11 Tips for Saving and Investing Money in Nigeria
Nigeria has over 15,000 millionaires. Here’s how you can become one of them!
How would you like to retire with more than N1 million in savings? Day after day, Nigerians are hitting this mark and surpassing their own expectations. What’s more? You could become one of them soon regardless of your age or status.
Saving for retirement is financial wisdom because at one point or the other, you will retire, by choice or by being too old and frail to keep working.
Our country has come to a point where the country’s path to prosperity needs to be reset, according to Proshare, otherwise the country will face a bleak future that will take a generation to recover from.
GOOD NEWS! Retiring as a millionaire (or even more) is achievable with smart work and appropriate financial moves.
So basically, regardless of your age, employment status or current account balance, these tips for saving and investing will put money in your hands and peace in your heart for the future.
1. Plan your savings
You know you should save but you just don’t understand the complicated, boring numbers-filled world of savings. Let’s help you get started
2. Automate your savings
On Pettysave, you can autosave for financial goals and have the money transferred automatically from your account monthly. That way, you don’t need to feel bad about the cash that you never had to put away yourself. I know it’s not easy to convince yourself to let money go after it has gotten into your hand…even though it’s for a good cause.
3. Invest early and frequently
The sooner you start investing, the better. If you can’t invest too much at a time, you can start small and grow with time. Get started today!
4. Fight the urge to buy everything
Resist the temptation to spend all you make!
You do not need to buy every new dress, sneaker or iPhone that comes out. Neither do you need to go out every time someone calls you…watch that account balance dear.
5. Plan for your retirement
Consider employer sponsored retirement savings such as gratuity, pension or even severance pay. If you just entered the labor market, you may think you don’t need retirement savings just yet but it’s never too early to start planning for retirement.
6. Avoid debt like a plague
Try your best to manage with what you have rather than getting a loan except its absolutely necessary and inevitable such as student loans. It is best to pay off all your debts as soon as you can if you have any. This helps you prevent excessive interest payments.
7. Ask for a raise
This can get a bit tricky but the best ways to ask for a raise according to Forbes, are, do your research, practice your pitch and anticipate questions, share goals and ask for feedback, proactively communicate your wins, accomplishments and added value, focus on why you deserve it not why you need it. Lastly, talk about the future and be prepared to hear no. It’s not the end of the world. Remain courteous and polite no matter what.
8. Get a side hustle
You probably already know this. A lot of people already have side hustles but in case you don’t, you should get one. Side hustles can be but are not limited to starting an online store, graphic design, proofreading, hairdressing, photography, fine art, freelancing etc. Here’s a helpful post on how to start a side hustle.
Note: These are some people’s full-time hustle so it may not be as lucrative for you but just think of what you can do with all that legit extra cash.
9. Flee from extra charges
Fees from using another bank’s ATM, rather go cashless and use online banking or find your own bank’s ATM and save that extra N65 or more. Reduce your POS usage to a minimum as well. You may think these little charges are inconsequential till you add them all up.
Little drops of water make a mighty ocean.
10. Live within your means
No matter what you’re making, you don’t really need to increase your standard of living every time you get a pay raise or make some extra cash. Instead, consider these tips for managing money after a raise.
11. Invest in real estate and agriculture
A lot of people want to do this but are held back due to cost or lack of skills. Never fear! Pettysave is here for you. Let’s help you invest and grow rich.
If you would like to talk to someone about the best course of action you should take now, contact us: firstname.lastname@example.org.
Oyin from Pettysave