Financial obligations and sometimes, the economic situation might make it seem impossible for you to embrace a savings culture. But with conscious effort and commitment, you can achieve it.
Below are some of the money-saving tips to generate ideas about the best ways to save money in Nigeria.
1. Commit to a savings plan: People with a savings plan have more chances of saving successfully. It is easier to implement and track anything you are committed to.
2. Unsubscribe: You see all those tempting marketing emails from those stores you have purchased one or two things from? They play a major role in your unplanned spending. By unsubscribing from them, you reduce the risk of impulse buying. Look out for the ‘unsubscribe link’ at the bottom of such emails.
3. Plan a neighborhood swap meet: Here’s how it works: gather your friends and neighbors that share the same vision to exchange materials or items you no longer need in return for theirs. Items like books that you have read, which can be exchanged for the ones they have read, etc.
4. Commit to a one-day-a-week a “no spend day”: This sounds almost impossible, yeah! LOL. But this is achievable by keeping your wallet and ATM Cards away from your reach for that specific day.
5. Reduce the frequency at which you eat out every month: This is another effective method of saving money without entirely sacrificing your lifestyle. Sometimes, home-made meals are cheaper than eating out. Start by reducing the number of times you eat out by at least once per month.
6. Car Pool: Not every time drive to work. Sometimes, park your car and join a friend who is driving. You guys can agree to contribute and fuel the car together, say for a week. Doing this also reduces the stress of everyday driving, especially in Lagos traffic.
7. Go on a “Staycation”: Not every time Dubai, Paris, New York, spending thousands of Naira on ‘vacation in the abroad’. Explore your ‘backyard’ for fun vacations close to you. Take road trips, go to the local beach, etc. If you can’t drive long distance, look out for cheap flights within your local region.
8. Automate your savings: Lastly, this is the easiest and most effective method of saving. How do you do this? Remita avails you the option of setting up a standing order instruction on your bank account to put a fixed amount of money into your savings account at a specified date every month. Click here to SIGN UP.
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