For many Nigerians, saving money can seem like a distant dream, especially when your income barely covers daily expenses. However, the truth is, saving isn’t about earning a large salary; it’s about adopting the right mindset, discipline, and strategies.
In this guide, we’ll walk you through practical steps to save money consistently, regardless of how little or irregular your income may be.
1. Shift Your Mindset: Start Small, Think Long-Term
It’s a common misconception that you need to earn a lot before you can begin saving. In reality, saving is a habit—not about the size of the amount.
✅ Action Tip: Start by saving ₦500, ₦1000, or ₦2000 regularly. The key is to stay consistent and disciplined, rather than focusing on the amount.
2. Keep a Close Eye on Your Spending
To save effectively, you must first understand where your money is going. It’s easy to overspend on things like snacks, data, transport, and subscriptions without realizing it.
✅ Action Tip: Use budgeting apps like Monefy, Wallet, or even a simple notebook. Track every kobo spent for a month, then identify areas where you can reduce costs.
3. Budget as if Your Future Depends on It
Budgeting isn’t just for those with large incomes—it’s a powerful tool for anyone aiming to gain financial control.
✅ Action Tip: Create a zero-based budget, ensuring every naira has a purpose.
For low-income earners, try the 60/30/10 rule:
- 60% for essentials (rent, food, utilities)
- 30% for discretionary spending (personal care, entertainment, etc.)
- 10% for savings.
4. Automate Your Savings
One of the best ways to ensure you save consistently is to automate the process. Set up automatic transfers so that you save before you even have the chance to spend.
✅ Action Tip: Use apps like PiggyVest, Cowrywise, or Kuda to automate your savings. Set up deductions on a daily, weekly, or monthly basis, and treat your savings like a non-negotiable bill.
5. Eliminate Unnecessary Expenses
Living on a limited income often means making tough decisions about where to cut back.
💸 Common areas to reconsider:
- Multiple streaming subscriptions (e.g., Netflix, DStv)
- Buying lunch every day instead of meal-prepping
- Excessive airtime or data recharges
- Impulsive purchases via social media vendors.
✅ Action Tip: Before buying something, ask yourself, “Is this a need or a want?”
6. Save in a Separate, Hard-to-Access Account
If your savings are in the same account where your salary is deposited, it’s easy to dip into them.
✅ Action Tip: Open a separate savings account that doesn’t come with ATM access. Use fintech apps that offer penalties for early withdrawals to make it harder to access your savings.
7. Seek Ways to Increase Your Income
Sometimes, saving becomes difficult not because of poor spending habits but because the income is simply too low.
✅ Action Tip: Explore side hustles like freelancing, selling products online, or offering services (graphic design, writing, tutoring). Even small amounts of extra income can ease your financial burden and boost your savings.
8. Try the Envelope Method
For those who prefer using cash, the old-school envelope system can work wonders.
✅ Action Tip: Divide your monthly income into envelopes for different categories (food, transport, data, etc.). Spend only what’s in each envelope. Once it’s gone, stop spending. This method helps prevent overspending and keeps you disciplined.
9. Set a Saving Challenge for Yourself
Turn saving into a fun challenge to stay motivated.
✅ Examples:
- Save ₦500 each week for 3 months
- Try a no-spend weekend
- Do a 21-day “save your change” challenge
Gamifying your saving goals can help you stay on track and remain consistent.
10. Stay Consistent and Patient
Saving takes time—it’s a marathon, not a sprint. But the rewards—financial security, peace of mind, and freedom of choice—are worth the effort.
✅ Action Tip: Track your progress every month. Celebrate small wins (e.g., saving ₦10,000 in 3 months) and stay focused on your long-term goals.
Final Thoughts: Saving Is Possible, No Matter Your Income
Saving on a low income in Nigeria is achievable with the right strategies, discipline, and tools. Don’t wait for a higher salary to start saving—begin with what you have, stay disciplined, and be patient.
💬 “If you can’t save when you earn little, you won’t save when you earn more.” – Unknown
Quick Recap:
✅ Start saving with any amount
✅ Track and cut unnecessary expenses
✅ Use apps to automate and discipline your savings
✅ Budget wisely
✅ Stay consistent and patient.
