Nigeria is a country with a population of over 200 million people. Nigeria has managed to turn the tide on the economy by implementing strict fiscal and monetary policies, which have improved business conditions and led to decreased inflation. With more stable currencies, Nigerian citizens are able to save money in their nation.
The Nigerian economy has been dependent on oil for most of its revenue since the 1970s, but with prices dropping and more interest in renewable energy sources, Nigeria is beginning to reconsider its economic outlook. The government has put some measures in place that will help open up new markets for business while providing an incentive for investments outside of fossil fuels.
According to CNBC Africa, “Nigerian banks have been trying hard to increase savings deposits.” In recent years they have reported growth in deposits from 25% of households in 2013 to 42% of households in 2018.
Table of Contents
Order your Groceries in Bulk
It is not uncommon for Nigerians to buy groceries in bulk in order to save money. The most common items people buy in bulk are rice, corn, biscuits, noodles and beans. This is because Nigerians generally get their groceries from supermarkets that offer them at discounted prices.
Buying your groceries in bulk can be an effective way of saving money if you are buying the right things.
There are many benefits of buying your groceries in bulk including lower prices for the same quantity of goods; fewer trips to the supermarket; and more savings on gas when you drive to get them.
Avoid eating out, cook your food instead
Cooking your food will save you money.
On average, people spend about N1000 per meal when they eat out. This means that if you have three dinners per day and in a week at a cost of N1000 each, you are spending around N21,000 per week and in a month N84,000 on restaurant meals alone.
Cooking your food also has many benefits to your health and well-being. It is easy to cook healthier meals at home because there are no preservatives or artificial ingredients in the foods
Cooking your own food will save you time because it does not take as long as going to a restaurant. Cooking also helps reduce stress levels.
When it comes to saving money, many people think of making extra trips to the store, packing a lunch each day at work, and canceling cable. But there are other methods that can save you a lot of money over time.
One way is meal-planning, you can make some prep meals and have them preserved, for example, you can have two of your favorite soup prepared ahead.
Avoid Food Wastage
Some people may think that they are too lazy to cook. Others may think that cooking is more important than saving money. But in fact these are not mutually exclusive.
The good news is that you can cook only what you can eat. And this will save you a lot of money.
You simply need to plan your meals in advance, choose what you are going to eat, and then only buy the necessary vegetables and meat for your planned recipes.
Create a Feasible budget
The first and most important step in saving money is to create a budget. A budget is a plan for how you will spend your money for a specific period of time. It can be created with one month, three months, six months, or yearly periods.
A budget will allow you to see if you are spending more than you earn and help you set goals to increase your income or reduce your expenses. It will also help you make sure that the things that matter most in life stay within your reach – like paying for necessities like food and shelter and having some leftovers for emergencies or savings.
Stock up on non-perishable food
Buying food in bulk can save you money because you are buying the same ingredients for a cheaper price. If you buy too much of one item, you can use it as a substitute for something else so that it does not go bad.
It is important to have plenty of food on hand so that if there is an emergency, you are prepared.
Bank your savings in Dollars
It is always better to save your money in a stronger currency than in a weaker one. So, if you want to save money and still get the most out of your savings, it’s best to invest in U.S. dollars.
Have a Feasible Savings plan
It is very important that Nigerians catch on to the concept of saving money. The country needs every penny that it can get to improve infrastructure and fund other development projects.
Learn to live within your means. This means you should not spend more than you earn or save more than you earn.
Shop at shops with low prices, instead of buying things for inflated prices at malls. Buy less branded clothes and shoes, instead buy cheaper brands where labels are not important.
Keep a record of your expenses
The best way to save money is to keep a tight eye on your expenses. In Nigeria, it is easy for people to spend a lot of money without knowing how much they are spending. In this section, we will talk about how you should document every expense and make sure that you are not overspending.
Automate your Savings
You are not alone in the quest to save more money. The recent rise in the cost of living is making it difficult for most Nigerians to live comfortably, let alone save enough for emergencies.
There are several ways you can use to automate your savings. One way is by using mobile apps that allow you to make saving fun and easy.
Piggyvest is a mobile app that allows you to create savings goals with achievable amounts. It also sends out alerts on when your savings account balance reaches zero, giving you an opportunity to replenish it before it runs out completely.
Cowrywise is another mobile app that lets you set up automated deductions from your salary into a savings account, with custom intervals of time or amount according to how much you want to be saved monthly.
Pack your lunch
There will be a lot of times that you will find yourself rushing to work and not having time to stop and get food. By packing your lunch, you will be able to save a lot of money. Instead of getting fast food everyday, you can stop and get groceries.
Nigeria is a country with a relatively low GDP per capita, and a centralized government that struggles to provide basic services to the public. In this scenario, sharing a ride to work can be a much cheaper option than traditional methods.
In order to save money in Nigeria, it’s important that you do your research on companies that offer shared rides from your area.
Some companies provide shared rides as an alternative transportation option for commuters who want to save money on their commute cost.
It is important to note that many of these companies have different rates for different parts of the day or week, so it is best not to sign up for more than one company at once.
On average, carpooling can cost you half as much as owning and maintaining your own car.
Create a fixed deposit account
The Nigerian economy is an emerging market and has one of the fastest-growing economies in the world today.
