Simple Ways to Save Money Consistently as a Nigerian.

There are so many ways to save money these days. Not just save but also multiply. For this post, we will look at some very common ways to save money in Nigeria.

1. Asusu (Piggy bank)

One of the most common ways over here, even popular with the children, is the Asusu (otherwise known as the piggy bank). Contrary to belief, this is not an outdated savings system at all. It is easier and saves a lot of stress. For example, having one of these just leaves you the free choice of dumping some change when you get the urge to spend.

An image of Asusu taken by Deraaa

I for one have this because I promised myself to stay away from Soda. So, when I get the urge or my will shakes because I have a measly five hundred naira to spare, I drop it into the box instead. The main idea is to have something within reach and have some money to look forward to later. It could be a goal for the year or the month. Start small.

2. Contribution

It is fairly normal to find a group of people with similar goals in mind. As explained in one of our previous posts: Budgeting for Beginners: Simple Financial Tips for Nigerians (and Crypto Earners), this is a system that is community and budget friendly, for as long as you have a stable flow of income.

How it works is that a certain number of people (trustworthy and reliable) come together, decide on an amount monthly, weekly or even daily and then nominate a person who would be the bursar. Whatever works for the group. So, every month for example, they all send a certain amount of money to the bursar and everyone gets their due according to the slots. It is something you can do with family and close friends. A great way of pooling for each other.

3. Banking System

Well there are different ways to go about this. There are now many prominent fintech and micro banking apps in place to help the masses who have grown wary of traditional banks and their habit of “maintenance” for a ridiculous amount. Even the current tides of change in tax policies (as usual) doesn’t bite as deep as traditional banks.

There are apps like OPay, Moniepoint, Palmpay that encourage consistent savings with their lock up features and mild interest rates. You can pick how long you want to lock it up for and they send the specified amount daily, weekly or monthly into your savings pockets.

However, you can go the other way and open an account (savings) and send money there. This is reassuring to some people as not everyone in Nigeria is comfortable with a bank that has no physical space.

4. The Unconventional

Then we have savings in Crypto like the HBD. Although not everyone wants to go through the stress of sending across chains if they don’t write. Only the Hive platform gives as much as it does with interest. Utilizing the savings feature on Hive is the best way to grow your HBD steadily and surely, apart from writing of course.

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