BUSINESS EDUCATION LIFESTYLE NEWS

7 Super-Smart Ways To Save Money This Festive Season

By Sam Maiyaki

You can’t go wrong if you have more money in your bank account.

In our economy, money is the solution to a plethora of questions.

People put in a lot of time and effort to earn a living, yet they aren’t adequately paid for the time they spend away from their families.

Others work on the weekends and yet don’t have the extra money in their bank accounts.

1. Reduce the number of tips you give
I have no problem with service providers that accept gratuities.

When it comes to gratuities, you should cut down unless you have more than you need. Some do it to brag about their abilities.

Why not make the effort to truly gather and save all of your ‘change’.

If you spend even a few cents, don’t be afraid to save all of it.

Because you think it’s unimportant, don’t hurl it at cashiers at the mall, bikers, or the market lady.

When you pay for anything with cash, you should keep the change in your wallet or put it in a container.

You’ll be shocked at how much money you’ve saved if you add them all up at the end of the month.

2. Make use of online savings platforms
You can save money by using applications like piggyvest.

In terms of savings and investment, Piggyvest is a terrific addition to the market in West Africa, offering several benefits.

With a tool like PiggyVest, formerly known as piggybank.ng, saving for the future is much simpler.

On the platform, investors may also get as much as a 25% return on their money in only eight months or more by putting money into various firms.

It is possible to make as much as 13% in interest by saving money. Nigerians know them as the country’s leading online savings and investing platform.

There are several ways to save cash. You may save as a group or as an individual, depending on your requirements. A friend, spouse, or even a stranger may contribute to your retirement fund.

A rainy-day fund is a wise investment.

3. Buy goods in bulk
You save more money when you purchase your everyday necessities in bulk.

It’s simply a matter of pound foolishness.

In the long run, it is more cost-effective to purchase a pack of diapers than to buy individual diapers as you need them. More money is spent as a result of using this service.

When it comes to indomie, for example, purchasing a box rather than just one or two pieces is preferable.

If you want to save money, you can do the same thing with household cleaning products like soap and dishwashing detergent and laundry detergent and shampoo and dish soap and tissues and diapers and baby wipes and trash bags.

As long as you do this regularly, you’ll be able to plan your spending and yet have money to spare.

4. Stop purchasing on the spur of the moment (impulse buying)
Buying stuff on the spur of the moment might lead to financial trouble. Learn the art of delaying pleasure. People that succeed do this all the time.

They refuse to purchase whatever they see or want. Imbibing in a society like this requires a lot of self-discipline

Don’t spend money on things you won’t wear or use, such as clothing or perfume. If your watch or phone is still in excellent working order, don’t get a new one.

Be steadfast. Whenever someone comes to you and offers you their products on credit, take a step back. Saying no is a skill that must be learned. You’ll learn more from bankers.

Many of my colleagues at the bank have no savings to show for it since they’ve bought things on credit. As a rule of thumb, goods purchased on credit are more costly than those purchased with cash.

5. If you don’t have a list, don’t go shopping
When I returned from my previous trip to Shoprite, I began to doubt my sanity. I spent 70% of my money on stuff I didn’t need. However, I had no intention of making a purchase, and towards the end, they collected a few thousand dollars from me.

This can have occurred to you as well. Solution? Take a list with you when you shop in these megastores and ignore the products you don’t need.

6. Set aside twenty percent of your earnings for your use
There are savings alternatives at your bank that allow you to choose a percentage to be taken out of your account each month.

Your pay is immediately debited the moment it arrives in your bank account.

This is a great way to save money in every possible way.

It is possible to utilize your funds at the end of the year to fund a capital project.

7. Cut down on the luxuries you don’t need
If you can spare some time on the weekends to do your washing, don’t always give your garments to the dry cleaning.

I think dry cleaning is a fantastic idea.

However, set aside some time to do it on your own to save money.

As a Wrap-Up
Make a list of your financial goals and figure out how you want to reach them. Financially, failing isn’t a big deal; you’re better off because you tried.

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