Savings 101: 5 Nigerians talk about how they save money in Lagos

Are you saving money in this Lagos, or is your money saving you? No matter the category you belong to, we understand that the current Nigerian economy is not smiling, and the debit alert in Lagos can feel like it’s after your life.

In this article, we spoke to 5 savvy Lagosians, who were willing to share how they save money in this tight economy. Some are easy, some are hard, but none of them is impossible to do.

Let’s get into it.

Yetunde

First off, I make sure there’s always food at home. When I go grocery shopping, I buy everything I need in bulk. From perishables to non-perishables. Even my meat and fish, I buy all in bulk for that month.

The best hack I’ve found to help cut costs when it comes to groceries is buying from the market. Na mumu dey go supermarket, that’s why I buy all my groceries from the local market. There’s more liberty for fair pricing.

Netflix and chill over outdoor entertainment all day, every day. Another thing is planning leisure activities as a team, I’ve found that this saves a lot of money… Most times.

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Bolu

Stay indoors. Yes! We’re not outside. No! I’m not an introvert, nah the economy cause am. 

Know the market price for foodstuffs and stick to a vendor that I’m sure sells at a lower price (aka my customer). I buy only the most important foodstuffs and try my best not to overspend like an Odogwu that I’m not (at least not yet).

For entertainment and leisure, I stay indoors, read a book, sleep, watch movies, or comedies. Something that also helps me a lot is sticking to my monthly budget.

Michael

Bulk buying is a must. When you buy in small portions, the money adds up faster than you think. Plus, there’s so much debit alert outside, the best thing is to stay indoors if you can.

If you’re living alone, cooking your food is the best option, it helps you save money. Those takeaways you regularly order are low-key taking your money away.

I don’t usually go out, but my advice will be to go out and come back early with public transport, but when coming back late, use Bolt/Uber, it’ll save you transport costs.

Last but not least, stop saving and start investing wisely.

ALSO READ: Personal Finance Tips – How To Stay Afloat in These Hard Times 

Francis

The 50/30/20 budgeting rule has always been my main go-to strategy for saving. I put 50% (half) of my monthly salary in my savings, and lock it up so I wouldn’t be able to touch the money no matter what.

I also like to participate in a savings challenge. For instance, there’s one I do with my friends where we challenge ourselves to save consistently every month towards a specific amount, and the person who fails buys everyone a drink.

One thing that also works for me is eliminating Hidden costs and spending only on what’s needed. I don’t do too much, so I try my best to live below my income flow.

Ifeoluwa

I take budgeting seriously, and I try not to go out and spend money anyhow. I don’t joke with my savings, so I always put a part of my monthly income into my savings/investment account.

I’ve learnt to cook my food by myself rather than buying outside all the time, and I noticed that has helped me a lot when it comes to saving money. Impulsive buying is tricky, so I try not to buy anything I didn’t plan to buy or budget for on my list. 

Finally, I keep a separate budget for leisure activities, so when the money finishes, I know I’m not going anywhere except it’s an emergency.

ALSO READ: Personal Finance Tips: How to Save Money for Your Dream Car in Lagos

Let’s face it, saving money in Lagos is not easy. One minute you’re feeling financially responsible, the next minute you’re calculating and wondering where all your money has vanished to.

But to save money in Lagos and Nigeria at large, all it takes is discipline and the ability to become an introvert by force. Keep Investing! Keep saving, keep pushing.

Join us in the Finance 101 community on Fusion to explore more helpful financial tips shared by Nigerians who came, saw, and conquered financially.