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Money Saving Tips, Nigeria, Budget, How To Save Money

Money Saving tips

Money Saving tips

Money Saving tip information and advice is not a new thing to everybody but what is new is the view in which every one is now looking to save money.

The advice on this money saving tips is for information only and if use appropriately, it can save every individuals some amount of money now and in the years to come.

No matter who you are or what you do, it is paramount to you to cut down on excessive spending that are not necessary and get the fact that it is VERY possible for anyone to turn their financial circumstances around. In most cases, all it takes is the first step in a right financial direction to get things moving in your favour. These first step may be anything from your attitude to money, your attitude to life, your attitude to investment and so on. BUT the hardest part of it all is this “first step”.

The Money Saving tips below may not be something that make an instant change to your financial life immediately, but they will definitely put you in a commanding position when it comes to your finances.

1. Making Records:

You can start by making records of all you outgoing expenses and also make a note of your incoming income. This is the first step is in saving money and it allow you to know approximately how much you are spending each months. This is to show yourself in a black and white page how much money is going out of your pocket each months.

By doing so, that means you will record what you spend on coffee, transportation, groceries, entertainments and the rest. Once you can list your outgoing on the above, then you can categorise them on how important they are to you each month.

2. Have a budget:

What is Budget? Budget as define in the dictionary is an estimate of income and expenditure in a given set of time.

Yes you can budget yourself to save yourself a substantial amount of money each month using each month as the set of time mentioned above.

3. Prioritise:

Setting priority on what is important and what is not can help you cut down on unnecessary spending which in turn will help you in your money saving journey. We all have different priority when it comes to spending money, so it makes a lot of sense for you to decide on the saving goal that is more important to you and how you want to achieve it.

4. Spending and Investment Strategy:

What is your spending strategy? This is the way and manner in which you spend your money. Yes each and everyone of us can have a spending strategy by separating the money we want to spend each month from the money that we want to save. I always recommend putting the money to be spent on a Prepaid Card each month. This will help not to over spend.

What is your Investment Strategy: This help to multiply your saving. Look for a good interest yielding savings account that will hold your money and at the same time pay you interest on that money.

To know more in investing your money that is saved, please visit Money Making tips guide.

5. Look for discount shopping:

Discounts on your shopping can save you more than you can think. Several businesses cut down on goods and service price from time to time. You can also use Prepaid Card or Debit Cards that give you Cash Back rewards on your purchases.

Also remember that many shops also cut prices when there are special occasion or clearing out their stocks.

Special seasons like:

Christmas period

Black Friday

Valentine day and many more.

Always remember, the more you discipline yourself and follow some of the guidelines above, the more you will be able to save more.



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