How to save money in Nigeria

Saving money has become more crucial than ever in Nigeria, especially in light of the country’s economic uncertainties and rising cost of living. From students and recent graduates to young professionals and even business owners, everyone is feeling the pressure of trying to stretch limited income to cover daily expenses.

With inflation eating into purchasing power and the value of the naira constantly fluctuating, it’s no longer just wise to save—it’s essential for survival and long-term stability.

However, despite the importance of saving, many Nigerians struggle to put money aside regularly. One of the biggest obstacles is low income. The average salary in Nigeria often falls short of meeting basic needs such as food, transportation, rent, education, and healthcare.

Even for those who earn a steady income, high living expenses can make saving feel like a luxury. Another key challenge is job insecurity. With unemployment and underemployment rates still relatively high, many people are living paycheck to paycheck, unsure of what tomorrow holds. This uncertainty makes it difficult to think about the future, let alone plan for it financially.

On top of these economic challenges, there’s also a cultural perception in some circles that saving is only for the wealthy or for those who have excess money. Others may be willing to save but lack the financial literacy or discipline to follow through. This can lead to poor spending habits and a cycle of financial instability.

The goal of this guide is to break down those barriers and help readers develop better money habits, regardless of their current income level. By understanding how to manage money wisely, set realistic savings goals, and take advantage of available financial tools, anyone can start building a more secure financial future.

Whether you’re saving for an emergency fund, a business idea, or long-term goals like owning a home, this guide will provide practical steps to help you take control of your finances in today’s Nigerian economy.

Table Of Contents hide

1 Track Your Income and Expenses

2 Create a Realistic Budget

3 Cut Unnecessary Spending

4 Buy in Bulk or Wholesale

5 Use Public Transportation When Possible

6 Start a Side Hustle

7 8. Save Before You Spend (Pay Yourself First)

8 9. Avoid Debts and Loans for Luxury

9 10.Use Discounts, Promos & Loyalty Programs

10 11. Join a Savings Group or Ajo/Esusu

11 Conclusion

12 FAQs

Track Your Income and Expenses

One of the most important steps toward developing healthy money habits is tracking your income and expenses. You can’t control what you don’t understand—and that’s especially true when it comes to your finances.

Many Nigerians struggle with saving not because they don’t earn enough, but because they don’t know exactly how their money is being spent. Understanding where every naira goes each month is the foundation for making better financial decisions.

Tracking your money helps you identify spending patterns, uncover wasteful habits, and make room for savings. For instance, you might realize that daily spending on data subscriptions, takeout meals, or impulse purchases is quietly eating away at your income. Once you’re aware of these trends, it becomes easier to cut back and redirect funds toward savings or more essential needs.

There are several free and easy ways to start tracking your finances. If you’re tech-savvy, apps like Money Manager, Mint, Spendee, and Wallet can automatically categorize your spending, set reminders, and help you build budgets.

For those who prefer a more hands-on approach, a simple Excel spreadsheet or Google Sheets can work wonders. You can also use a dedicated notebook to jot down daily income and expenses. The key is consistency—make it a habit to record every naira spent, no matter how small.

Here’s a sample breakdown of what a typical monthly budget might look like for a young Nigerian professional earning ₦150,000:

Rent: ₦40,000
Feeding: ₦30,000
Transportation: ₦15,000
Utilities (light, water, data): ₦10,000
Savings: ₦15,000
Family support: ₦10,000
Emergency fund: ₦5,000
Miscellaneous (entertainment, airtime, etc.): ₦25,000

By tracking your spending and comparing it to your income, you’ll quickly see where adjustments are needed. This simple habit can be the turning point in achieving your financial goals.

Create a Realistic Budget

Creating a realistic budget is the backbone of any strong financial plan. In Nigeria’s economic climate—where prices fluctuate often and income is usually limited—having a clear and practical budget can help you take control of your money, avoid overspending, and prioritize savings.

Two budgeting methods stand out for their simplicity and effectiveness: Zero-based budgeting and the 50/30/20 rule. Let’s look at how both can be adapted to fit the Nigerian context.

Zero-based budgeting means assigning every naira a job. At the beginning of the month, you allocate your total income to various categories—savings, rent, food, transportation, health, entertainment, and so on—until there’s zero left unassigned. For example, if you earn ₦100,000, you should budget every single naira so you know exactly where it will go. This method forces you to be intentional and ensures that no money is left to chance.

Alternatively, the 50/30/20 rule divides your income into three broad categories:

50% for needs: These are your essentials—rent, food, transportation, and healthcare. In Nigeria, these costs can easily take up a significant part of your income.
30% for wants: This includes things like outings, entertainment, or buying non-essential items. In a tight budget, this might need to be reduced.
20% for savings and debt repayment: This portion is set aside to grow your financial stability over time.

