Topic over flogged already, right? Sorry but no sorry. Enough cannot be said about the subject of savings because of fear of the unknown.

Truth is, many people struggle to save considering the ever-increasing inflation plaguing our economy. World Bank data by showed that the percentage of the Nigerian adult population (15 years and older) who saved at a financial institution fell to 17.7 percent in 2021, the lowest in ten years, from 23.6 percent in 2011. This development is not good for the country’s financial health.

Even if the reasons understandable, it is not excusable. You must strive to save no matter how little. Save for the rainy days (because they will come) and build wealth.

In this post, the objective is to show you 2 proven ways to save money easily from your income or stipend every month.

Create savings account immediately

Creating a savings account is a great way to build up your savings and invest in your future. Savings accounts are insured, which means that you can bank with confidence. Additionally, many banks offer attractive interest rates on savings accounts.

One way to save money is to make a monthly contribution to your savings account. This will help you to grow your savings over time. Another way to save money is to invest your money. Investing your money can help you to earn a return on your investment. Many banks offer attractive interest rates on investments.

Create a budget and stick to it

When you start tracking your expenses, you’ll be surprised at how much money you’re spending. You’ll also be able to see where your money is going and make better choices about what you spend your money on. Start by creating a budget that reflects your monthly income and expenses. Once you have a rough idea of how much you’re spending each month, it’s time to track your expenses. There are several ways to track your expenses. You can use a pen and paper, a budgeting app, or a website.

Whatever way you choose, make sure you track your expenses at least once a month. This will help you see where your money is going and help you make better spending choices. By tracking your expenses and budgeting your money, you’ll be able to live a more budget-conscious life and save money on the things you need and want.