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20 Ways to Save Money Every Month in Nigeria 2020



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20 Ways to Save Money Every Month in Africa

It doesn’t matter the current situation of your finance, just know that you can still turn your personal finance life around especially if you take seriously the savings tips in Nigeria I have listed in this article.

Well, doing that is pretty not as hard as all that is required to make a deliberate effort toward becoming a better saver and cutting the cost of your living.

Investing money, no matter how small is also another lifestyle you must adopt at this point, no matter how small.

If you are interested in micro-investment, then sign up at SumoTrust (Formerly Sumobank) and make a deposit to your investment account to earn 15% interest annually.

In as much as it looks very simple to save money in Nigeria and Africa at large, making the first move is always the hardest part.

Related: Best savings platform in Nigeria.

Some of these money savings suggestions take just a few minutes, while others require a bit of regular effort. Still, they’re all incredibly simple and anyone can do them to save money in Nigeria.

Obviously, not all the money-saving tips mentioned here will apply to everyone, so, just go through the list and find the best 10 or 15 that do apply to you and use them to become a better money saver as a Nigerian. You will be shocked of how good money saver you will become when you do. So, below are;

20 Simple Ways to Save Money Every Month In Nigeria

  1. Move Your Money from Your bank accounts to savings platforms and earn higher interest

Using you bank gives you 100% access to spend unnecessary with ATM card for making purchases, because of this, many Nigerians are finding it very difficult to save money and this is definitely not good for the personal finance life. To stop this, it’s highly recommended you open account on platforms like SumoTrust or PiggyVest that helps you save more and spend less.

Another sweet side of using these platforms is that;

  • Savings are Automated, no stress of going to bank or doing any work
  • You can save as little as 100 daily.
  • You can do Instant Save on SumoTrust when you come across any spear cash
  • Your earn very high interest of 10-15% on your savings when compared to using commercial banks.
  • Withdrawals are instantly made directly to your bank account. Looks great right?

Kindly visit SumoBank website to register and connect your bank to start saving right away or click on the ‘Register Now’ Button below to get started.

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  1. Cut Down Your Electricity Bills

Good to see that most homes in Nigeria now have started using prepaid meter to pay their electricity bills and no more monthly estimated bills.

If this is your case, you can cut cost and save more by putting off the energy-consuming appliances in your home/apartment when not in use.

Put off all the ACs, bulbs, fan, TVs, etc when you’re going out for the day. It will save you a lot of money over time.

Indeed, this is a great way to save money in Nigeria.

  1. Cut Down Other Utility Bills

Just the same way you cut down your electricity bill, you can do the same for DSTV, GOTV, Water bills, waste management bills, etc just to save you more money.

  1. Buy Food Stuff in Bulk:

Why buy food in bits from the food retail shop in your street when you can buy a bulk of it at way cheaper rate from the main food market. Buying cups of rice and other foodstuff is definitely costlier than buying a half bag or full bag at once. Same with Ingredients.

  1. Drink and smoke less if you can’t stop:

Let’s assume you drink 10 bottles of beer every week and smoke 2 packets of cigarettes at a cost of 4000 weekly. You will be shocked on the amount of money you will save if you cut it down to half in a year.

That will be 2000X52= 104,000 Naira saved and 208,000 Naira saved if you stop entirely.

This may be difficult if you’re addicted to alcohol and I know people spend way more than 4000 per hangout in a week but decided to use 4000 Naira which is the minimum.

If you are keen to saving more money, try this if you’re into alcohol. It will help you save more money.

  1. Sign up for Good Customer referral programs and promote.

There are good customer referral programs that pays you money to tell your friends and family about their service. Sign up and use these platforms, then, join their affiliate program to earn from each person you invite to use their platform.

One of the best referral programs to join this 2020 is SumoTrust Referral program. The platform pays you 600 Naira per each person you refer to sign up and save up to 7500 Naira on the platform.

You can make over 60000 Naira monthly doing this. (By telling your friends about the platform, sharing on Facebook, Instagram stores and Timeline, tweets, etc).

  1. Watch Less TV

Watching TV doesn’t save you money anyway, however, it exposes less to new money-spending ventures. You definitely will be shown Ads on TV and they are all tailored to making you spend your money.

