time when you’re low on cash.

TOP 5: Produce your Products

One of the best things to save more and reduce unnecessary expenses is to produce your products. Imagine how much money you spend on buying daily household goods. If you can at least create one or more things, you’re directly cutting down on the rate of your expenses because you won’t need to spend money to get those products from the market.

You can grow vegetables, fruits, and spices in your garden for daily consumption. Moreover, you should definitely cook your meals, not eat out or order food. Also, you have to do your laundry. Likewise, you can minimize the expenses for unnecessary things. Therefore, you can save the rest of the money for the future.

TOP 4: Cancel Automatic Subscriptions

Cancel Automatic Subscriptions is at the 4th spot in our list of the top 10 money saving hacks for anyone living in Nigeria. You may have too many subscriptions like Netflix, music, cable tv, etc. Those auto subscriptions add up over time. For example, a typical subscriber subscribes to a movie streaming platform and music streaming with an average of about a certain amount of money each every month.

In a year, if you’ve subscribed to both, it would have cost you a large amount of money out of pocket. That could have been easily saved. And how about using the time you spend watching movies and shows all day and putting them into something new that can add to your personal or financial development?

TOP 3: Wait 30 days before Making a Purchase

The 30 days waiting period determines whether you won’t make the purchase or are acting on impulse. Many people lavish money they ought to save for important things, as they are attracted to the products at first sight. So, the 30-day rule maintains impulse buying. This will help to avoid unnecessary purchases adding up over time. This is a great tip to save money for Nigerians.

TOP 2: Save 20% of Your Monthly Income

Save 20% of your monthly income is included as the second most important hack to save money in our list of top 10 money saving hacks for anyone living in Nigeria.

This is the first rule of saving. No matter how huge your money responsibilities are, you must discipline yourself to save at least 20% of whatever you earn monthly. You may spend 50% of your income on your needs. (Bills, consumption, etc.), 30% on wants (dine out etc.) So, at least 20% of your income should go directly to your savings.

TOP 1: Create a Budget

Creating a Budget tops our list of the top 10 money saving hacks for every people living in Nigeria. This helps you monitor your spending habits; plus, the only way you can honestly start savings is to understand your spending habits, and you can do this by creating a budget. Various apps and websites can help you in creating your budget. Budgeting helps you prioritize your expenditures. It will balance spending and saving money for a whole year. Hence you can recognize what the unnecessary expenses are. You can work out all your regular expenses, such as transport, insurance, water, etc.

What are the Best Money Saving Hacks Right Now?

Here are the 10 best ways to save money and some money saving habits you could quickly cultivate as one of the people currently living in Nigeria.

1. Create a Budget
2. Save 20% of Your Monthly Income
3. Wait 30 days before Making a Purchase
4. Cancel Automatic Subscriptions
5. Produce your Products
6. Save the Change
7. Save Money during Shopping
8. Open a Fixed Deposit Account
9. Get Another Means of Income
10. Be a Good Negotiator

In the same way, if anyone hopes to save and become financially stable, try to follow the above tips, as they are simple and practical. For more research-based content like this, check out our Education, Work, and Facts top stories or look into our Business, Crypto, and Finance articles. Also, don’t forget to read out our previous helpful article, Top 10 Best Countries in the World to Work and Settle.

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