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7 Amazing Tips On How To Save Money Better In Nigeria

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7 Tips On How To Save Money Better In

Can you point to a particular reason for not having enough savings?

Do you realize how easy it can be to save money better?

The knowledge of these variables can help you this year become the year you start becoming financially stable.

In our online survey in 2018 when we conceived the idea of building Sumo Bank, we realized that many people are not entrepreneurs not because they hated the idea of becoming one but because they didn’t have money. Fund was a recurring issue. Some even suggested that we should give them loans to start their businesses.

More importantly, when we asked them if they make some money from other things they do, we found out that indeed they make money but they want more.

save money better

Now, as I have always said in my previous works, to become financially free, you need to invest, to invest this year, you must save money better and save money, you must look at these tips and you should sign up with Sumo Bank.

Related: Why bother about loans when you can save money: The need for Sumo Trust

So, do not worry about anything and kick on, 2019 will be your year if you can do things differently, even if it is just very slightly.

How To Save Money Better In Nigeria – 7 Tips

save money better

  1. Work On Your Impulsive spending

One of the reasons people don’t save money better is impulsive spending. I mean that shit happens to everybody and that is the reality. However, some people have learnt how to handle it. The question is; Have you?

Also Read: Saving Tips: A guide on how to save to buy a house

People expend a lot of energy working only to spend them on things that they don’t really want. If you are going to save money this year and achieve your aims, you must handle your impulsive spending. Why not try to plan the things you buy so that you only buy the things you need. That way, you will have money to save and subsequently, invest.

  1. Ensure you have a shopping list

This is a follow up to the first tip. You need a shopping list before going to where you will spend your money. Spending money can be fun. If you think I’m lying, ask girls who spend their husbands’ or boyfriends’ money. It can be orgasmic.

Many people are busy that they only go shopping once in a while and if care is not taken, they end up buying more than they need. There will always be attractive shoes, shirts, and other accessories that will cost you money if you don’t know what you need to buy.

So, your shopping list will be a guide, a prudent and diligent effort to make the best of what you have. Investing will ensure a better tomorrow but spending does not. Take your time to build your list and try as much as possible to follow the list.

  1. Purchase in Bulk

Buying in bulk is a way to save money better. I hope it doesn’t sound weird? It is like saying that you need to spend more to save more. What a paradox! But it is true. You will need to learn how to buy your stock in bulk to be able to save well.

Here is the deal; when you buy in bulk, you are given discounts that you will use for other things. You will know the benefits in the long run. It is not immediate.

For example, if you buy a bag of rice at $80, you would have saved about $20 dollars because buying the rice in bits will be costlier. It is the same with other necessary commodities. When you buy bulk, you get what you need and you still have more to save.

Sumotrust savings and investment platform in nigeria

  1. Use cashback websites

For those that buy things online, you will save money better when you use cashback websites. You will need to identify them first and make your purchases through them. They may need you to click some links to get the benefits but that will just take few minutes. Every dime is important to help your savings this year.

  1. Prudent use of credit cards will help your cause

Lots of people own several credit cards. If you are one of them, then you must learn how to be prudent and wise in your use of these credit cards. Some of these credit cards will offer certain rewards points when you utilize them for your shopping or traveling or any purchase.

Study your credit cards and learn the points offered for using them instead of cash and you can save money. Just know what is necessary and buy just that. Don’t get carried away because you feel that you earn points and start spending impulsively. The results will never be favorable.

  1. Sell your old valuables

Some people don’t like selling things. This is admirable. But, the truth is that you can save more money when you sell out some of the old valuables in your house. You just have to look at how important those things are, the value they add to your life and you will compare it to what you intend to do with the saved money then you will know the right decision to make.

  1. Make use vouchers and coupons

For those that shop online, you are very familiar with the use of coupons and vouchers. You receive some of these promo codes and vouchers through your email and you don’t save them. Some just discard them as soon as they receive them

These promo codes and coupons and vouchers can save a lot of money for you.

save money better

Conclusion

You don’t have to keep giving the same excuses every time. This is a time for you to get the hell up and act. How you position your life in this year will determine the level of progress you will make. We are out to help you. You won’t be left high and dry.

