Is the act of saving money in Nigeria rocket science? The answer is no, you have to understand some tips and strategies that’ll make it easier for you.

How to Save Money In Nigeria After Salary Day
How to Save Money In Nigeria After Salary Day

How to Save Money In Nigeria After Salary Day

Dive with us as we explore the tips and strategies needed to cultivate the act of saving money.

How to Save Money

Clarify Your Goals

Once you receive the credit alert from the bank, it’s an opportune moment to define your monthly savings goals. This means articulating how you plan to allocate your salary is equally significant as receiving it.

Keep Track of Your Expenses

Regardless of circumstances, it’s crucial to monitor your expenses diligently. One simple method to achieve this is by implementing a rating system.

For instance, suppose you earn N100,000 monthly and aim to save 40 percent of your income. Establish a rating system where, at the end of the month, you assess your savings performance. If you only manage to save 10 percent of your income, give yourself a negative mark like ‘FAIL.’ Conversely, reward yourself with a positive mark if you achieve your goal. This accountability mechanism helps maintain financial discipline and encourages adherence to your savings targets.

Create A Budget and Stick To It

If you’re aiming to save a portion of your earnings, it’s imperative to have a comprehensive budget. Remember, your budget should encompass all your monthly expenditures, including expenses like mobile airtime and charitable contributions.

This isn’t the type of budget you keep mentally organized—you need to document it either by writing it out or typing it into a document for easy reference.

Calculate your disposable income monthly and determine how much you intend to save. Additionally, list every single item or service you spend money on, from salon visits to dining out and beyond. In essence, ensure every expense is accounted for.

Moreover, it’s crucial to actively monitor your budget. If unexpected expenses arise that weren’t initially included, incorporate them into your budget under review and strategize for any future occurrences. This proactive approach helps maintain financial control and adaptability in managing your expenses.

You May Need to Change Your Route

If you notice yourself engaging in impulsive shopping, particularly on your commute home from work, consider altering your route. The location where you shop is just as crucial as the items you purchase.

Ditch Your Debit Card

Your debit card serves as a lifeline during unforeseen circumstances, preventing you from being stranded. However, possessing cards linked to all your accounts may entice you to exceed your monthly spending limit. Without caution and discipline, you risk depleting the funds you’ve diligently saved.

Rather than having debit cards tied to every account, which could potentially jeopardise your savings goals, consider obtaining a debit card solely for your operational account. Limiting access to your primary account enhances the security of your savings. By reducing your accessibility to your main funds, you create a barrier that safeguards your savings from impulsive spending.

Get What You Need Rather Than What You Want

If someone presents an offer to sell you a new pair of shoes or a stylish wristwatch, adopt the practice of waiting a full 48 hours before making a purchasing decision. This time-frame allows ample opportunity to discern whether the item in question is a genuine necessity or merely a desire. By adhering to this strategy, you’ll find yourself refraining from purchasing numerous items that were initially tempting but ultimately unnecessary.

Savings Before Spending

This is the best way to save money. If your goal is to consistently increase the balance of your savings account each month, it’s crucial to prioritize saving before spending. By adopting this strategy, you allocate a portion of your earnings to savings as a first step, ensuring that your savings account receives attention and growth. Conversely, if you opt to spend first and save whatever remains, the likelihood of having anything left for savings diminishes significantly.

How to Save Money For A House

Creating a budget stands as a pivotal step in getting your dream house. It provides clarity by illustrating the sources of your income and delineating where your money is allocated, facilitating informed decisions on fund allocation.

How to Save Money For A Car

We cannot underestimate the usefulness of budgeting. Cars are expensive yet, owning one is fast becoming a necessity for many people. After creating a budget, stick to it.


Yes, we all love the luxury of vacations, getting whatever we want, eating what we want, etc. However, the act of saving cannot be overrated. Save now to enjoy even better later.


How Can I Save Money From My Salary In Nigeria?

The best way to save from a salary involves implementing a combination of effective strategies tailored to your financial situation and goals. Here are some recommended approaches:

  • Visualize your financial future
  • Track your expenses
  • Set SMART goals
  • Automate your savings
  • Explore unorthodox ways of saving

How Can I Save Money Every Time I Get Paid?

Once you’ve created that budget, stick to it. Immediately after receiving your salary, take out the percentage apportioned to savings.

How Can I Save Money But Still Go Out?

While budgeting, create room for wants which include going out to have some fun. The 50-30-20 rule suggests allocating 50% of your income towards needs, 30% towards wants, and 20% towards savings.

Check These Out

By Nayomi

Leave a Reply

Your email address will not be published. Required fields are marked *

Hello world.

This is a sample box, with some sample content in it.