Saving money these days in Nigeria requires discipline and smart planning. Let’s put you through some tips on how to plan your income.
Firstly apply the 50, 30, 20 % rule to split your income. i.e. allocate 50% for your core needs like (rent, food, transport, utilities), 30% for your personal wants i.e (outings, subscriptions), and 20% for your personal savings. In all you do prioritise saving!
To save more from your monthly income Have a budget, set goals for your savings, don’t buy on impulse, avoid debt and track your monthly spending. For those with poor saving habits, locking your money in legit saving apps or intentionally avoiding an ATM card to your savings account could be helpful.
Here’s the key! No matter how much or less you earn monthly, don’t fail to budget for each month strategically; otherwise you will live in debt. The 50,30,20 budget rules will help you manage your finances effectively. It pays to Save or invest at least 10–20% of your income every month though it may look small but overtime you will be thankful you did.