Every January, Nigerians make the same promise to save aggressively, but by February, life gets in the way. Fuel prices rise, bills pile up, and someone from the village calls with an “urgent” emergency.
In this engaging episode of Everyday Money Matters, Segun sits with Olubori Paul, a finance coach, serial investor, and founder of GoFarms Innovations and GoRealty, to uncover why saving isn’t always smart, and how inflation, weak interest rates, and mindset traps are quietly sabotaging your financial goals.
The show begins with Paul clarifying how savings accounts operate in Nigeria and their connection to wealth creation. He explained that in Nigeria, a savings account can be used in two main ways: either to set aside money for future investments or simply to save for personal needs. Paul further noted that the advent of having a savings account in Nigeria has reduced impulsive spending and enabled people to be financially disciplined.
However, he mentioned that when unforeseen expenses come up, you should save at least some money that will protect you in times of emergency.
Additionally, he explained the term broke saving by mentioning that it is better to save as a discipline rather than a mandatory thing to enable you to invest the money into a bigger project. He went on to correct the misconception about saving as a tool to build wealth by stating that you can only build wealth by creating opportunities to build wealth.
Paul concluded by advising young Nigerians to utilize their savings as a tool for investing in themselves and further provided systematic strategies for saving in Nigeria.
If you’ve ever wondered why your savings never seem to grow, this episode will make you rethink everything you thought you knew about financial discipline.
