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6 Modern Ways Of Saving Money In Nigeria

Odi Chukwuemeka

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Modern ways of saving money

6 Modern Ways Of Saving Money In Nigeria

One of the major challenges associated with becoming an adult is accepting and tackling responsibilities head-on. Sadly, responsibilities do not have a budget, naturally, human needs are insatiable, hence, they come spontaneously without informing us.

Immediately one starts to pay his/her bills, pressure somewhat creeps in, causing panic and unrest, especially when one is not financially buoyant to foot the bills. You know, one of the painful things that can happen to anyone is being broke and at the same time, not having anybody to borrow from or a backup plan. Hence, it is important to learn modern ways of saving money in Nigeria.

Related: 7 short term investments in Nigeria for Youths

This year further placed everybody in panic mode, with everything revolving around having money and being able to cater for oneself and maybe, family and friends in extension.

The year has thought everyone the great lesson-the importance of Saving for the rainy days. In the midst of all of the challenges, an average Nigerian has the capabilities and can live above financial inadequacies. This article is a guide on five modern ways of saving money efficiently, all things being equal.

Kindly read through with an open mind, being optimistic about good financial results via the application of financial intelligence tips, going forward.

The Modern Ways Of Saving Money In Nigeria

  1. Have a Budget

A budget can be defined as a financial plan over a period of time; say monthly, quarterly, or yearly. Having a budget helps an individual keep track of his/her finances especially against unplanned expenses. In the same vein, having a savings budget can be of great importance to an individual towards achieving financial freedom in contemporary society.

Modern ways of saving money

For example, one can set a savings plan of N500,000 over a period of 12 months. This plan is achievable and is solely dependent on the individual’s source of daily or monthly income.

The amount received is also considered in this regard. While making room for unforeseeable circumstances beyond human control, it is possible for an individual not to be able to achieve his/her budgeted savings plans, however, one can come close to the budgeted amount.

Be it as it may, savings have been made which is the ultimate goal which qualifies it to be a modern way of saving money.

  1. Make savings from your salary/wage.

Salary is the sum total of a person’s worth for a well-defined role, usually paid at the end of every month. Wage, on the other hand, is the money received hourly upon completion of a task or service.

These two are the major sources of income, aside from financial favors granted by benefactors and benefactresses. Another source of income is money made from the business. Being able to save a certain percentage from either salary, wage or business can help you plan for the future.

It is advisable to save at least 30% of your salary/wage. It may be difficult to start, but as we all know, there will always be a first time for everything we do. Before carving out 30% of your income for savings, it is necessary to draw a plan similar to a budget for transportation, household needs, feeding, and miscellaneous expenditures.

This will make the saving percentage effective and that’s what makes it a modern way of saving. In the past, people plan on saving but do not define the percentage, hence, they alter their plans by frequent withdrawals.

  1. Use of digital saving platforms.

Thanks to technological advancements, there have been good digital savings platforms developed by tech-savvy individuals with a proper understanding of the finance sector and the money market.

These digital savings platforms are certified and regulated by the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), amongst others. This is to ensure that peoples’ hard-earned money is not carted away not neglecting internet fraud. So which platform do I recommend? Sumotrust!

Modern ways of saving money

 

Sumotrust is among the leading digital savings platforms in Nigeria, with thousands of users subscribed and active with savings plans.

It was set up to meet the financial needs of Nigerians through savings. Unlike commercial banks that for every transaction made, there are charges, Sumotrust rather gives her customers 10-15% annually when they save on the platform. Interesting, yeah?

To further ensure ease of their services, Sumotrust has its app compatible with both PC, Mobile phones, and Tablets available for iOS and Android devices on apple store and play store, respectively. The Sumotrust app interphase is user friendly, a click on each icon has its features explained.

One of the striking features of the Sumotrust app is the ability to link your commercial bank account via BVN with Sumotrust, hence, you can use the ‘Autosave’ feature to automatically save. Sumotrust uses the highest levels of internet security, and it is secured by 256 bits SSL security encryption to ensure your information is completely protected from fraud.

Additionally, it uses a powerful blockchain security protocol to secure users’ accounts against hackers. To cap it up, Sumotrust has an active Customer care representative whose service delivery is second to none. All of these qualities are the reasons why I recommend Sumotrust as a modern way of saving money. To learn more about Sumotrust, kindly visit www.sumotrust.com

  1. Join a savings challenge.

 

Yes, join a savings challenge. A savings challenge is advisable amongst peers with common goals. Ideally, we humans love being pushed by our friends towards achieving a goal. A savings challenge inspires you to keep pace with your peers, though, not necessarily seen as a competition.

In the olden days, people are known for contributing money monthly and sharing amongst themselves in an orderly, rotatory manner, handled by a treasurer. In this modern era, the savings challenge is majorly held on digital saving platforms.

People enter into the challenge with a common goal-a a target amount to be saved over a period of time. I encourage you to sign up on Sumotrust to enjoy this feature of a modern way of saving money.

  1. Invest in Cryptocurrencies

 

Modern ways of saving money

The world is constantly moving fast with daily innovations. One of such innovations is the use of digital currencies. Cryptocurrencies are widely accepted for transactions even within the Nigerian cyberspace. However, before you get involved in crypto you would have to do your due diligence by understudying how the systems work.

Why did I suggest cryptocurrencies? The Nigerian ‘Naira’ has been devalued over time and in most cases, is not appreciated, hence, its usage can be limited. Cryptocurrencies are accepted worldwide. Crypto is the future.

  1. Create Multiple Bank Accounts.

The essence of coming up with this idea of creating multiple bank accounts is to enable you to dedicate each of the accounts for a specific purpose. It is advisable to have a savings account and a salary account. As their respective names imply, you know your savings account is mainly for you to save money.

You can even place the account on ‘fixed deposit’ which will discipline you from withdrawing from the account until the due date. A salary account, on the other hand, will be can for day-to-day activities. However, it is advisable to have plans for days of withdrawal in a week or month. It is a way of avoiding too many expenses, including impulsive buying.

In summary, the above discussed five ways of saving money in Nigeria cannot be achieved without good financial discipline. I usually tell people to only use money meant for savings in a situation where human life is on the line. At least, life would be saved in the end. However, careless expenses have to be avoided.

Do not buy things you don’t need, do your laundry while you can, cook your meals, cut down the amount spent eating out. Be frugal in your spending.

Most employers do not have good retirement plans for their employees. Even civil servants suffer after retirement due to problems with their pension. As such, people tend to live from hand to mouth.

These amongst others validates the need for you to get involved in modern ways of saving money.  If you truly understand that people whom you look up to for financial favors also have challenges, you would be fired up to save daily, no matter the amount.

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