6 Practical Ways to Save Money

The ability to save is a necessary life skill. Most of the time, we have plans to put some money aside but the bills never stop. They keep flying in from every direction.

You’re always thinking about rent, food, family and even money for visa (In the words of Naira Marley, “Japa Japa”) and before you know it, you forget to keep money aside for the rainy days.

You say to yourself, “It’s only this month, we go again next month!” or “The money I earn isn’t enough to save from.”

Sometimes, you might be right but the truth is you will only start saving money when you learn healthy money habits and make saving a priority.

They are a lot (and we mean a lot) of practical ways to save money without changing so much of your lifestyle.

With a few tweaks to your spending habits, you will start saving money like a pro in no time. It’s not rocket science, it’s basic arithmetic.

Here are six money-saving tips (that actually make sense) that will help you save money easily.

6 Practical Ways to Save Money

  1. Shop with a budget

You’d be surprised how much you spend on unnecessary stuff if you draw up a budget for your monthly grocery expenses.

A pack of plantain chips here, a few bottles of soft drinks there and before you know it, you’re spending way above your shopping budget.

Those little purchases that don’t seem like much add up overtime and end up eating up a large chunk of your income every month.

Save money while shopping by planning out your meals weekly and observing what you already have at home before heading to the store.

You can also shop online. Pick out only what you want and avoid the temptation of picking those little cravings at the checkout counter by shopping on the internet.

2. Save money automatically

You can save money without thinking about it.

Set up your bank account to automatically transfer funds from your salary account into a savings account/ platform every month.

You could also open a money market fund account and transfer money there immediately your salary is paid.

You’d be shocked how much you’ve been able to save from those little amounts you have been stashing away.

3. Unexpected money isn’t for flexing (Know this and know peace)

When you get a nice bonus at work ($weet!), make sure you put it to good use.

Don’t blow it all on your next shopping trip or on the next iPhone.

If you still have debts, you’ll be better off using this extra cash to settle them. If you’re debt-free, use that extra cash to bulk up your emergency fund — you know, for emergencies.

4. There’s food at home

Buying lunch a few times a week might seem harmless (especially when your favorite eatery is just a walking distance from your home/office), but you can save a lot more money just by cooking your meals at home.

The amount of money you spend eating out twice might get you a week’s worth of groceries.

So instead of going into a fancy restaurant at every chance you get, make some amala at home and watch your savings grow month by month.

5. Do It Yourself!

Before you dish out money for fixing that new chandelier, fancy bedside light, think about doing it yourself.

A simple Google or YouTube search will save you a lot of money in your next home project.

All you need to do is get the required tools but if you know you can’t hit a nail on the head to save your life, you can ask a friend or neighbour for help so you don’t have to spend more money on a trip to the clinic when you nail your your hand to the wall.

When you want to do any DIY work (or any kind of work), borrow what you need from a friend or neighbor instead of spending money to buy it.

6. Sell everything (that doesn’t bring you happiness.)

Become a minimalist. Let go of things that you don’t need and improve your physical and financial space.

That vintage chair your grandfather left you, sell it! That fridge you no longer use, sell it! Those shoes that you bought and you don’t wear, sell it! Sell it all!

When you make an attempt to get rid of unnecessary things in your space, you’d be surprised how much you don’t really need. Don’t forget the sweetest part, they would also fetch you extra cash for your savings.

At GDL, we’re committed to making your financial dreams a reality in whatever way we can.

Visit our website and follow us on Instagram, Facebook, Twitter to keep up with all our wonderful products which are tailored to serve you and meet your preferences.

There’s something for everyone at GDL!

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GDL Nigeria

GDL Nigeria

A leading diversified financial institution creating wealth and transforming society.

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