Monday, October 5, 2020

SIMPLE METHODS TO SAVE MONEY EVERY MONTH IN NIGERIA

 

SIMPLE METHODS TO SAVE MONEY EVERY MONTH IN NIGERIA

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Would you like to learn how to save money? Most Nigerians aren't that great about saving money. Many people are searching for methods to save more money and-their expenses as they can give up their poor financial habits.

There can be little savings, mainly if you do it regularly over time, and doing many things all at once might save a lot per month. Often all it takes is the first step in the right direction to make things shift for you. Sometimes the most challenging something about saving money is just getting started. These essential tips on saving money will help you build a basic and realistic strategy to save for big and small objectives.


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DEVELOP A BUDGET

A carefully established budget is at the core of every savings plan. Budgeting lets you prioritize your spending and align your expenses and save money all year round. By checking your credit card statements, bills, bank information, and receipts, you can process all of your daily expenses, including rental or home loan, transportation, insurance, and energy.

CREATE SAVINGS PLANS

Now that you have a budget build a group of savings within it. Aim to save 10 to 15 percent of your sales, at least. consider the money you put into savings a regular expense, similar to groceries, to reinforce. If your expenses are so high that you can't save that much, it might be time to cut them down. Identify non-essential products that are less costly, including entertainment and dining, and find ways to save the monthly fixed costs.

RECORD YOUR EXPENSES

One significant step towards saving money is finding out how much you spend and keeping track of your company and personal expenses. Having your costs well reported over time will help you evaluate your spending patterns and cut back on excessive expenditures that can impact your finances.


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MAKE SAVINGS AUTOMATIC

Another quick way to save money is to simplify your savings. To save money quickly and intelligently, technology start-ups like Piggybank and Corywise leads the way. The automatic saving idea for each of these apps is simple; the app removes a fixed amount from your account as scheduled and adds to a saving account that you cannot withdraw after a certain period has elapsed.

OPEN YOUR ACCOUNT WITH A FIXED DEPOSIT

Fixed deposit banking accounts will give you a higher interest rate than standard savings or transaction accounts if you limit easy access to your money.

Fixed deposit accounts allow bank clients to hold their money in the bank and receive several percent of the original value each year. Although the way a fixed deposit is put differs slightly, it is always straightforward to open a fixed deposit account.

CHOOSE SOMETHING TO SAVE FOR

One of the easiest ways to save money is to set your savings target that you love to achieve. Start by thinking about what you may like to save for, maybe save for a new car, a new home, a family vacation, or even retirement. Find out how much money you need and how long it will take to save the sum you need and to pursue progressive measures to achieve it.


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BE A GREAT NEGOTIATOR

No other world skills will save you as much money as the bargaining power or be as useful to you later in life. The art of negotiation will save you thousands of naira in the long term every month. You can use negotiating books and deal-making as a way to start your negotiating education.

BUY THINGS IN BULK

This is simple if you have something you use, and then check to see if you can buy it in bulk and get a discount from a local supplier. Often you will find that you are going to get a lot more per unit price and never have to think about running that item out again, making it a pretty easy way to save money every month on your basic needs.

MASTER THE 30-DAY RULE

Avoiding immediate gratification is one of the essential principles of personal finance, and it's an ideal way to enforce this law by waiting 30 days to decide on a purchase.

Very often, after a month, you will find that the desire to buy has gone, and just by waiting, you saved some money for yourself. If you are still on the fence about a purchase, waiting a while will give you a more in-depth insight into whether the money is worth it.


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CONCLUSION

If you ever spend more than you make, ask yourself what you should cut or cut to save some money. Not everyone will receive any of these tips. Only go through the list and see what relates to you and use it in your life.