For many of us, the issue is not that we do not have money but how we spend it. From fine dining to weekend ‘turnups’, we find ourselves spending money largely – both the amount we have and the one we don’t. Here are 7 ways to save money with these lifestyle hacks.
1. Eat out less
If you work in a bustling city, you are spoilt for choice when it comes to eating out. When hungry, it’s easy for us to stop at the nearest The Place, Mama Cass, TFC or Jevinik. While fast and convenient, eating out could be hurting your financial wellbeing. On average, a meal could cost you as much as ₦2,000 per plate. By the end of the month, you’re poorer by ₦40,000. Have you considered taking homemade meals to work? Have you considered taking time out to find alternatives, rather than settling for the available? There are quite a few good eateries around Lagos where you can spend as low as just ₦500 per meal. You just need to find them. This could save you as much as ₦30,000 in a month or ₦360,000 a year.
2. Consolidate your entertainment – Ways to save money
Do you pay for DSTV, Netflix, internet subscription and Iroko TV and also go out to watch movies? How many of these do you actually have time to watch? Besides, for the most part of the day, you’re at work. You could save money by focusing on a consolidated entertainment channel. These days, good internet access is all you need for entertainment, be it for movies, games or news. Why pay for more?
3. Stop trying to look rich
Sigh! We’ve all been there. We want everybody to know we are doing great. To paraphrase Tyler Durden, “we buy the things we don’t need with the money we don’t have to impress people that probably don’t care”. For instance, why buy a ₦5M car when a ₦2.5M car will serve you just fine? Why pay for things that hurt your finances just because you can? Wealthy people live well below their means, why shouldn’t you? After all, “The art of living easily is to pitch your scale of living one degree below your means”.
Apart from helping you reduce your expenses, you will be able to maintain a lifestyle that will enable you to save more which in turn will allow you to achieve financial freedom faster. You should read our earlier piece How Much of My Income Should I Save?
4. Don’t spend what you are yet to earn
Most times we are driven by expectations. Expectations of: salaries being paid by month-end, a windfall hitting our bank account in 2 weeks’ time, a promised cash from a friend or a share of profit from a side gig.
We are often tempted to base our current buying decisions on these expectations by spending down our current cash above the normal limit with the expectation that some megabucks are hitting our bank account soon. When these expectations don’t pan out as planned, not only have we overspent our current cash but also we might have ended up buying what we “want” with cash with are yet to earn, instead of focusing on our “needs”.
5. So you want to club?
TGIF (Thank God it’s Friday) is a great time to hang out with friends. One of the most popular activities is to hang out at the club. Clubbing isn’t bad as it helps you unwind, loosen up and think of something else outside work.
What is bad is spending your hard-earned money on overpriced drinks and chops! It’s a fact that you pay not less than 400% more for things you buy in the clubhouses. If you’re splitting the bills with a few friends, that’s fair. However, if you are driven by point 3 above, that is a red flag.
6. Why keep huge cash in the bank?
Banks help us keep our money safe. With high inflation and low-interest rate on savings, however, your money doesn’t serve you much enough in the banks’ vault. Your money should always be working for you. Have you considered moving your money into high-interest rate savings where your money will be put to work, more efficiently? Have you considered finding a small business you can invest the money in? Bottom line: idleness does not earn you a dime; the same applies to idle cash.
7. Automate your savings
Being humans, we tend to fall for the temptation of spending to buy “wants”, especially when the cash to do so is very accessible to us with our ATM cards, USSD payment channels or banks’ mobile apps. Every now and then, we are faced with seemingly unavoidable needs to make spending choices.
A perfect way to rise above this temptation is to set up automated savings. An automated savings and investment platform like Cowrywise, allows you to set an amount to be saved on your behalf automatically at any given date. It is a free, simple and tech-driven platform that allows you to save automatically while you also earn a return that is 2.5x what an average bank gives on a savings account. Try it out!
Start saving on Cowrywise ??????
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I started working as an outreach intern in Jan 2015 then I was staffed in May. I grew from outreach intern to officer to coordinator the moved to alumni affairs coordinator/social media manager and now I drive communication efforts in my organisation at WAVE.
I started with 18k. Lol. Never forgetting that. Now, let’s just say I’m able to do the these I want to do. Ps- I like to enjoy life cos YOLO.
I doubt that I’ll find another organisation like mine. From culture to leadership to working environment to remuneration, it’s one I admire and I’m always quick to get my friends to come work in because the average Nigerian thinks all Nigerian employers are out to exploit them which isn’t true.
