You and I know the value of savings; we do. But the real challenge is to actually have the attitude to save even though you might be willing. Building the habit is even harder because living in Nigeria is no beans. Expense is constantly on the rise and you barely have enough to get buy. How then can you save? Below are 8 top saving tips in Nigeria that can help you build that saving culture.
- Reduce your expense by focusing only on the things you need – You should spend money to get only the things that are very essential. When you do this, the money that could have gone for things that are not so important can be saved.
- Avoid unnecessary competition – Rooting to buy things; furniture, clothes or shoes because others have them or because you even want to beat them at it is one way to keep spending. It means you will constantly make purchases because whenever anyone around you get an item, you will have to quickly get yours; pouring money out of your pocket, money you can save. The best thing is to avoid any competition. It is not healthy for you. It is not healthy for your saving culture. Read more on 5 ugly truth about money every girl should know.
- According to a popular author Robert Kiyosaki in his book, Rich dad and poor dad, he mentioned something about FFA (Financial Freedom Account). This means that you can open an account for your financial freedom and deposit 10% of your earnings there. It must be a specified amount within that specified time frame that you earn. The point is that, knowing you have a commitment where you must make that payment will consciously help you to reduce your spending so you can meet up with your commitment. This is one of the saving tips in Nigeria that extremely works wonders.
- Be conscious of the difference between need/want – Certain things can seem like a need that must be met but on a careful examination, you will see it’s not so necessary after all. This is because wants will most likely crawl in as needs. So, carefully identify your needs and streamline your spending to meeting only your needs. A woman writing her major needs
- .Buy products that constantly stay relevant so that you won’t have to spend money to replace. Take fashion for example, people tend to discard clothes that are no longer in vogue and spend money refilling their wardrobe. Instead, shop for modest and well styled clothes than trendy ones.
- Reduce junk and eating out. Eating out is pretty expensive and you can cut it out. Cook your own meal. This will help you save more.
- Observe the way of wellness so you don’t fall sick and end up paying a doctor as this is always more costly. Eat healthy, exercise regularly, drink plenty of water, rest and sleep.
- Always reward yourself to set in motivation – Oh, yes! You must celebrate yourself at every success you make. Once you meet your saving goal, give yourself a treat. This will motivate you to keep it up and even start doing more.
Saving in Nigeria is hard but when you make deliberate effort to build a saving culture using the points above, your effort will definitely pay off. So, what other ways can one build a saving culture in Nigeria? Share with me in comments.
You can also read the right mindset to helping you stay strong in times of challenges. It is a guide to live in triumph everyday.