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How to Save Money in Nigeria: 10 Fast Ways



Save Money in Nigeria

If you are having problems with saving money in Nigeria this article is for you. In this article, we will be sharing tips on how to save money in Nigeria no matter what you earn as a salary monthly and how to save money as a student in Nigeria. we have heard many people give different reasons as to why they cannot save.

While some say it is because the salary they earn is too small and not enough, others say it is due to the huge responsibilities they have like taking care of their parents and siblings (black tax). Whatever your excuse is, in today’s article, we will guide you on how you can save money in Nigeria and meet up with your saving targets if they are realistic enough.

It is important to note that all points made in this article are valid and must not be underestimated as they play a huge role in your saving habit, especially as a Nigerian. If you ignore some points and pick other favorable ones your savings or saving target might not reach its peak.

So are you ready? Here are quick ways on how to save money in Nigeria today

10 Fast Ways to Save Money in Nigeria

Below are the top ways on how to save money in Nigeria fast.

1. Create Monthly Budgets

This is the first step on how to save money in Nigeria especially if you earn a salary and you want to be saving money each month. A budget is very important because it helps you to recognize what you spend money on monthly. A budget also helps you track your expenses.

It helps you to stay committed. So you might be asking exactly ‘What is budget?’ Simply explained a budget is a to-do list of things (expenses) you need to buy or own. A monthly budget could contain groceries, toiletries, transport fares, utility bills, house rent, monthly savings, and more.

With a monthly budget, you can always know how to manage your salary in Nigeria because you will know where to cut your expenses and where not to spend. Creating a budget is not a traditional way of saving money nor is it a modern way. However, it is a huge step to take to make sure you save money no matter what you earn as a salary in Nigeria.

2. Save First Before Spending

This is another way on how to save money in Nigeria. It is important to know that how much you earn monthly will never be enough for you. This is because as humans our wants are unlimited. In case you do not know or you have forgotten what wants are. Wants are the opposite of needs.

While needs are things we cannot do without buying to survive, wants are things we can do without. Examples of needs are shelter (house), food, clothing, and transport. Examples of wants are vacations, luxury cars, luxury shoes, and others. So as a salary earner in Nigeria, it is important you set aside a reasonable stipulated amount you want to save monthly.

When your salary comes in monthly you save that money in a separate bank account or a money-saving app with high interest. You should always do this monthly. Save first when your salary comes in before creating your monthly budget.

3. Reduce your Expenses 

Cutting your expenses is another best way on how to save money in Nigeria, especially as a student or salary earner. The truth is you will always have expenses no matter your lifestyle and how much you earn, however, you can always cut your expenses. This is one of the benefits of creating a budget first.

When you create your monthly budget you can always cut your expenses especially if you see that they are too much and unnecessary. It is best to only spend on your needs – things you cannot do without as this will help you achieve your saving target fast. 

4. Spend on your Needs

I explained this earlier. There is no way we will talk about saving money with talking about spending on only your needs. I know there can be distractions especially when you see shoes and clothes that you want to buy that help you to look good and smart.

However, your needs are always listed in your budget so you can just follow it to the letter. If you are really serious about saving money in Nigeria as a student you need to learn to only spend on your needs.

5. Clear all Debts and Avoid Future Debts

If you are someone that spends too much or unnecessarily you will always have debts. So to be able to save money in Nigeria effectively you might need to clear your debts first. Depending on how much you are owing and the deadline for payment you need to pay off your debt fast by paying in installments.

You can first save strictly to pay off your debts and when you are done you can now have a saving target. If you borrow money from commercial banks or microfinance banks they will always debit you monthly in order to pay up for your debts. If this is the case, you can always make use of whatever is left to do with your monthly budget.

6. Buy Groceries and Toiletries in Bulk

This is another quick way on how to reduce expenses and save money in Nigeria. Oftentimes, we see the rich folks buy groceries and toiletries in bulk but we do not understand why they do it. Many of them do it to cut down on their experiences as it is always cheaper.

When you buy in bulk there are discounts and you are able to buy more. This will go a long way for you especially if you are a student trying to save money in Nigeria you are always buying everything you need in bulk before your semester resumes or before going to school.

7. Buy Products on Black Fridays

Buying goods on Black Fridays is also another way you can save money in Nigeria as a salary earner. If you are thinking of buying electronics you want to buy some clothes or shoes. Black Fridays are the best days you can buy or order these goods as many of them are sold at giveaway prices.

Black Fridays do not happen every Friday of the week. They mostly happen in the last quarter of the year. You can always wait till these specific periods or simply buy when you can afford it. Check out how you can shop online safely in Nigeria

8. Eat Home Cooked Meals

Eating outside your home can be very expensive no matter the area or state you live in Nigeria. Restaurants and fast food joints with brand names are even the most expensive and we cannot do without food because food gives us energy to do our everyday work.

However, to save money on food you should always cook from home instead. If you are going to work you can cook breakfast and your lunch and serve it in a food flask before heading out to work. Aside from the fact that cooking at home saves us a lot of money, cooking at home always saves us from contaminated foods that we may buy outside to eat.

Yes, people that eat home-cooked meals rarely fall sick or have terminal illnesses.

9. Eat Healthy Meals

Eating healthy also helps you to save money in Nigeria and here is why. When you eat healthy it reduces your chances of falling sick and when you have no reason for frequent visits to the hospital you spend little to no money on diseases.

It has been proven times without numbers that when you eat healthy you see the result in your saving because your saving power increases.

10. Invest the Money Saved

Whether you use the modern ways of saving money which are by saving money in the bank or you use the traditional ways which are through the use of piggy banks, credit, and thrifts, it is important you invest whatever amount of money you have saved into a business.

This is to make sure you make more money in the short run. This business could be a buying and selling business, real estate business, online business, or any other kind of business.


Saving is good but it is not the end goal. Everybody saves because they want to use their money to do something or achieve something. So you should also have in mind what you want to use your saved money to do once you get to your saving target.


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Ralph Bamigboye is an Accountant. He is the owner of, and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

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