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Finance

Great Money Saving Tips and Tricks for Young Nigerians

When you are in your 20s, saving money when you do not have much to begin with seems like a true challenge or an impossible task. Many young Nigerians find it very hard to set some of their funds aside after every paycheck.

However, putting a small portion of your money aside every month can help you achieve some of the major goals you have for the future. When thinking about saving money in the long run, the hardest thing to do is to get started.

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At the same time, everyone can set aside a portion of their monthly income with the right approach and the right saving tips and tricks.

Saving money comes down to your budgeting skills, similar to bankroll management when gaming online. Opening an online gaming account takes no more than a few minutes if you take a look at 1xbet registration steps.

However, staying on the right track by making sure you do not overspend is way more challenging. Saving money when you have a small paycheck is equally challenging, but not impossible.

Get Started by Making Your Budget

When you are a young adult, there are definitely some things you want to splurge on, such as clothing, entertainment, and nightlife. Splurging on yourself is perfectly fine, but you need to set a budget and stick to it if you want to save money for the future.

Therefore, the very first saving tip we can give is to get started by making your budget. You have probably heard many times that creating and sticking to a strict budget is the best way to save some money.

When you have a strict budget to follow, you do not have to give up on the things you have enjoyed. You do not have to give up on the fun, exciting activities, but you need to cut down some of your expenses, spend less money on necessities.

The main goal is to spend less on things that are not crucial, such as entertainment, dining out, and clothing. When you create a budget, include a list of all your monthly expenses so that you know where your funds are going every month.

If you are still unsure how to get started, we recommend you use one of many money saving apps. The best are Wally, Clarity Money, PocketGuard, Acorns, Mints, and Prism. Others that help you stay on the right track are also worth checking out.

Invest Whenever Possible

When you are in your 20s, you rarely think about investing your money, but we recommend you invest whenever possible. For young Nigerians, saving and investing is challenging, but at the same time, investing and saving a small portion of your monthly income can have a huge impact.

The best option is to open a savings account in your local bank. According to this report by Nairametrics, the number of active bank accounts in Nigeria increased by over 14% in 2020.

According to a report by the NIBSS (Nigeria Inter Bank Settlement System Plc), there were over 111 million active bank accounts in 2020, and many of these are savings accounts young Nigerians opened.

Once you open your savings account, take a look at your already defined budget and examine how much funds you can put into your newly opened savings account.

If possible, aim to save around one-third of your monthly income. In addition to opening a savings account, you can also devise your emergency fund. Having an emergency fund will help you get over financial hardships once they arrive.

Lastly, while you focus on saving money, make sure you also focus on paying off any debt you have. In fact, paying off debts you have should be one of your priorities.

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Ifiokobong Ibanga

Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. You can get in touch with him on Instagram @ifiokobong. If you need a personal assistance on this topic, kindly send a message. Much Love!

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