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Home Financial Literacy

7 ways to save money after payday 

Abiola Odutola by Abiola Odutola
December 28, 2019
in Financial Literacy, Personal Finance
All you need to know about target saving plans, specifically an education plan, 7 ways to save money after payday 
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A lot of Nigerians believe that there is a secret towards understanding how to save money, especially in a country like Nigeria where expenses skyrocket almost every week, steadily eating into one’s monthly income. But that is a wrong notion.

Financial analysts rather argue that what is needed is an understanding of tips and strategies that make it easier to save more of what you earn.

READ: All Tech Companies eventually became Fintechs- Google to launch new debit card

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A finance expert, Dr. Ayo Bello, said that many people consider having a well-paying job as the only opportunity to save meaningfully from their salaries. For those who belong to this school of thought, it is better to change such perception before it is too late.

He frowns at the popular belief that a good job translates into the financial capacity to plan for things like a new car, investing in a startup or even a vacation to a dream destination.

READ: Dollar Exchange Rate: The demand and supply crossroads

To him, all of these depend largely on how much of your monthly income you are able to set aside, and how disciplined you are towards sticking to your monthly budget.

According to him, the biggest challenge for most salary earners is sticking to the monthly plan, as it directly affects other projected plans for the month. 

[READ MORE: If you’re in your 20s & 30s, here are some ideal investments]

Here are some tips on how to save money after payday. 

Write-out your goals

After the credit alert comes from the bank, there’s no better time to spell out what your saving goals are for the month. In other words, what you intend to do with your salary is just as important as the salary itself.

READ: How to get out of debt: A step-by-step guide

Track of your tickets/bills

Whatever happens, you have to keep track of your expenses. One easy way to do that is to come up with a rating system.

For instance, if you earn N100,000 monthly and plan to save 40 per cent of that, draw up a rating system. Say, at the end of the month, if you end up saving only 10 per cent of your income, be honest to scold yourself with marks like ‘FAIL’ and vice versa.

READ: Banks reduce dollar spending limit on naira debit cards to $100 

Create a Budget and Monitor it

If you are planning to save a percentage of your earnings, then you should have a budget. Bear in mind that your budget should include everything you spend money on monthly, even money spent on airtime for your mobile device and money you set aside for charity.

This is not the kind of budget that you carry around in your head— you have to write it out or have it typed out in a document where you can look through it as frequently as you need to.

READ: How to protect your deposits during a bank merger or acquisition

Write out how much your disposable income is on a monthly basis and how much you intend to save. Also, write out every single item or service that you pay for, right from the salon to the restaurant and others. In other words, ensure everything is accounted for.

At the same time, ensure that you monitor your budget. In situations where you record expenses that were not initially included in the budget, include them under review, and make plans for such recurrence.

[READ ALSO: What you need to know about Portfolio Diversification]

Do you need to change your route?

If you find yourself indulging in impulsive shopping, especially on your way from work, you may need to change your route. Where you shop is just as vital as what you are buying. A man once bought a portable wardrobe at a shop close to his work place for N11,400 and after a few months, it began to fall apart, mainly because he overloaded it. He later bought another one at N5,000 at a shop very close to his house.

READ: Bank’s agent loses N160,000 to alleged fraudster 

Budget, dine, eat out. getting thrifty

Must you take your debit card out every day?

Your debit card can actually save you from being stranded, but having cards for all your accounts could tempt you to go beyond your monthly spending limit. Without caution and discipline, you will keep spending the money you have saved.

Instead of having debit cards for all your accounts, which may force you to leave far less than you planned to save at the end of the month, get a debit card for your operational account. The lesser your access to your main account, the safer your savings will be.

READ: ATM Fraud: How to care and use your card wisely

Buy what you need, not what you want

If someone offers to sell you a new pair of shoes or a really nice wristwatch, wait for a clear 48 hours before you make a decision on whether to buy or not. This gives you sufficient time to decide if this is something you need or something you want. If you work with this strategy, you’ll end up not buying quite a number of things you originally wanted to buy.

READ: FG to save N1 trillion annually from petrol subsidy removal

Savings comes before spending

One of the wrong ways to go about saving from your monthly earning is to save what is left after your spending. That is suicidal. If you truly desire to see the account balance of your savings account go up on a monthly basis, you have to save first, then spend what is left. If you insist on spending and then saving what is left, the chances of having anything left are quite slim.

[READ FURTHER: Consider incorporating Bill Gates’ most reliable investment strategy today]

 


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Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

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Comments 5

  1. Ama Olotu says:
    December 28, 2019 at 11:38 pm

    Very helpful.

    Reply
  2. Anonymous says:
    December 29, 2019 at 7:17 pm

    Nice one

    Reply
  3. Kels says:
    December 30, 2019 at 11:58 am

    Lovely Piece!

    Thanks for the helpful information

    Reply
  4. Chukwudi says:
    January 1, 2020 at 1:51 am

    Thanks for your advice. Please What is mutual fund and how does it work?

    Reply
  5. Anonymous says:
    July 28, 2020 at 5:15 pm

    This was quite helpful. Thank you

    Reply

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