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How To Save More Money As A Nigerian by AnonPoet: 11:39pm On Jun 17, 2021
In this video, YouTube creator Fisayo Fosudo discuss strategies about saving and growing money.


https://www.youtube.com/watch?v=8kOCvgGZ8Dk

It’s not a little known fact that Nigeria’s 30,000 Naira minimum wage sits at less than $100 (50,000 Naira) per month. Acccording to Nairametrics, it was revealed that due to the global pandemic, many many Nigerians have no emergency savings. The savings Deposit rate has dropped from 4% to 1.6% in the span of a few years. 40.1 percent of population in Nigeria lives in poverty. 4 out of every 10 people in Nigeria live in poverty (less than $1 (500 Naira) per day) and that’s roughly around 85 million people. This statistics was even before the global pandemic and things have become worse. Narrowed down by states, we have Sokoto and Taraba as the highest rate of poor people in the country where it’s almost at 90% or 9 out of 10 people in poverty there…but I could go on and on and on. This video seeks to help shine the light on already existing principles and how to use them in day to day life and save while keeping costs down. I think you might find value in this. Here are some tips mentioned in the video:

1 - Cut Back on Unnecessary Spending

Adjusting your relationship to money and stop spending frivolously can really help. It really pays to be frugal and it doesn’t mean that you’ll deprive yourself of something valuable. Think of it like you’re paying your future self. You’re not looking to spend tomorrow’s money today because you can’t work forever. There’s a reason why we retire and that’s because we can’t keep doing the same thing till we’re 50, so it’s better to take advantage of that now and when it comes to the time where you can’t work anymore.

2 - Budgeting and Expense Tracking

Budgeting and expense tracking can reveal serious holes and leakages in people’s earnings. For many people, it’s difficult to account for their monthly income. Expense tracking at the end of the month right after you receive your account statement can be highly effective in helping you discover the things that you’re unnecessarily spending on and that you can cut back on.

3 - Saving in a High-Interest Savings Account

One way to stay happy with your finances is to save a very significant portion of your income. Most high savers save as high as 50% of their salary, for some, 30% is tolerable. However, saving can really help people out of a rut and have people set up for emergency purposes or even better, retirement in the long term.

4 - Investing in the Stock Market / Securities

A more advanced way of saving while growing one's money is investing in the stock market or buying shares of publicly traded companies. It can be highly risky but value investing has proven to yield successful results over the long run. This is a great way to hedge against inflation and also make passive income with consistency.

5 - Hack your Rent and Transportation

One of the advantages and also disadvantages of living in Nigeria is the fact that we have to pay the rent yearly, instead of monthly. It’s good because now you don’t have to worry about a monthly bill coming your way for where you live, you only need to worry about things like electricity and charges for services. You don’t have to worry about someone kicking you out. However, that’s also another very bad thing because it’s become so expensive now. You have to cough up almost 500,000 to millions of Naira all at once because you want to rent somewhere. This kind of makes the barrier to living by yourself high.

Anyway, another way to even save way more is by living with a roommate or housemate. If you’re living on your own you should consider a smaller real estate if you need more space, consider living with someone you can trust.

Transportation too is another thing. If you can, you should carpool with your friends on your way to work or school and split uber fares. Again, if you’re young no one cares with your mode of transportation is. As far as you can get to where you’re going, that’s really what matters.

6 - Investing in yourself

It doesn’t directly correlate to saving money but investing money in things that would build up your knowledge base and your skill is unrivalled in creating true wealth.

What are your tips for saving, growing and investing money as a Nigerian?

18 Likes

Re: How To Save More Money As A Nigerian by Nobody: 1:58am On Jun 18, 2021
Nice one.

With the way naira is falling, saving is becoming futile and partly risky. But still on still, it is better to save than not saving at all.

17 Likes 1 Share

Re: How To Save More Money As A Nigerian by Damidave1124(m): 4:54am On Jun 18, 2021
Saving in a High-Interest Savings Account

Is there anything like high interest savings account in Nigeria? They are all after our money, and there is little or no interest after saving.

Being frugal is very important, but we need to stay alive to invest or spend the money that is being saved grin

65 Likes 2 Shares

Re: How To Save More Money As A Nigerian by socialmediaman: 4:54am On Jun 18, 2021
If you have the means, activate your Plan B while you still can. The tyrant and his goons have f***d this country, and it will get worse. If not, do your best to live within your means. How much is your means? Don't spend more than 50% of your net income monthly. Which means, if you earn 200k monthly, you should not spend more than 100k monthly, else you're living above your means.