  1. Spend Lesser Time on Social Media For Pleasure (FB, IG, and Snapchat)

Instagram and Snapchat burns data. Trust me, you will be amazed at how much you will save in money just by using their social media website that burns your data less.

  1. Master the 30-Day Rule

Avoiding instant gratification is one of the most important rules of personal finance, and waiting 30 days to decide on a purchase is an excellent way to implement that rule.

Quite often, after a month has passed, you’ll find that the urge to buy has passed as well, and you’ll have saved yourself some money simply by waiting. If you’re on the fence about a purchase anyway, waiting a while can give you a better perspective on whether it’s truly worth the money.

Related: Top 5 savings Apps in  Nigeria

  1. Know what you want to buy before going to the market.

Don’t go shopping any day without having a list of what you want to buy. If you do, you will end up buying things you don’t need. You will save money in Nigeria by not going shopping with a list of items you want to buy, reasons being that the Nigerian shopping system is quite tricky and makes many buy things they never planned on buying before leaving the house. You will need to have a greater percentage of your money saved on a Savings platform like Sumobank to enable you to keep and lockout some funds out of reach until a particular time where it will be more useful.

  • Buy High quality.

Buying high-quality products will save you lots of money in the long run as low-quality products will wear and tear and eventually make you spend more money while replacing them too soon. It’s better to spend 10000 NGN on a pair of quality shoes that can last up to 2-3 years than spending 5000 NGN buying up to 3-5 pairs of shoes each that will not even last up till 1-2 years. This is also a good way to save money.

  1. Live simply, and enjoy it!

Instead of a concert, go to the park which is less costly, then, later catch up on YouTube. This will not only help you save money but saves you time and stress as well.

  1. Clean your own house and do your yard yourself.

Instead of hiring costly home cleaners, why you convert it and take it up as a challenge upon yourselves and do the home leaning every weekend. It’s an adventure. Avoid costly cleaning compounds… most of them don’t work that well, and the chemicals they use can even harm your kids at home.

Related: top Investment opportunities in Nigeria 

  1. Maintain stuff.

If it breaks, fix it, yourself, don’t be in a hurry to discard broken home items that you can fix. Most home repairs are very simple. Mending things is a challenge, but the rewards are there. Keeping your car clean and maintained is not that difficult.

  1. Adopt Frugal as a hobby.

Shop for things instead of just buying. Avoid instant gratification. Go through your days figuring out how to save money, it will be very important to your personal finances on the long run. It’s a wonderful game. Keep track of those savings you’re making, and you will be amazed. is a great platform to save and keep a track record of all your savings activities.

  1. Record your expenses.

The first step to saving money is to figure out how much you spend, never forget this.

  1. Make a budget:

Running your day to day life on a budget is very important especially if you’re a public figure that is prone of spending due to social pressure.

By having a budget, you run your life on a daily basis, you get to avoid surplus spending once you have reached your limit for the day.

  1. Pick the right tools that will help you Save Money.

I have written an article about the top savings platform in Nigeria, do check it out and pick the one that best suit your savings need in Africa.

To make, Sumo Bank is the best savings platform since it comes with lots of utilities that will help you save more, invest and learn how to grow and manage your money.

  1. Watch your savings grow

While doing all these, keep a close eye on the growth of your savings, you will eventually start getting encouraged the more when the figure starts getting huge.

  1. Turn off the lights.

Keeping the lights on in your home may not be expensive if you’re on an Estimated meter billing every month, but it sure does cost much more money if you’re using a Pre-paid meter in your home. To save as much as you can, turn off lights any time you leave your house or even when you leave the room. Turning off lights when you have plenty of natural sunlight can also help keep your electric bill down over time. The bottom line of the whole thing is; If you aren’t using a light, turn it off to save your meter some fast reading.



I'm that Lazy and controversial entrepreneur, Popularly known for my Quora Secrets. Founder and CEO of SumoTrust, Motute and CrowdFacture. Read about my Bio at personal website. Connect with me on Facebook, Twitter, Google, Linkedin and Instagram.

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Banks & Banking

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?



Many Nigerians find it hard to differentiate between fixed deposit and treasury bill in Nigeria If you are one of them, then worry no more because in this post I discuss the main difference between fixed deposit and treasury bills in Nigeria.

