If you’ve been looking for smart ways to save money in Nigeria, then you’re welcome to the right page. Here in this blog post, I will show you different methods I’ve personally been using to discipline myself when it comes to saving money.
I don’t know the reason why you’re embarking on this, but either you’re saving money for your next vacation, you’re about to start a business, for emergency purpose or any other reason(s), I’m sure if you take my simple recommendations here seriously, you’ll be glad you did.
Saving money in Nigeria has been one of the things we practice in our culture. I can remember when I was in primary school, we do save part of our money with a trusted pupil in our class. We do this for different reasons, either to buy something (like wall-clock) or buy a gift for our favorite class-teacher. Then, we also save for our personal use, we can save N10 denominations till it reach certain amount we need.
Also, our parents do the same thing. I can remember it’s called “Ajo” in Yoruba language. That’s a system where a group of people save money with someone they trust. They collect this money contributed according to how their names are aligned in the list.
All down to this modern age, we save money in Nigeria by simply depositing it in bank, which has been great, because it was the safest ways to save money in Nigeria until there’s advancement in technology.
Yes, I don’t really recommend saving money in bank these days because of some arrant fees the bank will be deducting until they deduct N5,000 to N3995.80!
That means both bank and the traditional ways to save money in Nigeria is NOT recommended by me. You might be thinking like; ‘hey, which way are we going to use again?’. Well, that’s why you’re here.
But before I list those ways, let me tell you that: I’m not against using either any of the Banks in Nigeria or the traditional methods like ‘Piggybank or Ajo’ to save money in Nigeria.
Let me tell my reasons for not recommending them;
Why Banks & Other Traditional Methods Are Not ‘Okay’ to Save Money in Nigeria
- The Arrant Charges: The first reason why Banks are not recommended to save your money is because part of the money you’re saving (in your mind) will be deducts gradually till you realized that it’s better to save the money under your carpet instead of depositing it in bank.
Also, if you’re saving money with someone (in traditional method), the person will collect some fee from you. In my area, it’s actually the first amount you save and you may also need to pay for drift card.
- Temptation: You’re saving money in bank or with someone and you need something that’s not really useful to you (maybe like luxurious clothes, shoes or food), sometimes, it might be because your friends are doing something and you want to do it also, it will be easier for you to go and withdraw all your money in bank or go the person helping you to keep your money and collect your life-savings…
… at the end of the day, you’ll realized temptation has taken over you!
- Fraud: What if someone wire away all the money in bank or you’re tricked until you personally send your money to a fraudster? Yes, there are cases of cyber scams in Nigeria and they’ve even did it to a minster of the federation, so don’t think you’re special or safe.
When it comes to the traditional method, the person can easily run away or pretend as if the money is stolen etc.
- Your money is just sleeping: After the bank might have taken their charges or the ‘Alajo’ the person whom you’re saving your money with, have taken his or her fee, you’ll collect the exact amount you save. Meaning, the money is sleeping instead of working for you while you’re saving it.
Now, let me show you the smart ways to save money in Nigeria and compare it with what you’ve read above.
Top Passive Ways to Save Money in Nigeria
Here are the smart ways of saving money in Nigeria;
1. Use Digital ‘Piggybank’ Like PiggyVest
If you’ve been using piggybank or ‘kolo’ in your house, how are you coping with temptation and securing it from being altered or stolen by someone else?
Well, that’s one of the traditional ways to save money in Nigeria, but can we now go digital?
Using digital piggybank will safe you from temptation or fear of insecurity. And you know what? You will earn interest on any amount you save!
There are many digital Piggybank to save money online in Nigeria, but I’m personally using PiggyVest.ng and I recommend you start using it to save today!
PiggyVest is not a bank but they help small-business owners with loan and they get the money they give out to these business owners from the money their customers save with them.
They’re partnered with one of the most prestigious banks in Africa, so your money is kept in a safe account and PiggyVest is insured. But here are few reasons I recommend Piggyvest;
Why you need to start using Piggyvest to save money in Nigeria
- You Earn Interest
Just like you know, if they lend money to someone, that person must pay an INTREST on the money borrowed, from that INTREST received, they compensate all the people who save money with them.
- You can Invest
Apart from the fact that you can earn interest, you also use the money you’ve saved to invest on a business through the Investify program on PiggyVest.
- You can Earn Referral Bonus
If you invite anybody with your referral link or code to join Piggyvest and those people take action by completing the registration and start saving, you’re earn N1,000.
The first day I registered, I completed my registration and save my first money, I got my referral code and shared on my WhatsApp status, I earn N8,000 that day because 8 people signed up through my referral link.
- You’ll Also Earn N1,000 for joining
You will automatically be given N1,000 as soon as you sign up.