37 Likes 3 Shares

Re: How To Save More Money As A Nigerian by allanphash7(m): 4:56am On Jun 18, 2021
Where’s even the money to save sef

94 Likes 7 Shares

Re: How To Save More Money As A Nigerian by Nobody: 4:57am On Jun 18, 2021
People have not eaten, you you're teaching them how to save money. This country na cruise.

62 Likes 10 Shares

Re: How To Save More Money As A Nigerian by Nobody: 4:57am On Jun 18, 2021
Once senior man kalz cut soap for you.........you don't need all this.

4 Likes

Re: How To Save More Money As A Nigerian by Romanoff(f): 4:57am On Jun 18, 2021
Ninejaywon:
Nice one.

With the way naira is falling, saving is becoming futile and partly risky. But still on still, it is better to save than not saving at all.

E be like say e never go market recently.

Anybody wey fit save after paying rent, bills and buying foodstuff, you're more blessed than you think o.

56 Likes 8 Shares

Re: How To Save More Money As A Nigerian by StarofWonder5: 4:58am On Jun 18, 2021
If you are reading this, I pray God helps you. Nigeria has taught me that no be planning, no be saving, no be calculation. A nigga needs God's help constantly on a Friday.

48 Likes 3 Shares

Re: How To Save More Money As A Nigerian by Monogamy: 4:58am On Jun 18, 2021
grin

Those lists are very easy to list, but practicing them in real life not that easy may be it's spiritual, magical or some factors are behind it.

We hardly learn from mistakes..

12 Likes 3 Shares

Re: How To Save More Money As A Nigerian by Whois(m): 4:59am On Jun 18, 2021
God help us

8 Likes 2 Shares

Re: How To Save More Money As A Nigerian by conuel213(m): 4:59am On Jun 18, 2021
AnonPoet:
In this video, YouTube creator Fisayo Fosudo discuss strategies about saving and growing money.


https://www.youtube.com/watch?v=8kOCvgGZ8Dk

It’s not a little known fact that Nigeria’s 30,000 Naira minimum wage sits at less than $100 (50,000 Naira) per month. Acccording to Nairametrics, it was revealed that due to the global pandemic, many many Nigerians have no emergency savings. The savings Deposit rate has dropped from 4% to 1.6% in the span of a few years. 40.1 percent of population in Nigeria lives in poverty. 4 out of every 10 people in Nigeria live in poverty (less than $1 (500 Naira) per day) and that’s roughly around 85 million people. This statistics was even before the global pandemic and things have become worse. Narrowed down by states, we have Sokoto and Taraba as the highest rate of poor people in the country where it’s almost at 90% or 9 out of 10 people in poverty there…but I could go on and on and on. This video seeks to help shine the light on already existing principles and how to use them in day to day life and save while keeping costs down. I think you might find value in this. Here are some tips mentioned in the video:

1 - Cut Back on Unnecessary Spending

Adjusting your relationship to money and stop spending frivolously can really help. It really pays to be frugal and it doesn’t mean that you’ll deprive yourself of something valuable. Think of it like you’re paying your future self. You’re not looking to spend tomorrow’s money today because you can’t work forever. There’s a reason why we retire and that’s because we can’t keep doing the same thing till we’re 50, so it’s better to take advantage of that now and when it comes to the time where you can’t work anymore.

2 - Budgeting and Expense Tracking

Budgeting and expense tracking can reveal serious holes and leakages in people’s earnings. For many people, it’s difficult to account for their monthly income. Expense tracking at the end of the month right after you receive your account statement can be highly effective in helping you discover the things that you’re unnecessarily spending on and that you can cut back on.

3 - Saving in a High-Interest Savings Account

One way to stay happy with your finances is to save a very significant portion of your income. Most high savers save as high as 50% of their salary, for some, 30% is tolerable. However, saving can really help people out of a rut and have people set up for emergency purposes or even better, retirement in the long term.

4 - Investing in the Stock Market / Securities

A more advanced way of saving while growing one's money is investing in the stock market or buying shares of publicly traded companies. It can be highly risky but value investing has proven to yield successful results over the long run. This is a great way to hedge against inflation and also make passive income with consistency.

