Tips On How To Save And Invest Money In Nigeria 2020: Get Started Today
Learning how to save and invest money in Nigeria, especially in this New Year 2020 is vital to your financial stability. You cannot be financially stable if you lack the discipline to save and invest money wisely in Nigeria. There may be some of your friends who always run to you for financial help every now and then and they have good-paying jobs. You keep wondering what these guys do with their salary after payday.
Also read: Top online savings platforms in Nigeria
Well, the answer is quite obvious, your friends lack the knowledge of how to save and invest money wisely. Yes, money has wings and it can fly if you fail to build a good nest for it to keep laying eggs for you. Maybe like your friends, you also fail to save and invest the money as they enter into your account.
It doesn’t matter how much you have in your account, what matters is your resolve to save and invest part of it. Yes, it might be small but just get started and watch your financial like take a positive turn. At this point in your life, developing the attitude of saving and investing money wisely is key to financial stability.
If you are the type that loves micro-investment, then you should check out SumoTrust (previously SumoBank). The platform has savings and investment options that can earn you up to 15 percent annual interest. It might appear quite simple to save and invest money in Nigeria or African in general, starting off seems to always be the hardest part.
How To Save And Invest Money In Nigeria 2020
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Start using online savings and investment platforms and earn better interests
Trying to cultivate the habit of savings and investing money wisely in Nigeria, it will be wise to limit access to your money. The commercial banks that we use make it very easy to have access to our money example the use of ATM cards. To be able to save and invest money in Nigeria, you need to limit the access you have to your money. You can create or open an account with online savings and investment platforms like SumoTrust, Corywise, or Piggyvest to help you save more and better.
There are certain benefits you enjoy when you adopt these online savings and investment platforms. These benefits include:
- You earn between 10-15% interest on your savings compared to when you use commercial banks.
- On platforms like SumoTrsut, you can carry out Automated savings without having to visit the banking hall for any transaction.
- The platforms allow you to save as little as #100 or more daily, weekly, or monthly depending on your financial capacity.
- You can also withdraw your money directly to your commercial bank account seamlessly.
You can create your free SumoTrust account by visiting the SumoTrust website today and start saving, especially now that the year 2020 just begun.
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Try buying your foodstuffs in bulk
Another way that you save and invest money in Nigeria is by ensuring you avoid buying your foodstuffs in bits. There is no gain in buying from those retail shops around your house when you can get them in bulk at a cheaper rate. Imagine buying cups of garri, beans, and rice when you can get the bag that will last long for you and your family even at a cheaper price. You will be surprised at the amount of money you can save just by doing this.
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You should consider signing up for customer referral programs
If you go to the internet, there are numerous customer referral programs that pay you good money to tell people about them. You might consider signing up with any of such platforms to join their affiliate program. By doing so, you earn good money that you can save and invest.
In this year 2020, one of the best referral programs that you can sign up for is the SumoTrust Referral Program. With SumoTrust, you will earn #600 for anybody you refer and the person saves up to #7500 on the platform. In a single month, you can make up to #60,000 just by referring 100 persons. There are still other referral programs like Jumia that you can also explore.
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Cut down on your social media time
Another wonderful approach for you to save and invest money in Nigeria is by cutting down on the time you spend on social media. Believe me; you will be amazed at the amount of money you burn on data by spending too much time on social media platforms like Instagram, Snapchat, etc.
The only exception here is if you have a business you run on social media that gives you good returns. If you are just on social media to talk and link up with friends, then you need to reconsider the amount of data you consume doing that. You cannot be looking for how to invest your money wisely in Nigeria and then you are spending “anyhow” on data.
Read: 20 ways to save money every month in Nigeria
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Have a defined budget before going to the market
If you go shopping without having a list of the things you want to buy, chances are you end up buying what you don’t need. You will save quite a lot of money when you go shopping with a list of the things that you want to buy. It is not just about having that list, be disciplined enough to stick to it.
Online savings and investment platforms like SumoTrust have features that help you put some money away for a specific period of time when you need the money. So, if you have some shopping to do in the coming months but you don’t have the money, you can actually make use of the SumoTrust mission savings to achieve your target.
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Be conscious of the way you spend money
Don’t just spend money simply because you have it to spend. Spend with purpose and direction irrespective of the amount “sitting” in your bank account. To save and invest money wisely in Nigeria this 2020, you must track your expenses to know where to cut down and save more.
www.sumotrust.com is a wonderful platform to help you track your savings activities. Always remember that the first step to learning how to save and invest wisely is to know how much you spend.
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Select the right tools to help you save and invest money in Nigeria
So, looking for how to save and invest your money wisely in Nigeria, you need to identify the right tools that will help you achieve your goal. These tools should help you on how to save money every month in Nigeria, where to invest money in Nigeria, and online investment in Nigeria as well. You can also make out time to check out this article on top savings platforms in Nigeria for a guide on selecting your savings and investment tools.
Conclusion
You can save and invest money in Nigeria wisely when you have the right information and platform. This article has been all about showing you the ways to save and invest wisely by giving you the right information for you to make an informed choice. Wealth creating doesn’t just fall from the sky, you have to be willing to build and nurture it with time. In wealth creation, saving and investing money is essential and you must take them seriously.
