How to Save Money in Nigeria (2025 Guide)

Saving money in Nigeria is tough—rising inflation, high expenses, and unpredictable income make it even harder. But here’s the thing: Most people struggle to save because they don’t have a proper system.

That’s why in this guide, I’ll show you practical, proven strategies to save money in Nigeria—even if you earn a low income.

By the end, you’ll know exactly how to:

Save money without feeling broke.Avoid common money mistakes.
Build financial security step by step.

Let’s dive in!

Table of Contents

1. Track Your Expenses (Know Where Your Money Goes)

The first step to saving money is knowing where your money is going. Because if you do not know your money is going there is no way you can able to save money.

Here’s how to track your expenses:

Write down everything you spend money on for one month. If you find it hard to recall all the things you buy, take a break to think them through. Doing this is going to help you a lot. It

Categorize expenses: food, transport, rent, data, entertainment, etc. so you can figure out everything in a clear detail’s.

Identify wasteful spending and cut unnecessary costs to you can have remainder to keep for yourself.

Pro Tip: Use a simple notebook or a budgeting app like PiggyVest or Mint to track expenses. There are going to make the job go smoothly.

2. Follow the 50/30/20 Rule

This simple rule helps you manage your money wisely:

50% – Needs (rent, food, bills, transport).
30% – Wants (entertainment, outings, luxury).
20% – Savings & investments.

If your income is low, start with 10% savings and increase gradually.

Pro Tip: Automate your savings so you don’t spend it by mistake. If you’re doing it manually, you will find yourself proscastinating to save money. Don’t trust on your discipline, you can fail to keep some days. But automation saving no excuses, it will save money for you, making you be on track.

3. Cut Unnecessary Expenses

Small daily expenses add up! Here’s what you can cut:

Eating out too often – Eating outside is easy because it fast; order food you want to eat, after you’re done eating the food pay and go whatever destination. But the other way round, it consume more money than you imagine. You can spend ₦2000 to ₦5000 in the morning and same thing will happen in the evening. If you cook at home it’s will save you some money and have lefts to eat the next. If you don’t know how to cook, learn how to do it.

Expensive subscriptions – You should cancel unused ones (Netflix, DSTV, Apple Music). To reduce recruiting expensive.

Data bundles – Most people spend money on data than saving. I’m a good example, I spent ₦1000 to ₦2000 per day ( and I believe they’re people who are spending more than this daily. If you’re part you’re not doing yourself favour, rather blessing this network owner. Create plan on how to manage your data plan or use WiFi when possible.

Impulse buying – Make a shopping list before going out. Don’t take huge money with you even if you’ve vow not to spend it, a little thing or friends can com and take the money away from you.

Pro Tip: Avoid emotional spending—ask yourself, “Do I really need this?” before buying anything.

4. Use a Savings App (Save Money Automatically)

Apps like PiggyVest, Cowrywise, Kuda, and Opay make saving money easier.

Why use them?

Automates savings (so you don’t forget).
Locks your money to prevent withdrawals.
Offers better interest rates than regular banks.

Pro Tip: Use PiggyVest’s SafeLock feature to lock money for months—you can’t spend it until the set date.

5. Have a Separate Savings Account

Never save money in the same account you spend from.

Here’s what to do:

Open a separate savings account (preferably with no debit card).
Transfer money there immediately after receiving income.
Avoid withdrawing unless it’s an emergency.

Pro Tip: Consider fixed deposit accounts for higher interest.

6. Create an Emergency Fund (For Unexpected Expenses)

Unexpected costs (hospital bills, house repairs, job loss) can wipe out your savings.

To avoid this:

Set aside 3–6 months’ worth of expenses as an emergency fund.
Keep it in a secure but accessible place (e.g., high-interest savings app).

Pro Tip: Don’t touch this fund unless it’s a real emergency.

7. Start a Side Hustle (Increase Your Income)

Saving is easier when you earn more. If your current income isn’t enough, start a side hustle like:

Freelancing (writing, graphic design, social media management).
Selling digital products (ebooks, online courses).
Affiliate marketing (promoting products for commission).
Dropshipping (selling online without holding stock).

Pro Tip: Invest extra earnings into savings and investments.

8. Buy in Bulk & Negotiate Prices

In Nigeria, prices are always rising—buying in bulk saves money.

Buy foodstuffs like rice, beans, garri, yam, and oil in large quantities.
Purchase household items wholesale (detergents, soap, toiletries).
Negotiate prices at the market—don’t be shy to bargain!

Pro Tip: Shop at open markets instead of supermarkets—they’re cheaper.

9. Avoid Borrowing for Luxury

Loans are good for business but bad for lifestyle spending.

Don’t borrow to buy iPhones, designer clothes, or expensive gadgets.
Avoid payday loans with high interest rates.
Live within your means—even if social media pressure says otherwise.

Pro Tip: If you must borrow, use it to invest (not for buying liabilities).

10. Invest Your Savings (Make Your Money Work for You)

Keeping money in a regular savings account loses value over time due to inflation. Instead, invest in:

Mutual Funds – PiggyVest, Cowrywise, ARM.
Treasury Bills – Government-backed and low risk.
Real Estate – Buy land or property if you can afford it.
Stocks & Crypto – High risk, but good for long-term growth.

Pro Tip: Start small—invest ₦5,000 – ₦10,000 monthly and grow over time.

11. Set Clear Savings Goals

People save better when they have a specific goal.

Examples:

Save ₦100,000 for rent in 6 months.
Save ₦500,000 to start a business.
Save ₦1 million for a car or land.
Write down your savings goals and track progress monthly.

Pro Tip: Break big goals into smaller, achievable targets.

12. Reduce Transport Costs

Transport can eat up your income fast—reduce costs by:

Using public transport instead of ride-hailing apps (Uber, Bolt).
Carpooling with friends or colleagues.
Walking or cycling for short distances.

Pro Tip: If you use Bolt/Uber often, switch to cheaper options like Lag Ride, InDrive, or BRT buses.

13. Avoid Get-Rich-Quick Schemes

Scams are everywhere in Nigeria. If it sounds too good to be true, it’s probably a scam.

So type of scam to avoid in Nigeria

Avoid Ponzi schemes (MMM, Loom, etc.
Be careful with “investment” platforms promising huge returns.
Do research before investing in crypto or forex trading.

Pro Tip: If they promise 50% ROI in a few weeks—it’s a scam!

Final Thoughts

Saving money in Nigeria is hard—but not impossible. Start small, be consistent, and stay disciplined.

Here’s a quick recap:

Track your expenses.
Follow the 50/30/20 rule.
Use savings apps like PiggyVest.
Increase your income with a side hustle.
Invest to beat inflation.

Now, over to you: Which saving tip are you going to try first? Let me know in the comments!

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