If you have not signed up with Sumotrust, then you are just not getting it right.

 

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Business

How To Invest 1 Million Naira In Nigeria – Best 3 Places to Invest

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While so many people are searching for the best Nigerian investment companies that pay weekly and investment with monthly returns in Nigeria, this article is a short breakdown on how you can invest 1 million Naira in Nigeria and be sure of a good return of investment in a matter of months.

So, if you still have the question of ‘Where should I invest in Nigeria come 2021?’Below are 3 solid recommended investment moves you can make without regrets;

How To Invest 1 Million Naira In Nigeria

  • Invest on SHIFDA on Sumotrust

Sumotrust is a secure savings and investment platform popularly known with a good reputation for helping customers save and invest money. Investing with Sumotrust is already recommended and one of the best investment options in Nigeria. They offer a secure hedge fund program called SHIFDA for high net worth investors with a 24% return on investment per annum.

The minimum investment is 500,000 Naira and you can invest as much as 100 Million Naira.

SHIFDA means Sumotrust high interest fixed deposit account which works like a fixed deposit with a minimum of 6 months maturity and can last as much as 10 years.

To get started with SHIFDA by Sumotrust; 

  • Kindly visit www.sumotrust.com and create a free savings and investment account.
  • Login to your account and navigate to the ‘SHIFDA Wallet’ tab from the menu section.
  • Read through the details and follow the instructions given to invest.
  • Once your Investment request has been approved, go ahead and create a ‘Fixed Savings’ in your account, you will see a notification about your account qualifying for SHIFDA. Kindly fill-up the form and complete the process.
  • On the maturity date, your capital and interest will be automatically released into your Kick wallet where you can withdraw instantly to your Bank.

There are lots of invest-earn-daily on Nigeria platforms, but for the purpose of security; I can’t recommend any of them. However, If you’re looking for where to invest money in Nigeria; Sumotrust should be your best choice because it is trusted and has maintained a good reputation over the years as one of the reputable investment companies in Nigeria.

Related: How to Invest 5 Million Naira in Nigeria.

  • Invest in Cryptocurrency

Cryptocurrency investment is known to be the best investment of the last decade as seen on CNN. However, investing into cryptocurrency can be tricky and will cause you to lose money if you don’t know the right portfolios to hold.

If you’re just getting started, definitely, Bitcoin is one if not the only cryptocurrency to hold onto until you gain deeper knowledge and understanding of investing into cryptocurrency.

With platforms like Truzact, investing in cryptocurrency in Nigeria will never be a problem for you; as you can easily make Naira deposits using your Naira debit card or the virtual account number is given to you and instantly convert it to Bitcoin.

The platform (Truzact) also allows you to save in cryptocurrencies and earn interest on your savings. To start investing into cryptocurrencies in Nigeria, kindly visit www.truzact.com and create an account, fund your wallet, and instantly swap it to your favorite cryptocurrency.

  •  Invest in Foreign Stocks or Buy Eurobond.

The Nigerian stock market haven’t performed really well when compared to the foreign stocks for some reasons like inflation against the Naira and other factors. 

However, investors are resorting to putting their money in foreign stocks where they get to bypass the adverse sides of inflation on the Naira. You can download the InvestBamboo app from Google Playstore or Apple store, fund your account with Naira and buy US stocks directly from the App. 

Understand that the performance of your foreign stock investment is also determined by fundamental and technical analysis just like investing into bitcoin in Nigeria, so you will also need to do your due diligence before making your decision.

Looking at the 3 investment options in Nigeria listed here on how to invest 1 million Naira, Only investing with SHIFDA on Sumotrust promises secure investment and less risk management.

Still have the question of ‘where to invest my money in Nigeria’? Kindly check out the list of top investment opportunities in Nigeria.

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Personal Finance

Online Daily Contribution: The Safest Platform to Use for Online Savings In Nigeria

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Best And Safest Platform For You Online Daily ContriBution 

The need for people to save and stick to a healthy savings culture is very important right now as the situation of the country isn’t helping.