5 - Hack your Rent and Transportation

One of the advantages and also disadvantages of living in Nigeria is the fact that we have to pay the rent yearly, instead of monthly. It’s good because now you don’t have to worry about a monthly bill coming your way for where you live, you only need to worry about things like electricity and charges for services. You don’t have to worry about someone kicking you out. However, that’s also another very bad thing because it’s become so expensive now. You have to cough up almost 500,000 to millions of Naira all at once because you want to rent somewhere. This kind of makes the barrier to living by yourself high.

Anyway, another way to even save way more is by living with a roommate or housemate. If you’re living on your own you should consider a smaller real estate if you need more space, consider living with someone you can trust.

Transportation too is another thing. If you can, you should carpool with your friends on your way to work or school and split uber fares. Again, if you’re young no one cares with your mode of transportation is. As far as you can get to where you’re going, that’s really what matters.

6 - Investing in yourself

It doesn’t directly correlate to saving money but investing money in things that would build up your knowledge base and your skill is unrivalled in creating true wealth.

What are your tips for saving, growing and investing money as a Nigerian?


This is educative. Nice one �

1 Like

Re: How To Save More Money As A Nigerian by jeffizy(m): 5:00am On Jun 18, 2021
In addition to a practical and reality based advise from the op, I will advice anyone with means to save in dollars.
Yes, it's on the high side but , news flash! It's not going to drop but climb higher still.
Hold your money value and it may likely go higher and give you a good return.
Like I said .... TRY! It's not easy.

10 Likes 2 Shares

Re: How To Save More Money As A Nigerian by fuckluv(f): 5:00am On Jun 18, 2021
Great. Whether you're saving now to solve problems with it later or using it now to solve your problems, the idea is spending wisely.

7 Likes 1 Share

Re: How To Save More Money As A Nigerian by Cokahot: 5:01am On Jun 18, 2021
The only way to make more and save more money is to get money.

4 Likes 1 Share

Re: How To Save More Money As A Nigerian by Grace001: 5:01am On Jun 18, 2021
He even said “save MORE money” in Nigeria where people live from hand to mouth, where 8hrs minimum wage of most Nigeria isn’t up to N1,250 I guess they won’t eat, or even transport themselves to their work place. Nonsense strategy

All these small boys writer born yesterday turned strategist overnight will be giving tips that is workable in a saner country like the US, UK, Germany etc to Nigerians.

What magic do you want someone who earn N50k Naira monthly “N1,250 8hrs ” to do, to save MORE money.

21 Likes 1 Share

Re: How To Save More Money As A Nigerian by Ospic2014: 5:02am On Jun 18, 2021
Pls don't come and talk about stock market here again

7 Likes 1 Share

Re: How To Save More Money As A Nigerian by Stephenomozzy(m): 5:06am On Jun 18, 2021
Get the Traditional version of a PIGGYVEST ACCOUNT - some call it Koko, some call it Kolo.. Na that wooden Safe. Then also get a new account that you don't have easy access to.. I.e no atm card and a new sim card that you can also hide someplace (maybe inside the koko).


For most people who may have more cash at hand than using a card, the koko can help you save loose cash that you may otherwise use to buy what you don't need.

The inaccessible account can be used to save a certain amount of your money when youre paid directly into the account or even by hand.


Note: Unless you're investing in yourself or in a business, keeping your money idle will still make you loose a few percentage of your money's worth to inflation. If you feel your income is too low to reasonably save, then GET ANOTHER SIDE HUSTLE... ONE SALARY IS NEVEEER ENOUGH

But then again, it's better than being wasteful or financially disciplined


that's my own way

16 Likes 3 Shares

Re: How To Save More Money As A Nigerian by Icumsa45(m): 5:08am On Jun 18, 2021
Look for avenues of income in Foreign Exchange. Otherwise your sapa go be constant.

1 Like 1 Share

Re: How To Save More Money As A Nigerian by Valwezzy: 5:08am On Jun 18, 2021
I guess he meant UAR

We don't save money in Nigeria, even when broke...you must still spend someday, somehow. cry

3 Likes 1 Share

Re: How To Save More Money As A Nigerian by iamyemiakins(m): 5:09am On Jun 18, 2021
It will take the special grace of God to save money these days, inflation is on the rise and someone just end up spending above his/her budget.

