7 Simple Ways to Save Your Money

Thanks to technology, it is now SO easy to spend your money.

The month you intend to save twenty percent of your income, the ATM will make sure it doesn’t happen. Then you swear that next month, you will save thirty percent of your income because last month, you failed to save twenty. Then again, the ATM, POS and online shopping are there to mess everything up.

The worst is the ease of buying ANYTHING online, especially airtime. In the past, I would refuse to make some calls because “I can’t go downstairs to buy recharge card”. But now, you can literally buy as much airtime as you want from the comfort of your bed, even at midnight.

How then do you avoid these temptations? How do you save money in this environment that is so hostile to savings? How do you start your wealth building journey?

  1. Will

The willingness must be there.

There is no way to control your impulse to spend if you are not willing to save. This is especially so in the current financial environment that brags on immediate access to funds. The best way to motivate yourself to be willing is to sit down and think about what savings can do for you in the future. Think about how it would lead to your financial freedom and ultimately allowing you to live your life the way you want.

Put simply, think about how it will lead to your freedom. This will give you a strong motivation. You can also think of things that are personal to you that will motivate you. To be financially free, you must save, find creative ways to motivate yourself to do the needful.

Don’t allow your wants today to deny you of a blissful future.

2. The first thing you must do when you earn

You cannot save if savings is the last thing you do when you earn.

The great American Investor Warren Buffet puts it perfectly when he said ‘don’t save what is left after spending, but spend what is left after savings’.

If you saved last, then your expenses will always gulp all your money so that you will have nothing left to save.

Save first instead.

Deduct the amount you want to save from your income then try your possible best to survive with the rest.

This will be difficult at first because you will be forced to adjust the way you live. Meaning that your lifestyle will initially suffer.  But you will get used to it-  if you are serious about it.

3. Make it difficult to access your savings

The retail banking sector of the banking industry in Nigeria has witnessed an incredible advancement in the past decade.The banks in an attempt to provide good banking services to you and I have gone on to innovate things that make spending so easy.

What do you do then? Make it difficult to access your savings account.

You can have as many bank accounts as you want but choose one savings account where you will save. Never allow access to internet banking to it, cut up the ATM card to that account, never download the bank’s application, never use their mobile service.

Nothing, just your money in your account. That way, you will have the hope of saving some good money.

You can also the services of Insurance companies that offer savings programs that can also serve as insurance covers.

It then becomes even more difficult to spend impulsively because once you terminate before the stipulated time, there is a penalty, and that is the last thing you will want for your savings.

There are also good traditional means of savings out there.

Whichever you choose, make it hard for you to access your money.

4. Set a goal

Have a goal to save a particular sum or a particular percentage of your income (but nothing less than 10 percent) every month and every year.

Don’t just have in your head that you will save this particular sum, write it down, remind yourself of the goal every day and work hard toward achieving it.

Goals are like burning fire, when you have one, and back it up with the right actions, you will be unstoppable.

5. Have a budget

You earn fifty thousand naira, and promised yourself you’ll save twenty thousand naira and spend the rest. You will find it very difficult to achieve this if there is no budget.

A budget disciplines you and helps you control your expenses.

When you want to splash the cash on that nice pair of shoes you saw in an ad on your way to work, a budget will remind you that you are not supposed to spend on shoes that particular month.

Create a budget and keep to it, it will help you save more.

6. Have a simple lifestyle

Having a simple lifestyle means spending only on the things you need.

Not spending on the things you want or the things that will satisfy your ego.

Make your life simpler;  you don’t  need to wear overpriced luxury items.

The more you indulge in unnecessary spending, the more you hamper your chances of becoming wealthy. You choose.


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Top 8 personal Finance books for your must-read list

Have you ever read anything about making money?

This question sounds stupid but you will be surprised at the number of people that will respond ‘No’ to it.

Just like men with women, making money is one of those topics we feel that we know everything about.

Reading personal finance books is one of the best thing you can doto educate yourself financially and for your future finances sake.

Here are my must read personal finance books.

  1. The Millionaire Next Door by Thomas Stanley and William DankoPersonal finance books

You may be surprised to know that the people we thought are millionaires are only living in debt. That is the primary lesson of this book. Wealth is not how good you live, the kind of car you drive or the kind of fancy neighborhood you live in. Those things are not wealth, it’s only living high. Thomas Stanley and William Danko have taught us a valuable lesson about millionaires: what they did to get their wealth, how they live and how they spend their money.

  1. The Automatic Millionaire by David Personal finance booksBach

If you want to read some very simple things that you can do to help you achieve financial freedom and retire early, then I recommend this book. David Bach gives some  sound savings and investment ideas we should all take advantage of.