Here’s a Nigerian example for someone earning ₦120,000:

Needs (50%): ₦60,000 (e.g., ₦30,000 rent, ₦15,000 food, ₦10,000 transport, ₦5,000 health)
Wants (30%): ₦36,000 (e.g., outings, airtime, subscriptions)
Savings (20%): ₦24,000 (e.g., emergency fund, investment, debt repayment)

No matter the method you choose, the real secret to budgeting success lies in discipline and consistency. Sticking to your budget may not always be easy, especially with unplanned expenses, but reviewing and adjusting it regularly helps you stay on track. The more consistent you are, the more likely you’ll build financial stability—even on a modest income.

Cut Unnecessary Spending

One of the most effective ways to grow your savings is by cutting back on unnecessary spending. Many people don’t realize how much money they waste on non-essential expenses until they take a closer look at their daily and monthly habits.

In Nigeria, where the cost of living is rising and income levels remain relatively low for many, trimming the fat from your budget can make a significant difference in your financial progress.

Common areas of overspending include frequent takeouts, nightlife, impulse buying, and subscription services. Ordering food regularly may seem convenient, but those small expenses add up quickly.

Likewise, constant outings, parties, or clubbing every weekend can drain your wallet without adding long-term value to your life. Subscription services like Netflix, Spotify, or DSTV may offer entertainment, but if you rarely use them or can share accounts with friends or family, they become needless costs.

Instead of takeouts, consider cooking at home. Buying food in bulk from local markets and preparing your meals can save thousands of naira monthly. For example, making a pot of soup or jollof rice that lasts several days is far cheaper than ordering meals daily.

When it comes to shopping, second-hand markets (okrika) offer affordable clothing and household items that can help you save without sacrificing quality. Thrift stores, jumia deals, or local discount shops can help you find great deals on essentials.

Another key principle to adopt is delayed gratification. This simply means learning to say “not now” instead of “yes” to every desire. That latest phone, fancy outfit, or flashy accessory may be tempting, but pausing to ask yourself if it’s truly necessary—or if that money could be better saved or invested—can help build your financial discipline. Delayed gratification isn’t about depriving yourself; it’s about choosing long-term financial security over short-term pleasure.

In the end, small changes to your spending habits can have a big impact. By cutting unnecessary costs and making smarter choices, you’ll create more room in your budget to save and invest for your future.

Buy in Bulk or Wholesale

A smart and highly effective way to save money in Nigeria is by buying in bulk or wholesale. This budgeting strategy helps reduce the frequency of purchases, lowers cost per unit, and protects you from inflation—especially with the constant rise in food and household item prices. When done consistently, bulk buying can significantly reduce your monthly expenses and free up money for savings or investment.

Buying items like foodstuff, toiletries, and provisions in large quantities often comes with discounts and better deals. For example, a bag of rice, beans, garri, or cartons of noodles and beverages usually costs less per unit when purchased in bulk compared to buying smaller packs weekly.

Similarly, items like soap, detergent, tissue paper, toothpaste, and sanitary pads are much cheaper when bought in cartons or multi-packs. Not only does this save money, but it also reduces the number of trips to the market or store.

In Nigeria, several popular markets are well-known for bulk and wholesale shopping. Mile 12 Market in Lagos is famous for foodstuff and fresh produce, while Oyingbo Market offers good deals on provisions and grains.

Local markets across cities—like Dugbe in Ibadan, Wuse Market in Abuja, or Ogbete in Enugu—also provide great opportunities to buy at wholesale rates. Prices in these places are often negotiable, giving you a chance to bargain and save even more.

For those who may not have the money or storage space to buy in large quantities alone, cooperative buying is a great solution. This involves pooling resources with friends, neighbors, or family members to buy in bulk and then sharing the items equally. For example, you and three friends can contribute to purchase a bag of rice or a carton of milk, splitting both the cost and the goods.

By adopting the habit of bulk buying, you protect yourself from sudden price hikes, reduce wasteful spending, and stretch your income further each month. It’s a simple yet powerful money-saving habit that suits both small and large households in today’s economy.

Use Public Transportation When Possible

In Nigeria, transportation costs can eat up a large portion of your monthly income, especially if you rely on private vehicles or ride-hailing services like Bolt or Uber. Between the high cost of fuel, car maintenance, repairs, and unexpected traffic delays, owning or frequently using a private car can quickly become a financial burden. That’s why using public transportation—when safe and feasible—is a practical and money-saving alternative.

Public options like buses, BRT (Bus Rapid Transit), Keke Napep (tricycles), and Danfo buses are generally much more affordable. For instance, a short trip that might cost ₦3,000 via a ride-hailing app could cost just ₦300–₦500 using BRT or Keke. Over time, switching to public transport for your daily commute or errands can save you tens of thousands of naira monthly.

Let’s compare a typical monthly transport budget:

Private car (fuel, maintenance, parking): ₦50,000–₦70,000
Bolt/Uber (regular use): ₦60,000–₦80,000
Public transport (BRT, Keke, Danfo): ₦15,000–₦25,000

The savings are substantial, and these funds could be redirected toward savings, investment, or emergency needs.

