How to Start Saving Money (and Actually Stick to It)

Saving money isn’t just about cutting expenses—it’s about creating financial freedom. Yet, most people struggle to get started. A recent study found that 80% of Nigerians don’t have enough savings to cover unexpected expenses. That’s a problem. Because when life throws surprises your way, having a financial cushion can mean the difference between stress and security.

But here’s the good news: saving doesn’t have to be complicated. You don’t need to earn six figures or give up everything you enjoy. What you need is a plan. A simple, realistic strategy that fits your lifestyle and helps you build financial stability over time.

In this guide, you’ll discover practical steps to start saving, no matter your income. Whether you’re looking to build an emergency fund, save for a big goal, or just gain better control over your money, this is for you. Ready to take charge of your finances? Let’s dive in.

1. Set a Clear Saving Goal

Saving is easier when you have a purpose. Instead of saying, "I need to save more money," set a specific goal. Do you want to build an emergency fund? Travel? Buy a car? Knowing why you’re saving helps you stay motivated.

Here’s how to make it work:

Short-term goals: Save for emergencies, a gadget, or rent.
Medium-term goals: Save for a car, a business, or a down payment on a house.
Long-term goals: Plan for retirement, investments, or financial independence.

Once you have a goal, break it into small, manageable steps.

2. Track Your Income and Expenses

If you don’t know where your money is going, saving will always feel impossible. Take a week to track every naira you spend. You might be shocked at how much goes to things like eating out, subscriptions, or impulse shopping.

Use a budgeting app, a simple spreadsheet, or even a notebook. The goal is to identify areas where you can cut back and redirect that money into savings.

3. Automate Your Savings

One of the easiest ways to save consistently is to make it automatic. If you wait until the end of the month to save whatever is left, chances are, there won’t be anything left.

Instead, treat savings like a bill.

Set up an automatic transfer from your main account to a savings account.
Use savings platforms like Nearpays, which allow you to save in both naira and dollars.
Start small—even ₦500 per day adds up over time.

4. Cut Unnecessary Expenses

Saving money doesn’t mean living like a monk, but it requires making smarter choices. Look at your spending and find areas where you can make adjustments:

Cancel unused subscriptions.
Cook more at home instead of eating out.
Reduce impulse shopping by waiting 24 hours before buying non-essential items.

Small changes can free up more money for savings without feeling like a sacrifice.

5. Find Ways to Earn More

Cutting costs is great, but increasing your income can make saving even easier. Look for ways to boost your earnings:

Offer freelance services.
Start a side hustle.
Ask for a raise if you’ve been adding value at work.

Even an extra ₦20,000 a month can make a huge difference in your savings journey.

6. Use the Right Savings Tools

Not all savings accounts are created equal. Some offer higher interest rates, better security, or easier access when you need it.

Consider:

Nearpays Savings – Save in naira or dollars with competitive interest rates.
Fixed deposits – Good for long-term savings.
Investment platforms – Grow your savings through low-risk investments.

Choosing the right platform ensures that your money isn’t just sitting idle but working for you.

7. Stay Consistent and Adjust When Needed

Saving is a habit, not a one-time event. Even if you can only save small amounts at first, what matters is consistency. Life happens—unexpected expenses come up—but the key is to get back on track as soon as possible.

Every month, review your progress. If you can save more, do it. If you need to adjust, that’s fine, too. The goal is progress, not perfection.

Final Thoughts

Saving money doesn’t have to be stressful or complicated. Start small, stay consistent, and use the right tools to make saving effortless. With the right mindset and a solid plan, you can build financial security one step at a time.

Ready to take control of your finances? Open a Nearpays Savings account today and start growing your money with ease!