We all love it when we get an alert from the bank, or a client pays us. It’s a good feeling, right? But then it all starts flying out of your hands. Where does the money go? We all have necessary expenses. There are things we can’t quite get away from paying for. These include school fees and healthcare. However, there are some expenses that we have control over.

1) Motor Insurance

Third party car insurance is required in Nigeria. Yes, Nigerians, we’re looking at you. Complete motor insurance isn’t a requirement, although this can be a good idea. What’s the difference? Third party insurance will only cover damage to the other person’s car or property in the event of an accident. Complete motor insurance will cover your own car too. To save money on rates for either type of insurance, it is good to shop around. Be sure to get quotes from several different insurance companies. To compare apples to apples, be sure to give the same information to all the insurers.

2) Gas Costs

There is not much you can do about the cost of gas in Nigeria. The difference in price between gas stations is not always significant. Between regulation by the government, fuel scarcity and price fixing, it’s a hard life out there for car owners. It is also rare for a Nigerian company to permit work from home, although it can’t hurt to ask (if it makes sense for your role). Some people have reported saving money by combining errands. This requires planning, especially in a business setting. Others choose to share a ride with colleagues to save money.

3) Mobile Phones and Data Plans

Check out your phone costs for the last three months. The majority of mobile phone users in Nigeria are on prepaid phone plans. Can you estimate what you spent on airtime and data?

•     Are you paying too much or too little for your data plan? For most telecommunications operators, you get cheaper data if you pay a higher amount. Looking at Etisalat, you can get 50 MB of data for N500 (N10/MB). Alternatively, you can get 500 MB for N2,000 (N4/MB). If you can afford to pay more at the start, your data costs will be cheaper per megabyte. If you run a business, be sure to compare providers to check out the best price for internet services for the company.

•     Text messages have become cheaper in recent years (N4 instead of N10 or N15). However, if you already have a data plan, messaging apps like BBM, 2go and Whatsapp can be used to send messages for no extra cost. Free is better than N4 any day!

4) Grocery and Food Bills

Eating out every day can get expensive. Look for decent food that is affordable and within your budget. Save the fancy hotels and eateries for an important business lunch or a special occasion (and not for every day lunch).

Some people are able to bring lunch to work or school. This is definitely more cost effective than eating out every day (We realize that this is not feasible for everyone, especially if your lunch consists of perishable food and there is nowhere to store it.)

Take advantage of specials and discounts for lunch and groceries when available

For groceries that you know you use a lot, buy in bulk where available.

5) Save Money on Purchases

There are many purchases that are unavoidable. However, do what you can to ensure that you are getting the best price on the item. You have to do some comparison shopping to see what that price is. Caveat – comparison shopping works best when comparing identical or similar items. Where can you compare prices in Nigeria?

General ecommerce retailers such as Konga and Jumia

Niche ecommerce retailers such as Gloo (for groceries)

Price comparison websites in Nigeria such as PriceCheck and NgPriceHunter

Physical stores in your area

Your network of friends and family

http://iserve.com.ng/blog/2015/01/5-ways-to-save-money-in-nigeria



Comments are welcomed...
Happy weekend everyone!

Mods, frong page please. This thread could be of help to people struggling to get out of that financial burden

I will try and adjust
but the best advice i'll give nd thats what am practising now and that is Avoid some specie of girls...

Nice post

Enegod:
Nice post

Thanks bro!

Maccoy1:
I will try and adjust

my guy, you better do. A stitch in time saves nine.

check

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bring prudent is what everyone should learn....

I'm a student, those stuffs don't relate with me except the data ish and that's simply solved by Imei tweaking

Just avoid alcohol and girls

.

Nice one @op

yawnsssssss

OK..... I ll start practising the above mentioned points next year

EddyNumerouno:
Just avoid alcohol and girls

Exactly

Cool

Cool

The Ultimate rule!
If you wonna save money, dont spend money...

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Motor insurance: check
Telephone/Internet bills: check
Groceries: check
Purchases: check

Money saved!!!!!!
Now it is time to pop champagnes!!!

Cos tomorrow ain't promise!!!

OP, nice point there.

A very vital tip is to convert your fixed cost to variable cost.
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Ask me how?

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I really need this. Especially seeing how I am very very guilty of number 3 and 4. I really need to cut back on how I eat out and the amount I spend on data. I took stock of how much my Etisalat modem gulped in Dec. and I was shocked. I have cut back on that too.

Still, the most important advice for Nigerians, or guys for that matter is for them to cut back on the number of girlfriends and even alcohol. Those two can ruin a man.

EddyNumerouno:
Just avoid alcohol and girls

Necessary evils bro.

ok
Poor people always want to live above their means. And want more and more
Be contented and innovative.
Wisdom is the key.

For the data plan, I prefer MTN nite plan 3GB +1.5GB at 2500. How can I get 500MB at 2000?

Wow, intersting and nice tips. I'll treasure them ...

EddyNumerouno:
Just avoid alcohol and girls

exactly!!!

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