Money is a necessity which everyone desires but most people are yet to learn the art of saving money.

When it comes to finances, we sometimes just ignore the signs and continue plodding along, spending frivolously, hoping things will naturally change for the better on their own but it can’t if you don’t save.

Have you ever sat down and asked yourself these basic questions: 10 years from now, how much would I have successfully saved? Will I continue living paycheck to paycheck with no financial tangibility in my life?

It doesn’t matter how much you earn. If you can’t save when you have little, then be rest assured that it might be impossible for you to save while you have plenty.

Therefore, I wrote this post to help you save more money this year. These tips helped me many years ago when I was in similar situation and I hope you find it helpful too.


1. Consider your earnings

To effectively save money, you need to put into consideration your earnings. Your income should determine your expenses and not the other way round.

2. Develop a budget plan

This is very crucial in money saving. In an excel sheet, list all your budget for the month or week while factoring your income.

The reason why I said excel is because it is easier to track and you can easily download it on your phone. Create columns for income, budget, expenses, etc. This will help you to keep track of your expenses on the go.

Remember, if the negative is greater than the positive, then it’s time to step back and change that situation.


3. Pay yourself

Sometimes, we spend so much more because we don’t practice this principle. Paying yourself helps you understand how much you’ve mapped out for yourself each month and it will enable you to stick to your income.

Personally, whenever my salary is paid, I pay 10% of it into an account I dedicated for savings, then 10% as my tithe (as a christian), another 10% for the needy, then 70% is basically the money I use for expenses for the month.


4. Invest money

This is where most people develop cold feet because they feel they don’t earn enough yet. I perfectly understand your concerns, because like I said earlier, I’ve been ‘there’.

There are different kinds of investments, long term and short term. As a low income earner, you can stick with the short term.

Instead of keeping that money you don’t need in your regular savings account which you have access to, why not open a fix deposit account and receive interest no matter how little?

In Nigeria, you can fix as little as N100,000. Stanbic IBTC bank has good reputation when it comes to fixed deposit and their interest rate is slightly higher. Click here to get started.

You can also try long term investments like buying lands and properties which appreciates after a few years. For example, a plot of land which you purchased for 1 million Naira in 2017 can be sold for up to 5 million in 2019. Also you can invest in shares but remember to weigh the risks involved.

5. Don’t practice impulse buying

Like we said earlier, downloading and excel app on your phone will help you curb impulse buying. Dont purchase anything you don’t have on your budget if you want to save more. Exert some discipline when it comes to this because it is a bad money habit that should be nipped.

6. Don’t live above your means

In this era where the internet slay queens or the “pepperdemgang” group show off their material wealth on social media (which might even be borrowed), many gullible followers aspire to be like them therefore, living above their means. This is all shades of wrong and shouldn’t be encouraged. If your level is the okirika (second hand clothes) level, please stick to it and avoid buying pricey boutique clothes for now.

7. Don’t live in debt

Debt doesn’t make people, it destroys their self esteem, leaves them vulnerable to heart attack and to unnecessary fears.

Unnecessary debts like borrowing money from people to purchase the latest Brazillian hair is like someone digging a pit for one’s self. Be content with the little you have and save more for the rainy days.

If you find this post helpful, kindly share,  like and follow to get fresh updates whenever we publish a new post.

Photo credit: Google images



  1. Thank you Chioma, I was there too sometime in the past and it was a hellish experience. To buttress your point , wealth creation is the thing of the mind , control of one self and drawing a line on the sand on what to buy and when to buy them. By simply doing those things and having good habits: no drugs, no excessive partying, saving up for your major purchases rather than purchasing and paying later, one will be 80% on his way to financial freedom even getting rich. Thanks for the write up

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s