Some are particular and deliberate about your growth which is why I’ve been here 5 years and counting
Your story is so inspiring! ?
We can imagine how much growth you’ll enjoy in the next 5 years if you keep this up.
All the best and thanks for reading.
This was a really good article, well thought out and honest.
Thanks for reading. ?
I have worked for the same company, JPS, since March, 2018 and that is three months after my youth service. And I have enjoyed my time here. There are opportunities for progress and I agree with all that is said in this post.
I was promoted and moved to a different unit after a year of work. It is really interesting how much I have achieved in my two and a half years here. I have moved out of my parents place to rent an apartment, and i’m working on a few investment opportunities which I believe will move me closer to a HNWI in the nearest future.
So good! ?
You’re already on the right path to wealth creation.
We’re definitely rooting for you!
Really insightful piece. Intrapreneurship? Nice perspective. I really appreciate it. Even though the average Nigerian employers IS out to drain you mentally, emotionally and physically, hence the rise to fame of the ‘fire your boss’ mantra..
It’s good to know there are still companies out there that are after employee development.
So, ok. I’ll look inwards today. Self analyse. And use this piece as a foundation for strategizing the way forward. Especially since next year is just around the corner. (New year resolution things)
To all the previous comments, thanks for the enlightenment.
To the author, your finesse in content writing is a gem.
Cheers to you
Cheers to you too, Chimdi. ?
We’re so glad you found this helpful.
Very helpful. Thanks
You’re welcome, Kingsley. ?
Thank you for this article. I enjoyed it thoroughly.
Thanks for taking the time to read it!?
Love love love this article!
Thank you so much for sharing.
It was super insightful.
P.S – Cowrywise forever! ?
Whoosh! “Cowrywise forever!”
That’s the same way we’re rooting for you forever too! ?
Thank you, Christabel
You have said it all. As a graduate when i was still in school, i get to see how my brothers complain daily about working and how tired they feel when they come back home. Some talked about how interesting and how they have learnt alot in their current position.
it was clear to me that, i need a business of my own. Currently i am working as a teacher in a small school paying me 15k, i love teaching and i have my business a computer training center and an online store where i sell some digital products, its growing gradually and i just love it.
Well done!!!
We love that you already have multiply streams of income.?
I gained so much from this article. Thanks
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This is a good read I must say, well done Ope.
Thank you, Promise
Its interesting how I stumbled on Cowrywise on Google PlayStore, downloaded it and blindly followed it without any form of due diligence and today, I am happy I trusted my instincts.
I am a 9 to 5, I have no regrets about it because I have been thoroughly exposed to a world I may not have known elsewhere.
I have also ventured into entrepreneurship and had my fingers burnt but the experience is priceless.
Now I am on a mission to creating businesses of the future through savings and investments.
Thank you Open.
Quite enlightening.
So glad you trusted your instincts, Paschal.
Looking forward to your wins in your career.?
Thank you for this article. It was a good read and worth the time. I had to even share with some few colleagues.
I am a 9 to 5er too and I am actually enjoying what i do. This article would serve as a guide.
You’re a good colleague, Teslim.
Thanks for sharing!
One of the best articles I’ve read this year. This has always been my thought; you can be a 9 to 5er and be extremely wealth. Its about planning and investing. Thank you Ope.
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This is so insightful, I just finish reading for the third time since yesterday. Thank you so much Ope
Thank you! ?
This article is very educative. Thanks Ope.
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Intrapreneurship…this is super educative Sir, thanks for sharing such an amazing piece.
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I totally enjoyed reading this article and I find it very insightful as well.
Thanks, Ope for the efforts taken to educate Cowrywise users.
Thank you, Moses, for reading!
I really don’t know the link I click that took me to this article, but regardless I love what I just read , I have always being a fan of side hustle , that made me have a small accessories and props store online, although still serving (Nysc) but still I wanna see how 9 to 5 is , I’m really open to it
Thanks Ope for the lovely piece
I started real estate consultancy after my NYSC about a year ago and you can make a good deal of money from commissions over every sale. It is a side hustle that might probably turn into full time soon lol.
Awesome.
Well done, Uche.
We’re rooting for you!
Beautiful piece. Very interesting and enlightening read. Thank you!
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Intrapreneurship… Wow I didn’t know that was a thing, I’m still a student but I like the idea of working a 9-5, I’ve worked a 9-5 before and also have a business I’m running. I’m particularly inspired by the story of Sheryl, I really hope to look back in a couple of years and be glad I read this write up. Thanks Ope- You’re the best