Save Money in Nigeria: Practical Tips to Stretch Your Naira!

Cost-Cutting-in-Daily-Life - Mkobo Bank

Save Money in Nigeria: Practical Tips to Stretch Your Naira!

Ever find yourself wondering where all your money goes each month? Were you able to keep a bit more cash in your wallet this month versus the last month? If yes, you're not alone! We all know money management in Nigeria can be a bit of a juggle, especially with fluctuating prices & daily expenses.

Whether you’re a student, a professional, or managing a household, cutting down on unnecessary expenses is important but that doesn't mean you tighten the belt on the fun stuff. It's all about making smarter choices that add up.

To learn how to cut costs - start by tweaking your daily routines, find creative ways to enjoy life without spending a fortune & do some rethinking on how you shop. There’s plenty we can do to make sure more of that hard-earned money stays where it belongs — in your pocket.

Are you ready to explore some practical & easy ways to stretch your naira without missing on the good stuff? Want to learn how to cut costs & save more! Here are some Practical budgeting hacks for ordinary Nigerians.

Start by Counting your Expenses!

First things first, you need to know where your money is going & how to save money in Nigeria. Start by keeping a monthly track of every naira you spend. Keeping an eye on where your money is heading can be a real eye-opener, and it’s easier than you might think. Want to know how?

Just use an excel sheet to jot down your expenses or go old-school by just writing down your expenses in a notebook.

Whether it’s the extra money on fuel, impromptu snack buys or the occasional Friday night-out, seeing it all laid out will help you understand your spending habits better. It’s time to be your own financial detective & don’t forget to join our waitlist with Mkobo.bank & be the first one to open your high-interest savings account, once launched.

A man calculating his expenses I Mkobo App

Fix your Daily Bread

Food can be a huge part of your monthly budget. But if you plan it well then it's easy to get affordable groceries in Nigeria. Instead of buying food on the go, try & create a weekly menu and always shop with a list. Buy ingredients for jollof rice, beans, or soups in bulk & you’ll end up saving some good money.

Make sure you visit The Fresh Food Hub at Idi-Oro in Mushin local government area where you can buy fresh farm produce at incredibly lower prices. Find peppers, meats, vegetables, eggs, garri, palm oil, plantain, or rice, under one roof, at great deals with options to buy in bulk!

Keep track of every Saturday, when the market fair happens from 9am to 5:30pm & get a chance to buy fresher &  cheaper, veggies & fruits.

Local-market-scene-with-happy-traders-selling-one-using-his-phone-make-video-call-scaled - Mkobo Bank

Lower your Utility Bills

Do some smart tweaking around the house. Try keeping the lights off during the day, switch to energy-saving bulbs, fix leaky taps to save water, dry your clothes on a cloth line instead of a dryer & use a fan or just open your windows for a good breeze instead of air conditioning and watch those bills drop! And to make it more rewarding, pay your bills such as electricity, Cable TV, Internet etc on the Mkobo App available on IOS & Android to earn cashback, a win-win for your budget!

Rethink Transportation

Consider using Nigeria's public transport options like BRT, regular buses, danfo (mini vans), okada (motorcycle) or keke marwa (tricycle) for your daily commutes. Even ridesharing & carpooling have become a biggie in Nigeria. Apps like Lagos Ride (IOS & Android), MyCo Pilot (IOS & Android) & Jekalo are giving you a win-win deal! As a passenger you can travel cost-effectively with ease & as a car owner you can earn while you drive to your work by giving rides on your way. Even better, you end up meeting like-minded people & connect with them!

Utilizing these affordable transit options not only cuts down on daily expenses but also reduces costs that come with personal vehicle keep up & saves you from the fluctuating prices of fuel. For shorter distances even walking is cost-effective & great for your health!

Medium-short-woman-reading-bus - Mkobo Bank

Buy ‘Made in Nigeria’

Always try & shop from local brands as you’ll get better prices if compared to imported goods. Balogun Market in Lagos is truly a one-stop hub for all your shopping needs. Clothes, accessories, exquisite bridal asoebi, watches, shoes ─ you name it they have it, at very affordable prices.

Helping our economy & supporting Nigerian businesses is a good way of giving back to your own country. Even second-hand shopping is a good deal & there’s no shame in buying a product that is in good condition & for that you should definitely go to Aswani market. Always look out for discounts, coupons & sales!

Woman-shopping-thrift-store

Control your ‘chop-life’ costs!

We all love a good time, but entertainment can sometimes eat up more of our budget & that’s not a good feeling. Set aside a budget for each month. Find cost-effective ways to have fun.

Go for a street food evening where you can eat suya, jollof, or puff-puff, making it an affordably delicious adventure! Attend live performances, local music & dance shows which happen at community centers or local spots and are usually free. Don’t know how to find them? Tap on allevents.in & attend whatever you love!

We also have some beautiful parks that make a perfect spot for a picnic & if you love nature & adventure then Lekki Conservation CentreLufasi Nature Park are a must-visit! You can also plan a beach day with friends on beaches like Oniru, Eleko, Elegushi, Akodo, Suntan, Tarkwa Bay or Eko tourist. These are a few beaches that are cost-free.

Do it Yourself!

We are so dependent on external help that sometimes we don’t realize that we can do some of the basic home repairs ourselves. Like unclogging the drains, fixing your computer,  repairing filters, or basic electrical work.

Try & figure out a way to do the simple things on your own or by taking help from the internet. This way you save yourself from paying someone else!

Making practical choices doesn’t mean you are cutting all the fun from your life. If you plan well &  save for the unexpected, your life becomes better & smoother. It’s important to prioritize & know where every naira goes. With these simple tips, you can drastically reduce your daily costs & save up for your big dreams.

Join our waitlist at Mkobo.bank & be the first one to be informed when our savings account is launched!