- Piggyvest can Discipline you
You can lock your savings till when you’ll need it. Let say for instance, you need N50,000 in the next 3 months, you can be saving N600 per day or N4200 per week.
Do you know that something else can come up and you may just spend your money any day? But with Piggyvest, you can set it to be;
- Deducting N600/day or N4200/week from your bank account
- You can lock the money you’re saving till you need it, either 3 weeks or 3 years.
There are also some benefits you’ll enjoy, if you choose Piggyvest as a medium to save money in Nigeria.
Note that, you can be saving for as low as N100!
2. Buy & Keep Bitcoin
Do you know about cryptocurrency?
Cryptocurrency is charging millions of entrepreneurs to billionaires, that’s if you’re a smart trader.
Buying and keeping Bitcoin is another smart way to save money in Nigeria, because, BTC rises.
Let say you buy a bitcoin worth N20,000 today just to save that N20k, bitcoin can rise and your 20k worth of BTC can turn to N50,000!
I always buy bitcoin whenever I want to save money.
Although, there are many places you can buy bitcoin (and other cryptos) in Nigeria, but I’m using Luno because it’s safe and it’s 100% best for Nigerians.
Note that if you want to convert your bitcoin to cash, you can also use Luno to sell your bitcoin. But I will advise that you trade your BTC to earn more money. If you don’t know how to trade cryptocurrency, kindly ignore.
But if you’ll like to be mentored by me, it’ll cost you N36,200 and I will teach you the nitty gritty of trading cryptocurrency, add you to a support group and you’ll get daily FREE signals. Message me on WhatsApp if you’re ready – (080 6886 6068).
Start saving money today by buying bitcoin, click here to get started with Luno and earn N250 worth of BTC for free.
3. Treasury Bills
One of the smartest ways those rich businessmen invest and save their money in Nigeria is through Treasury bills. And to God be the glory, this unique investment opportunity is open for everybody in Nigeria.
This is how it work;
You go to your bank that you want to invest in T-Bills and you’ll be given a form to fill. The minimum days you can invest in T-Bills is 90-days (or 3 months) and you’re going to earn interest in the money you invested with.
Treasuring Bills in Nigeria is very profitable and will help you guard your money without any deduction from back… If you want to know, check the recommended post below;
RECOMMENDED: How to Invest in Treasury Bills in Nigeria
Start T-Bills as one of the methods you save money in Nigeria.
4. Invest in Real Estate
The best investment in the world is ‘Real Estate Investment’.
2/3 of richest people in the world are in one way into real estate business. An example is Donald Trump, the President of United States of America.
Do you know why Real Estate is one of my most recommended ways to save money in Nigeria? It’s simply because it makes your value (or money) to ‘appreciates’.
Let say you have the sum of N500,000 and you want to save it, the best way to do that is to buy a land.
If you buy a plot of land and finish all the papers with that your N500k, you’ll never regret you did.
Because as times goes, on that same land can appreciate up to N2.5million within a year, meaning you earn N2m as profit!
If you have big money to save, don’t use bank, start thinking about real estate.
5. Start a Profitable Business like Mini-importation
You’re actually thinking of saving your money but here is a business offer, what is happening?
Well, instead of keeping your money somewhere idle, think of using the money to start a business. And here, I recommend starting a mini-importation business.
Any business under ecommerce are fetching money these days, dropshipping and mini-importation is also not left behind. But how does this business work?
If you want to learn more about mini-importation, check this blog post here – in that post, I talked about dropshipping but I also explain in details what you need to know about Mini-importation.
Mini-importation business is when you buy some products from foreign countries at cheaper price and you sell here in Nigeria at higher price (at least above how much you bought it).
The secret to a successful mini-importation business in Nigeria is to find what is called ‘hot-selling products’ and you ship to sell in Nigeria.
Mini-importation is very advisable, if you’re really looking for a smart way to save money in Nigeria.
…. And that’s all about Smart Ways to Save Money in Nigeria
I have aligned 5 best ways to save your money in Nigeria and earn passive income, instead of leaving your money idle in bank or keep it someone acclaimed to be a trusted person, who can run away with your money anytime.
My first recommendation is to use Piggyvest and I’m sure you remember the benefits attached to using it to save your money? Apart from Piggyvest, you can also save money in Nigeria by buying bitcoin using Luno and maybe trade to earn more.
Then I told you about investing in Nigeria’s Treasury Bills, Real Estate and finally using the money to start a profitable business that will produce your money soon, and Mini-importation is one of these businesses.
Once again, I’m not against saving money in bank but as the title of this post says, Smart ways to save money in Nigeria – a way to save & Invest passively.
Feel free to tell me (using the comment box below) the one you’ll start utilizing soon and I will answer any question you have on it. And don’t forget to subscribe to my mailing list in order to receive free updates and freebies from me.