Saving money is a challenge anywhere in the world. But in Nigeria, where inflation is high and the cost of living keeps climbing, it may seem almost impossible. If you’re struggling in this area, you may be wondering how to save money on minimum wage in Nigeria.
The low wages hasn’t caught up to economic realities, and the struggles of many Nigerians earning irregular or informal incomes. So, budgeting and saving might seem like a luxury.
However, it doesn’t have to be. If you take the right steps and are aware of the targets you could reach, even you as a low-income earner in Nigeria can build financial resilience over time.
In this article, we will show you 10 ways to save money on minimum wage in Nigeria today.
But first, let’s understand why it’s difficult for many Nigerians to save money in the first place.
Why is it Hard to Save Money in Nigeria?
Nigeria’s economy has been affected by a range of challenges in recent years: high inflation, the removal of fuel subsidies, currency devaluation, high unemployment, and limited access to affordable healthcare and education.
These factors hit low-income families the hardest, especially those earning daily wages or running small informal businesses. In such a setting, saving is not just about setting money aside; it’s about surviving smartly.
Despite these challenges, there are still many ways to save money. Some of these strategies are uniquely Nigerian, and all of them can help you save money creatively.
How to Save Money in Nigeria on a Low Budget
Now, here’s how to save money in Nigeria on a low salary or limited income:
Create a Simple Budget and Stick to It
Start by tracking your monthly income and expenses. You don’t need an app; a simple notebook or smartphone note can do the job.
Your basic budget breakdown might include:
- Feeding
- Transportation
- Rent or contribution to household bills
- Airtime/data
- Savings (even if small)
- Emergency fund
If you know where your money goes, you’ll know what you can eliminate to save money.
Prioritize Needs Over Wants
We live in a culture where societal expectations — weddings, naming ceremonies, aso ebi, weekend parties — can pressure people into unnecessary spending.
But you should be bold enough to say “no” or contributing within your means.
When you’re tempted to buy something, ask: Is this necessary or just nice to have?
Practicing delayed gratification is a major money-saving habit.
Join Cooperative Societies (Esusu, Ajo, Adashe)
These traditional savings systems remain popular for a reason: they work.
Joining a trustworthy ajo or cooperative group allows you to:
- Save consistently with accountability
- Access interest-free or low-interest loans
- Avoid the temptation to spend saved funds
Some even use rotating savings systems to raise bulk funds for school fees, rent, or business capital.
Cook More, Eat Out Less
Food is one of the biggest monthly expenses for most Nigerians. On the average we spend about 59% of our income on food.
Buying food in bulk at local markets (like Oyingbo in Lagos or Mile 12) can be cheaper than buying in bits.
It’s also often cheaper to cook at home. Plus, it allows you to eat healthier.
Instead of buying takeaways daily, try preparing meals on weekends. Even street food (which may seem cheap per meal) adds up fast when bought every day.
Cut Transportation Costs
With rising fuel prices and inconsistent public transport, transportation is expensive, and it’s difficult for people learning how to save money on minimum wage.
To reduce the cost of commuting, you can do the following things:
- Share rides with colleagues or friends
- Walk short distances when safe
- Use cheaper transport options like danfo, keke, or okada when necessary; but always prioritize safety
- Negotiate transport fares before boarding a vehicle in places or situations where prices aren’t fixed
If you work remotely or have flexible hours, time your outings to avoid peak traffic (which may be mornings and evenings), and reduce fuel or fare expenses.
Reduce Data and Airtime Waste
In Nigeria, mobile data is both expensive and heavily used. If you’re online a lot, this might become a drain on your finances.
You can tackle this problem by limiting on how much you spend on data monthly. Some tips:
- Use Wi-Fi where available
- Turn off auto-updates and background apps
- Buy night/subscription bundles for downloads
- Track your usage with mobile network apps (like MyMTN, My9Mobile)
Avoid scrolling aimlessly on social media; it leads to both data waste and impulse buying from online vendors.
Start a Side Hustle or Monetize Skills
Most Nigerians are naturally entrepreneurial. You probably are in some way.
The usual side hustles in this part of the world include baking, braiding hair, graphic design, tutoring, or tailoring, etc.
But you could also be a freelance writer, social media manager for small businesses, website developer, or event planner.
Just choose a hustle (or hustles) that you’re skilled at, and can handle while maintaining your main source of income.
Side hustles can provide a crucial extra income stream.
Even with low capital, you can start small. Things like the sale of zobo, snacks, or thrift clothes (okrika), or mobile repairs, don’t cost a lot of money to begin. Offer your services within your community or online. Word of mouth still works in Nigeria!
Plan for Irregular Expenses
Nigeria is full of financial surprises. Hospital emergencies, school fees, family obligations, or even electricity bills can arise unexpectedly.
To know how to save money in Nigeria, you’ll have to learn to plan for these sudden but urgent obligations
You can prepare yourself for them by setting aside small amounts weekly for them; even if it’s ₦500–₦1000 at a time. Over months, it adds up.
Label envelopes or use a savings box for specific goals to avoid dipping into the same pot for every issue.
Buy Quality, Not Just Cheap
Sometimes, cheap items cost more in the long run. A pair of ₦1,000 slippers that spoils in a week costs more than ₦3,000 ones that last a year. Avoid “penny wise, pound foolish” habits by evaluating value, not just price.
Avoid Debt from Online Loan Apps
Many Nigerians fall into the trap of high-interest loan apps, often borrowing for non-essential spending. These apps can charge over 20% monthly interest and will harass you and your contacts if you default.
You should only borrow when absolutely necessary, and from credible sources (like cooperatives, microfinance banks, and reputable digital lenders with transparent terms).
Extra Tip: Use Savings Apps
If you would like to supercharge your savings, you can use savings apps (or apps with high yield savings accounts).
Some of them allow you to save little amounts, and will pay you higher interest on savings than you would get from a bank.
The better ones include:
· PiggyVest (up to 20% per annum)
· Cowrywise (up to 17% per annum)
· Fairmoney (up to 28% per annum)
These apps let you stash little amounts, which can grow as interest compounds over time.
Wrap Up: Little Drops Make an Ocean
Sometimes, knowing how to save money on minimum wage in Nigeria is less about having a lot of money, and more about being intentional.
It is true that the system is difficult and the economy is challenging. But many Nigerians have found ways to manage, save, and eventually thrive by applying discipline, community support, and smart spending.
You may be earning ₦30,000 or ₦100,000 monthly. This matters less than you may think. The important thing is how you manage your income.
Have a savings goal. Plan to achieve it. Start small. Be consistent. Over time, your efforts will build up to something meaningful.
Start today.
Even if you only save ₦200 a day, that’s ₦6,000 a month and ₦72,000 a year. That could pay for school fees, help you invest in a business, or cushion an emergency.
Every naira counts.
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