Fixed deposit accounts are savings accounts that offer higher rates of interest on deposits than other saving accounts for periods of time. The longer the period of time, the higher the interest rate.
Save towards a specific goal
Saving money is not always easy, and many people find themselves saving and saving without getting anywhere. This is because we often save money in the wrong way.
There are things we should know about saving money before we can start doing it successfully. Saving money is important to everyone, not just those who want to buy a house or car. People save for many different reasons such as retirement, emergencies, or future goals like paying for their children’s education.
The key to successful saving is finding the goal you want to save towards and then taking steps towards achieving it. By following these simple steps, you can make sure your savings don’t get lost and instead actually make progress towards your goals.
Up your negotiation skills
Nigeria is a country that still has bargaining power in some markets. Bargaining is the negotiation of prices, reduction of price, or other terms of purchase or sale. Money can be saved by negotiating for lower prices of goods and services with the supplier.
Bargaining can be done in person or remotely using email, online chat, phone calls, social media platforms like Facebook messenger, etc.
Buy in bulk
Buying things in bulk will save you money. Buying in bulk is often cheaper than buying individual items.
Save money in Nigeria is not an easy task. The country has many challenges like terrorism, inflation, and unemployment. Our Nigerian economy is not stable enough to provide the necessities of life at a cheap cost.
One of the best ways to save on groceries is by buying items in bulk and stocking up when the prices are low.
Avoiding instant gratification by mastering the 30-day rule
In the book, “The Power of Habit”, author Charles Duhigg shows how a habit is created with an “instant,” followed by a “trigger.” In Nigeria, mastering the 30-day rule could lead to making financial savings as people avoid instant gratification.
It’s not unusual for our desire to buy something to fade after a month has passed, and it’s easy enough to save yourself some money by waiting. So if you’re unsure about a purchase but don’t want to stand on the sidelines, waiting can help you better imagine your situation.
Do your own laundry
Washing clothes is a tedious and time-consuming task that we all dread. Doing laundry means sorting clothes, washing them, and then drying them.
Doing laundry at home can be such a hassle that many people choose to wash their clothes at the laundromat. A laundromat might make sense if you need to do lots of laundry or if you don’t have a washer and dryer in your home.
However, it also comes with some challenges: higher costs than doing laundry at home and more time spent on transportation and waiting around for the wash cycle to finish. To save more money you should consider doing your own laundry and also avoiding piling them up to avoid the temptation of using the laundromat.
In Nigeria, gambling is very popular. It is also a major source of income for the government. However, it can be a huge financial drain to many people and can lead to bankruptcy and other problems. Betting and gambling are enticing ways to spend time and money.
In Nigeria betting and gambling have been a pastime for a long time, but the costs involved have been steadily on the rise.
In addition, they have become a temptation that many Nigerians cannot afford to indulge in. The gambling industry is a huge market that attracts both adults and children. It has been argued that 98% of this market is made up of people who are addicted to gambling and spend all their money on it.
The number of gamblers in Nigeria is very high and the Nigerian government has to find a way to stop this. It can be done by making it illegal to advertise gambling in Nigeria or by putting strict regulations and fines on the gambler.
Traffic congestion in Lagos and other Nigerian cities is one of the major issues that we need to address. This means that there is a lot of dead time spent in traffic and this not only wastes fuel but also time, so is it worth booking a Uber or Taxify? and if you have to why not do it with a couple of friends that you’re heading for the same route?
Save money by splitting the cost of a ride with a friend, colleague, or neighbor, simply connect with other passengers going your way to cut t-fare.
Avoid commuting during rush hour
It is estimated that commuters in Nigeria spend about $4 billion annually on transportation fares.
Nigeria’s economy is growing, but public transport infrastructure has not kept pace.
The country’s public transport has around 19 million registered vehicles, but it can accommodate only 8 million passengers.
That’s why people are advised to avoid commuting during rush hour if they want to save money and time.
Avoid drugs, smoking, and alcohol
One of the best ways you can save money in Nigeria is by avoiding drugs, smoking, and alcohol. Considering that they are expensive, drugs, smoking, and alcohol are not the way to go when you want to save money.
Drugs are expensive because they are illegal. Smoking is also expensive because they have to be bought over the counter in most places. And lastly, alcohol is expensive because it has a lot of different taxes on it.
It is no doubt that health care is a big expense. HMOs are a great way to save money for those who need it. And with the rising cost of healthcare, many people are looking for cheaper options.
Download instead of streaming live
In Nigeria, it is not only the high cost of data that people find challenging. The limited availability of data providers in most locations is a major issue. But there are some simple ways to get around these challenges.
The first way is to download media instead of streaming them live. Streaming media requires a lot of data and bandwidth which most people do not have in Nigeria.
Downloading videos and music on your phone or laptop can help you save a lot on data usage and will also give you a better quality of video or audio than streaming life would offer you on some devices.
Avoid going to the Movies
Going to the cinema can be expensive. Especially in Nigeria where most cinemas are not very competitive on their prices. The cost of a ticket is usually around N1000, but if you get N2000 worth of popcorn and drinks it will only get you about 1 hour and 15 minutes of entertainment.
In Nigeria, you can make your own popcorn at home for less than N1000 and watch the movie from the comfort of your sofa. This way you save a lot money while still getting a great movie experience at home.