Things are getting more expensive by the day. Try to book a short ride from point A to point B and see how much fare will appear on your screen. With this shift in reality, shoring up your savings isn’t just smart it is survival. Saving is not just about what you stash away, it is also about what you don’t waste. So, here are five ways to maximise your savings, and the classic traps to steer clear of.
Pay Yourself First
The Move: Set up an automatic transfer to your savings account the moment you get paid. Even if it’s just 10% of your income, treat it like a non-negotiable bill.
The Mistake to Avoid
Waiting to save “what’s left” at the end of the month. Spoiler alert: There’s usually nothing left.
Track Every Naira (or Dollar, or Pound…)
The Move: Use the UBA Mobile app to set your transaction limit so that you don’t spend beyond your budget. You can also use a simple Excel sheet to see where your money actually goes.
The Mistake to Avoid
Underestimating your small daily expenses. That ₦2,500 daily lunch might be costing you ₦50,000+ a month.
Cut Lifestyle Creep
The Move: When your income increases, keep your expenses steady. Use the extra cash to boost your savings or investments.
The Mistake to Avoid
Upgrading your lifestyle too quickly. A raise isn’t a green light to buy that new gadget, designer bag, or move into a pricier apartment.
Use the 24-Hour Rule for Purchases
The Move: Wait 24 hours before making non-essential purchases. It reduces impulse buys and lets you think through your decision.
The Mistake to Avoid
Retail therapy. It might lift your mood temporarily, but it’ll deflate your bank account just as quickly.
Have a “Fun Fund”
The Move: Set aside a small monthly budget for guilt-free spending; entertainment, dining out; you know, a little treat now and then.
The Mistake to Avoid
Cutting out all pleasures. This can lead to burnout and splurges. Budgeting doesn’t mean zero fun, it means intentional fun.
Saving money is a mix of mindset, discipline, and smart habits. It’s not about depriving yourself, it’s about gaining control and building freedom. Start with just one of these tips today and watch your money confidence soar with time.
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