4 Likes 1 Share

Re: How To Save More Money As A Nigerian by Grace001: 5:19am On Jun 18, 2021
iamyemiakins:
It will take the special grace of God to save money these days, inflation is on the rise and someone just end up spending above his/her budget.

He is boy, what does he know? They will just wake up one morning and turn strategist speaker over night. Giving nonsense advices that isn’t workable in a country like Nigeria.

16 Likes 3 Shares

Re: How To Save More Money As A Nigerian by Stephenomozzy(m): 5:32am On Jun 18, 2021
wink
Re: How To Save More Money As A Nigerian by adebayo201: 5:32am On Jun 18, 2021
Damidave1124:
Saving in a High-Interest Savings Account

Is there anything like high interest savings account in Nigeria? They are all after our money, and there is little or no interest after saving.

Being frugal is very important, but we need to stay alive to invest or spend the money that is being saved grin

No mind them. High interest savings account in Nigeria oh.

Banks self no dey give high interest. Nah so ponzi scheme dey start...

9 Likes 1 Share

Re: How To Save More Money As A Nigerian by AdventHero: 5:34am On Jun 18, 2021
A little Bible Study this morning!

Balaam declared a desire to "die the death of the righteous"; however this was before he went ahead with the action against the instructions of God.

Philippians 1:21 gives a good context for what the "death of the righteous" means - "For me to live is Christ, and to die is gain"! Yes, the death of the righteous is a gain to the righteous man who lived his life in faith and submission to the will of God as well as a gain to the Kingdom of God!

Are you living a a life of righteousness? Will your death be a gain to heaven when the time comes?

*Youtube* -
https://www.youtube.com/watch?v=7gQEXQB9MIo

3 Likes 1 Share

Re: How To Save More Money As A Nigerian by Dantee8433: 5:53am On Jun 18, 2021
Grace001:
He even said “save MORE money” in Nigeria where people live from hand to mouth, where 8hrs minimum wage of most Nigeria isn’t up to N1,250 I guess they won’t eat, or even transport themselves to their work place. Nonsense strategy

All these small boys writer born yesterday turned strategist overnight willbb be giving tips that is workable in a saner country like the US, UK, Germany etc to Nigerians.

What magic do you want someone who earn N50k Naira monthly “N1,250 8hrs ” to do, to save MORE money.


Omo as it is if I earn 50k monthly I be big boi.... With 35k a month I dey manage scrape through so u do the maths.... undecided

6 Likes

Re: How To Save More Money As A Nigerian by BigBizzy(m): 5:54am On Jun 18, 2021
Motivational speaker....we have heard you

7 Likes 1 Share

Re: How To Save More Money As A Nigerian by Focusmind: 5:55am On Jun 18, 2021
Nigeria is just an interesting place. All these ten ways to do this and do that don't work here. The environment is so unforgiven to any struggling person or family and capable of distorting one's plan.

Bloggers will copy certain rules from foreign sites and post here and people will be saying "nice" as if those listings have not been tried and tested here before.

8 Likes 1 Share

Re: How To Save More Money As A Nigerian by Grace001: 5:56am On Jun 18, 2021
Dantee8433:
Omo as it is if I earn 50k monthly I be big boi.... With 35k a month I dey manage scrape through so u do the maths.... undecided


Lol. Your wages for 8hrs is N870 Naira, how do you survive ? It’s someone like you that should advice people, because you’re a living testimony, give them tips on how you survive on N870 Naira daily because there are many people who don’t even earn that much.

13 Likes 2 Shares

Re: How To Save More Money As A Nigerian by 234GT(m): 5:57am On Jun 18, 2021
It is not even sensible to save again in Nigeria.

Just buy and invest.

If you wanna build a house, buy 50 blocks per month rather than saving the money monthly to buy 600 blocks at the end of the year. By year end, your cash may not be able to buy more than 500 blocks, you you have lost 100 blocks while saving.

If it is possible you buy your car in parts, engine today, windscreen tomorrow etc, do it.

The inflation is crazy. The value of your savings keep decreasing everyday. Naira is finished!

27 Likes 2 Shares

Re: How To Save More Money As A Nigerian by AAbuja: 6:01am On Jun 18, 2021
Focusmind:
Nigeria is just an interesting place
Yes it is sir. Please kindly check my threads sir

https://www.nairaland.com/6607975/aabuja-needs-please

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