Lagos is a prominent African financial centre and the economic hub of Lagos State and Nigeria at large. If you have been to other states in Nigeria, you will understand that the standard of living here is relatively higher. In this article, we explore some specific ways to save money in Lagos and keep your bills in check.
1. Buy things in bulk
Oftentimes, buying things in bulk helps you get a discount. It also helps you save money for a period because you won’t have to worry about getting that item for a while. If you have stuff that you use regularly, it is imperative that you buy them in large quantities to avoid extra spending every time. A crate of egg that was N2500 might be N3000 the following week.
The ability to negotiate is a skill that should be mastered if you want to save money in Lagos. People are looking for ways to milk one another. If you are undiscerning, you will pay 2x, even 3x more than the actual price of a product, especially if you’re totally ignorant. Unless you know the price ahead, try this method of slashing whatever price you’re told in half. Hear what they say after that and proceed with further negotiations from that point. Learning how to negotiate can save you a lot.
3. Live within your means
To save money in Lagos, you need to have the discipline to live according to your earnings. For instance, if you are not financially buoyant to order a ride, take the bus. If you’re taking someone on a date, and you know a restaurant is beyond your budget, find a less expensive alternative. Don’t get broke because you want to impress people. Don’t allow peer pressure to drain you.
4. Be strict with your budget
There are several things competing to take your money in this Lagos. From food, transport, electricity bills, fuel, outings, friends, family, to people that hail you here and there, etc. Creating a budget and sticking with it will go a long way. Sometimes you will need to make up your mind that no matter how touching a story is, you will not do the transfer.
5. Learn the 30-day rule
The 30-day rule is a savings rule that teaches the financial discipline to wait for 30 days before you decide if you want to buy something. You will agree that whenever you step outside in Lagos, especially if it’s the supermarket or a store of some sort, there is that temptation to buy anything that jumps at you.
You will find out that if you wait for a month, most things that look like needs right now wouldn’t anymore. This way, you would’ve saved some money instead of mindlessly wasting it. Waiting is always a good idea, that way you get to know if that purchase is really worth it.
6. Make your savings automatic
This is also one of the most efficient ways to save your money. Have a fixed deposit account where money is saved automatically for you as soon as you get paid. Also, it is a lot easier to save when you have a goal. So, do you have a clear one?
Truth be told, living in Lagos can be financially demanding, but hopefully, these tips will help you save money one way or the other. If you have been thinking of how to save regularly or even better, to automate your savings, get on the right side of saving now with Cowrywise. Automate your savings and earn awesome returns. Start saving now.
Want to share with us some things that hinder you from saving money in Lagos? Tell us in the comments.