Nigeria is a country with over 200 million people but sad to know that more than 60% of the population is in dare poverty and living on less than $2 per day.

Making money in Nigeria is not easy and very easy to spend and over the past decades, there have been traditional Ajo/Akawo companies who have agents that go round everyday to collect daily contributions from customers.

This is mostly seen around the marketplaces and cities where people don’t want to go to the bank to make their daily savings.

The problem with these traditional Akawo/Ajo people is that giving them your daily contribution can lead to stories as there have been cases of death of the agent, sudden disappearance and loot of customers’ funds by Ajo agents.

People are scared and need a safe and secure online savings platform that will help them save and invest money without stories.

This is where you will get to see digital savings platforms like SumoTrust, PiggyVest, CowryWise and all which have over time have proved to be very trusted brands for online daily contributions.

For us at Entrepreneur Platform, we recommend SumoTrust as everyone here have used it for over a year and can affirm strongly that it is safe and secure to use.

With SumoTrust, your online daily contribution is automatically done without stress and fear of loss of funds.

It is safe and easy to use and have been rated as one of the best online savings platforms in Nigeria… 

All you need to do is; 

  • visit the website at www.sumotrust.com and create a free savings account.
  • Verify your account and link your debit card by clicking on the ‘InstantSave’ button at the main savings wallet or click on Debit card from the account profile section.
  • Click on the AutoSave button from the main savings wallet to activate the autosave in your account. Once you’re done, the system automatically debits your card based on your settings and credit in your Sumotrust account either on a daily, weekly or monthly basis as you have set it.

There is also a unique virtual account number provided to you in the Sumotrust account that allows you to make bank transfers from any Nigerian bank into your Sumotrust account.

SumoBank becomes SumoTrust

Funds deposited using the account number option are credited into your Kick wallet and does not yield interest, to earn interest from it, you will need to move the funds into your Main savings or mission savings wallet and select KICK ACCOUNT as your funding source.

There are other amazing online daily contribution platforms, but in this case, SumoTrust is recommended based on experience. 

They have both Android and iOS apps available on Google Playstore and Apple store as their daily contribution app.

Let me know if you have any questions in the comment section

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How To Avoid Embarrassment Because You’re Broke By Saving Money

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How SumoTrust Can Save You From The Embarrassment of Being Broke

During the lockdown, a lot of Nigerians ran into financial distress and the majority of the people went into debts.

In fact, some people searched around for who to borrow money from but couldn’t get and ended up with a ‘SEE FINISH SITUATIONS’.

Here is the thing, while people complained bitterly about no money and all, a lot of other people that had good savings in the bank or savings platforms like SumoTrust; fell on their savings for backup and emergency funds and were never put to shame of any sort that has to do with money.

Debt is bad and you try to avoid it at all cost unless it’s business.

This is why you should give a second thought about your savings culture especially if you can’t boast of N100k in your savings account right now.

Let me let introduce you to SumoTrust.

Sumotrust savings and investment platform in nigeria

SumoTrust is a secure savings and investment platform helping Africans build wealth through micro-savings and investment.

You earn as much as 10-15% interest for every penny you save with SumoTrust and you can automatically save as little as N100 daily. See it as your digital Akawo or Ajo that people go round every day collecting their daily contributions from customers in the market areas.

It is very secure and you can make transfers as we all money requests.

The platform is very flexible, easy to use, and highly secure with thousands of people already using that platform to reach their financial goals. This is something you should pause a moment and give a thought or make a research about it.

Related: Top Online Savings Platform In Nigeria

You can check out the reviews of SumoTrust on Google Playstore or Apple store here and see what other people that have been using the platform are saying.

There is no honor in being broke the least person you expect to embarrass you will do at the slights opportunity, not because they hate you but something that just happens when you’re broke.

There are tons of time we come across money and other times, run into emergency situations that make us spend money.

The difference in how you respond to both situations is how you manage to save up enough money in times of plenty against times of emergency.

This is one of the reasons why SumoTrust is here for you and you should take it seriously.

All the best.

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