At Cowrywise, one of our biggest goals is helping you make better financial decisions, like saving. We get it: saving money is hard and finding ways to save money in Nigeria is even harder! There’s always something to spend on, to subscribe for, and to buy. Don’t fret; we’re not judging you at all. By saving money, you also get the chance to put some money aside for yourself and even invest in mutual funds in Nigeria.
We thought about all the practical ways you can spend less and save more with your savings plan for all your goals. Let’s get straight into it.
Thes are all the topics we’ll be covering:
Food and drink tips
1) Buy your groceries in bulk: One of the easiest ways to save money is by buying all your groceries in bulk. Not to mention how convenient it is to have the kitchen stocked with all your favourite food. Some great places to buy groceries in bulk are markets and supermarkets.
2) Cook, don’t eat out or order food: It’s expensive eating out always, and when you finally sit down to do the maths it all adds up to you spending more and saving less.
3) Food prep is a lifesaver: You get home after a long day at work, and you’re hungry. You’re also tired and want nothing more than to just rest. Instead of being tempted to buy food, all you’ll have to do is eat the food you prepped for the week.
4) Cook only what you can eat: Sometimes we’re tempted to cook much more than we can eat at a single sitting and end up wasting food. You might not realize it, yet every little bit adds up to one buck that you could have saved.
5) Stock up on non-perishable food: Stocking the house up is all fun and games until you open the fridge to find that all the vegetables have wilted and the fruits are turning all colours of the rainbow. Stock up on non-perishable food and buy your fresh produce only when you have an immediate use for it.
6) Pack lunch when you’re going to work: One of the easiest ways to save money is packing lunch to work. You’ll save money and time when you prep something from home and bring it along with you.
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7) Do your laundry: It’s nice to sit back and know that you’ve handed your dirty laundry to someone who will bring them back nice and clean. But did you know that you could save a lot more if you did them at home or went to the laundromat and did it? Yup, it will save you a few bucks.
8) Practice the 30-day rule: You’ve spotted something you like on your favourite Instagram vendors page, and suddenly you want it. Instead of buying it, put the money in your Cowrywise Stash and wait for 30 days. If at the end of the 30 days you think you need it, buy it. The chances are pretty low that you’ll still feel the impulse and 30 days is an excellent way for it to wear off as you put some thought into it.
9) Outsourcing chores is nice, but doing them yourself is even better (for your pocket): We all hate chores and would much rather prefer to get someone else to do them. Except that costs you a lot. You save much more doing it yourself.
10) Carpooling: That Uber ride you’re about to order? Take it with a friend or two. Carpooling means the bill will be split and you still get to ride in comfort to your destination. It’s an excellent way to cut back on spending.
11) Travel packages are the best travel deals: We know you’ve been thinking about rewarding yourself for working hard. Now you want a vacation, and those flight tickets look too expensive because you’ll have to pay for hotels, food and do cool stuff while you’re there. Go for a travel package which is usually more affordable because you get group discounts. You’ll have fun, get a much better deal and still save some money too!
12) Don’t commute during rush hour: If you can leave your home a little earlier or later, do it! There’s nothing better than avoiding the hike in transport fares during rush hour.
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13) Cut down on smoking and drinking alcohol: You’re probably wondering what this tip has to do with saving money. If you think about how much money you’ve spent on alcohol and cigarettes, you might notice how it all leads up to a larger amount. Both can also lead to expenses paid on medical bills.
14) Health insurance means less medical bills: When you think about the fact that you pay an affordable amount every month for health coverage, it makes a lot of sense that it saves you money in the long run. Whether it’s a headache or something even more severe, your health insurance covers it and saves you a lot of money.
15) Stream less and download more: This should seem pretty obvious, but you’ll end up spending much more on data if you stream.
16) One movie or TV streaming service is enough: There are plenty of platforms offering to give you all the movies you can watch with a monthly subscription. We know there’s a temptation to subscribe for more than one but resist it and save that money in a savings plan instead.
17) YouTube and Vimeo are free: If you’re looking to save even more, slash your movie streaming service and go for YouTube instead. There is a lot of great content on there to watch instead.
18) Research events that are pocket-friendly: You’re bored with being home all weekend and want to go somewhere or do something. Search for events that are pocket-friendly! These events could be close to where you live and don’t require you to dish out a hefty gate fee to grant you access. Eventbrite is a great place to start.
19) See a movie at home and skip going to the cinema: We all love the experience of going to a cinema provides. When you’re on a budget, staying at home to watch a movie is a much better way to save.
Applying these tips means you’ll definitely have a lot more to put away into your savings and investment plans. To get started, all you need to do it sign up with us and start saving.