First, What is a Fixed Deposit (FD)?

A fixed deposit usually abbreviated “FD” is a type of investment account that pays a fixed rate of interest to investors over and until a given date. While the fixed deposit runs, the investor would not be allowed to withdraw his or her funds.

Because of the higher rate of interest when compared with savings account, many people tend to put their monies in fixed deposits. Besides this, fixed deposits provide other advantages like tax benefits, safe investment, flexibility, and liquidity. All these intrigue many investors to prefer using a fixed deposit to an ordinary or augmented savings accounts.

But as we all know, whatever have advantages must have disadvantages and fixed deposit account is no exception. The most known risks that fixed deposit faces are inflation risk, default risk, reinvestment risk, liquidity risk, and interest risk.

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?, fixed deposit and treasury bill

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?

What is a Treasury Bill?

Treasury bills in Nigeria are debt instruments issued by The Central Bank of Nigeria (CBN) and are guaranteed by the government. The central bank of Nigeria (CBN) uses treasury bills as a way to control the money supply in the country’s economy.

These bills are sold bi-weekly by auctions conducted by the Central Bank of Nigeria, and you can buy these bills from any official dealer or through banks’ Treasury bill applications. The Treasury bill is a safe form of investment that is fully backed by the Federal government of Nigeria.

Treasury bills have a lot of investment advantages and upper-hand. Few among them are:

  1. Treasury bills serve as good investment outlets,
  2. are non-taxable,
  3. they can be used as collateral, and
  4. can be converted to cash quickly.

Don’t get too engrossed, we’re talking about the difference between fixed deposit and treasury bill.

The Remarkable Differences Between Fixed Deposit And Treasury Bill In Nigeria

Below are some of the key differences.

  1. Fixed deposits are fixed for an allotted period and are sold daily by banks to their customers while treasury bills are sold bi-weekly.
  2. Fixed deposits are primarily sold and managed by small banks while treasury bills are managed only by the Central Bank of Nigeria although you can buy them through commercial banks in the country.
  3. In a fixed deposit, depositors invest their money with a bank and will be given interest at a given time. In Treasury Bills, an investor borrows money to the Central Bank of Nigeria (CBN) for an allotted period in exchange for interest.
  4. While fixed deposits are done for one month, six months, or a year, treasury bills are usually for a period of 91 days, 182 days, or a year.
  5. Fixed deposits are fully taxable while treasury bills are non-taxable; you only pay a bank fee for the rendered service.
  6. The interest gained in treasury bills is far higher than the one offered by banks in fixed deposits.
  7. Treasury bills allow more liquidity than fixed deposits because they are done for the short, semi-long and long term.
  8. Treasury bills are regarded as the safest and risk-free investments because the government can never run out of funds while fixed deposits are only secured as long as the bank is functioning.
  9. The Central Bank of Nigeria (CBN) always puts a limit to the number of treasury bills it will sell while there is no limit to the fixed deposits that are sold by banks.
  10. Treasury bills money are used by the Central Bank of Nigeria to control the supply of income in the economy while fixed deposits are used by banks for investments.
  11. Fixed deposits can be rolled over by banks as it is a way of saving and investing at the same time while treasury bills cannot be rolled over.
  12. The flexibility in fixed deposits is far more than the one in treasury bills. Because in fixed deposits, you can easily get your cash anytime you want it and you will get the interest you earned for that time, while in treasury bills if you have wanted to withdraw your money before the allotted time, you have to sell the rights of the treasury bills to another person or a bank.
  13. Treasury bills are accepted by all banks in Nigeria as collateral because they are considered risk-free while some banks do not accept fixed deposits as collateral because they do not consider the other banks as strong ones.


Both fixed deposit and treasury bill are good forms of investing. While fixed deposits allow you to withdraw your money at any time, treasure bills do not allow that, but they are considered safer because the government cannot go out of funds. While there is a high possibility of a bank going out of funds thereby dissolving your money in fixed deposits that is not the case with Treasury bills! So, if you are cautious of risks, then you should opt for treasury bills over fixed deposits.



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6 Modern Ways Of Saving Money In Nigeria



Modern ways of saving money



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



how to invest in nigeria

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 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 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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