There are many reasons Nigerians are currently struggling to save money. For some people, saving money might as well be rocket science — they can’t seem to get a hang of it. And for others, it’s merely a lack of financial discipline. 

Realistically, it’s a struggle for the everyday Nigerian to save money. Not with the high unemployment rate, low wages, and many other curveballs we have to evade to get by. But all hope is not lost. Whatever the cause, saving money is not impossible. With some intentionality and some sacrifice, it’s very doable. 

You can set savings goals, trim your excesses or add saving to your budget if you’re struggling to save money. And you can also practice save first, spend later or buy quality items in bulk to help conserve your funds.

This article covers five solid tips that can help improve your saving game. (Also: Banish the thought that any amount is too small to save.)

1. Set saving goals

Sometimes, we don’t save money because we are not saving towards anything in particular. But there’s always a reason to save. Even if you don’t care much about building generational wealth, you should save for yourself.

Saving goals can be of two kinds: Long-term and short-term goals. Short-term goals are things you hope to do within the near future: vacation, a new gadget, a pricey online course. Long-term goals are those likely to come to fruition years down the road — from building a home to retirement.

You can create a Target saving with your PiggyVest. As many targets as you need to meet your goals. Heck, you can even join a savings challenge if you need extra accountability, 

2. Save first, spend later

When income rolls in, make it a habit to put some money away before you start doling out cash for bills. First, you earn. Then, you save. After that, you’re good to go. A foolproof hack is to automate the process so that your money goes into your savings before you start feeling the urge to spend.

3. Trim your excesses 

Look around you. Better still, open your banking app. If you scroll down, soon enough you will find a few expenses you have made that are wants, not needs. You might also find spur-of-the-moment purchases. 

No judgement here. We all have our weaknesses. But these excesses need to be curbed if you want to build a healthier saving culture. Mindful spending is important if you want to save more. For instance, think of all the money you would save if you packed yourself a lunch before you left the house. Or stopped impulse buying. Or waited for sales before shopping at your favourite stores. 

4. Add saving to your budget

We’ve shared hows and whys of budgeting in the past. To reiterate, a top expense category on every budget should be saving. Why? So that as you pick up your budget, you’re reminded that saving is an important bill to pay — to your future self.  

5. Buy quality (and in bulk)

Saving is a marathon, not a sprint. So bear in mind that cheaper isn’t always better because cheaper can cost you more in the long run. So, buying in bulk or simply splurging on something quality that’s slightly more expensive — if you can afford it — will save you money overall. 

This is especially true for gadgets and electronic appliances. It’s better to buy quality and probably more expensive gadgets than really cheap ones that can’t keep up with your needs. You’ll save yourself a lot of headaches, as well as continuous, expensive trips to Computer Village.