5 Tips To Saving That Cash For 2021

Don’t Spend All Your Money!

2021 is here and if you made any new year resolutions we hope you included good financial making decisions.

Year-on-year, we  do their best to save a portion of their earnings, unfortunately they always miss the mark.

The average Nigerian is fighting a battle to overcome the desire to spend as they earn but like Benjamin Franklin said: “a penny saved is a penny earned”.

Here are few guidelines that can help you develop a simple and realistic saving strategy.


Budgeting is a strong weapon and one of the biggest steps towards effective saving. Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget.

Your budget should outline how your expenses measure up to your income—so you can plan your spending and avoid overspending.

Be sure to factor in expenses that occur regularly but not every month, like data subscription. 


As nice as it is to save, it is totally important that you know why you are saving or what you are saving towards.

Many people save money for many reasons, some save up a certain amount for investment, some save up because there are things they need to buy but cannot afford it presently, while some people save to have something to rely on when the unexpected happens.

Whichever way, you need to know what you are doing, do not just save because you see others saving or because you feel like it.

Don’t Spend All Your Money!


Psychologically, a person is compelled to use up as much resources they find at their disposal and this applies to our finances as well. A lady who earns N50,000 as a front desk worker is content with that amount until she gets a promotion to become the head of marketing and begins to earn N150,000, there is an inclination to increase your spending.

The trick is to discipline your mind. Learn to ask yourself practical questions. Did you spend this much on groceries when you earned less? Do you need to spend this much now? If both answers are no, then the next thing is to talk yourself out of the thought that you have more than enough, so you do not need to spend all you are worth.


One other thing that is important is learning to keep track of all your expenses—that means every single thing you buy or spend on.

Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’re accurate—and don’t forget any.


Without knowing your priorities, you can never save money efficiently as you will keep getting confused as to what to place at the top of your list.

After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. Be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs.

In addition to these, some other things to put into consideration are: picking the right saving tools and keeping it consistent. Once you start to do these things, all that is left is to sit and watch your savings grow.

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