  1. The Richest Man in Babylon by George S. ClasonPersonal finance books

This timeless classic has helped a lot of people to achieve their financial goals. First published in 1926, it was originally a series of financial stories told through parables. The banks and insurance companies helped it gain a wider audience by giving it away for free. I believe every young person, especially those still starting out in life, should read this book because the information in it is so valuable that if you miss it as a young person, and read it much later in life, you will wish that somehow, somebody gave it to you in your youth.

  1. I Will Teach You to Be Rich by Ramit Sethipersonal finance books

Budgeting is important if you want to achieve financial freedom. This is a great book for people new to budgeting, people who don’t earn much but want to use the little they earn to achieve financial freedom. Ramit Sethi lesson is simple – decide for yourself what it means to be rich and act on it.

  1. The Secret of the Millionaire Mind by Harv Ekerpersonal finance books

The name of this book says what this book is all about – The Millionaire’s Mind. If you want to be a millionaire or a billionaire, read this book. What Harv Eker is promoting in this book is that the greatest difference between the rich and the poor is simply in the mind. Change your poor mindset and attitude and you will achieve wealth.

  1. Thinking Fast and Slow by Daniel KahnemanPersonal finance books

Daniel Kahneman is a Psychologist who won the 2002 Nobel Memorial Prize in Economics. In this highly recommended book, Kahneman takes us on a tour of the mind and explains what drives us to think and act the way we do. Personal finance is all about decision making. Understanding what makes us think and act the way we do is key to making good money decisions.

  1. The Total Money Makeover by Dave Ramseypersonal finance books

This book is focused on paying off debt. So if you see yourself as one who always swims in debt, this book is for you.

8. Rich Dad Poor Dad by Robert KiyosakiPersonal finance books

Robert Kiyosaki wrote this book from the experience of having two father figures when he was growing up. That experience shaped his life and writing immensely. That is why it looks like he fights formal education, but that is not the case. If you cannot attain a reasonable form of financial freedom with the education you are receiving right now or the one you received, then it’s not worth it. The only difference between the wealthy and the poor is knowledge.


Culled from http://www.mynairajourney.com/blog/top-personal-finance-books/


That is the goal, right? To finally have enough money to live your life the way you want.

A life where you don’t have to worry about deadlines, or your bossy boss or an annoying colleague.

A life of where you have the time to travel, make new friends, dine in the best restaurants. In fact a life of adventure.

These 8 tips will help you get there as soon as possible

  1. Set financial goals

Goals motivate. Goals make things happen.

The essence of setting a goal is to have something to look forward to; something that pushes you.

How much do you want to worth in the next one year, five years and even ten years. Write it down and check your progress from time to time.

Be ambitious about it. A small goal doesn’t push anybody and when it doesn’t push you, there is no point in setting the goal in the first place.

Successful people know what they want in life. They set goals and push for their dreams to come through.

To learn how to set your goals, check out this article – 6 Proven Ways to Set Your Goals and Achieve Them 

  1. Create a budget

A budget is just an estimation of what you will earn and what you will spend.

If you are able to know how much you earn and how much you spend, you can plan your future.

Knowing how much you spend will help you know how much you can afford to save and invest.

Budgeting is a very important financial tool that you should learn and put to use.


  1. Save

How many percents of your salary or all your earnings do you save? Or are you one of those that says: I can’t save, my salary won’t just let me! Or I can’t save, I have too many obligations!

The only way you can lift yourself out of your current financial level is when you begin to save.

That is if you don’t wake up one morning to find that a huge amount of money has “missed road” into your bank account. Apart from that, you need to build a significant saving.

Savings will make it possible for you to invest.

Savings will make it possible for you to have new income streams.

When you invest and create new income streams, your bank account gets fatter and you are on your way to financial freedom.

When you save, see it as buying your freedom in the future because that is what it is.

See [How to Save When You Earn So Little]

[7 Simple Ways to Save Your Money]

  1. Invest

Investment means different things to different people. Whatever you believe to be investment if it doesn’t guarantee your principal, it’s not an investment; it’s speculation.

Remember that the money you are investing is one that has taken you a lot of sacrifices to save.

That is why you have to be careful where you put it.

Investing money is the act that bring you wealth because it is what multiplies your earnings and savings into multiple folds.

You have to do it right for it to happen.

  1. Diversify your Income Stream

Relying on one source of income is not good for your finances and even for your health.

Because if anything happens to that source of income, you will have to go for some time without earning.

That sought of situation makes you worry which is bad for your health.

The road to adding more sources of income to your current income is simple: earn, save and invest.

It could be on the stock market, that is if you understand the market very well, or it could be on a side business that you love.


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