However, using public transport in Nigeria also comes with its own challenges, including overcrowding, pickpockets, and inconsistent schedules. To make it safer and more efficient:

Travel during daylight hours whenever possible.
Stick to familiar and busy routes—avoid isolated or unfamiliar shortcuts.
Keep your belongings close, and avoid using your phone openly in transit.
Leave early to beat rush hour and reduce stress from delays.
Use regulated systems like BRT for a more organized and safer ride, especially in major cities like Lagos.

By choosing public transport more often, especially for daily commutes, you can cut transportation costs significantly. It’s a practical step for anyone serious about budgeting better and saving more in Nigeria’s tough economic landscape.

Start a Side Hustle

One of the most effective ways to improve your financial situation in Nigeria is to start a side hustle. With rising living costs and limited job opportunities, relying on a single source of income may not be enough to meet your daily needs or save for the future. Fortunately, there are many low-capital side hustles you can start using the skills and resources you already have.

One popular and flexible option is freelancing. If you have skills in writing, graphic design, digital marketing, web development, or video editing, you can offer your services on platforms like Fiverr, Upwork, or local networks such as Terawork and Asuqu.

Freelancing allows you to work remotely, set your own rates, and grow your income gradually. Even smartphone users can offer services like social media management or content creation.

Another great idea is mini importation, which involves buying affordable items—such as fashion accessories, gadgets, or beauty products—from online platforms like 1688.com, AliExpress, or Alibaba, and reselling them for profit. With as little as ₦20,000, you can start importing goods in small quantities and sell them through WhatsApp, Instagram, Jiji, or even at local markets.

Food delivery or home catering is also a lucrative side hustle, especially if you’re good at cooking. You can prepare snacks, meals, or drinks from home and sell them to busy professionals, students, or businesses.

Apps like Chowdeck and Jumia Food also allow individuals and small food vendors to list their services for delivery. Even simple services like baking, fruit smoothies, or lunch deliveries to offices can generate steady income with low overhead.

The key to success is leveraging skills you already have. Are you good at braiding hair, doing makeup, sewing, tutoring, or fixing electronics? Turn it into a business.

Starting small is fine; what matters is consistency and quality. A side hustle not only boosts your income but also provides financial cushioning in times of emergency. Over time, it could even grow into a full-time business that changes your life.

8. Save Before You Spend (Pay Yourself First)

A powerful principle for building financial discipline is to pay yourself first—which simply means saving a portion of your income before spending on anything else.

Rather than saving whatever is left after expenses (which is often little to nothing), this approach ensures that savings become a non-negotiable part of your monthly financial routine. It shifts saving from an afterthought to a top priority.

One of the most effective ways to adopt this habit is through automated savings. This involves setting up a standing order or automatic debit from your bank account or salary to your savings or investment platform.

With automation, you remove the temptation to skip saving or spend the money impulsively. Once your income drops into your account, a set amount is immediately redirected to your savings, without requiring any manual action.

Thankfully, several trusted Nigerian savings apps make automating this process easy and secure:

Cowrywise: Offers automated savings plans, fixed savings, and investment options in mutual funds. You can set goals, track your progress, and earn interest on your savings.
PiggyVest: Popular for features like PiggyBank (automated savings), SafeLock (fixed-term savings), and Target Savings (group or goal-specific plans). It also provides investment opportunities and good interest rates.
Kuda: A digital bank that allows you to create multiple savings plans, automate transfers, and earn interest. It’s especially useful for budgeting and daily spending management alongside savings.

Other alternatives include VBank, Savenow, or ALAT by Wema, which offer similar savings automation features with added flexibility.

To get started, determine how much you can comfortably save—ideally 10–20% of your income—and schedule a recurring transfer immediately after payday. Even if you start with ₦5,000 or ₦10,000 monthly, the consistency will compound over time.

By paying yourself first, you build a financial cushion, develop strong money habits, and ensure that saving becomes a lifestyle, not a luxury. It’s a simple shift in mindset that can have a lasting impact on your financial future.

9. Avoid Debts and Loans for Luxury

In today’s social media-driven world, many people in Nigeria are under increasing pressure to live a “soft life”—one that looks glamorous, trendy, and expensive. This pressure has led some individuals to take out loans just to keep up appearances, buy luxury items, or fund lifestyles they can’t actually afford. Unfortunately, this approach often leads to a dangerous cycle of debt and financial instability.

Loan apps have made borrowing incredibly easy and fast. With just a few taps on your phone, you can access quick loans with little to no documentation. However, many of these platforms come with high interest rates, short repayment periods, and harsh recovery tactics.

What seems like a convenient solution can quickly become a financial nightmare, especially when loans are taken for non-essential purposes like new phones, flashy clothes, parties, or vacations.

It’s important to understand that borrowing should never be used to fund luxury. If you must borrow, it should be for emergencies, business investments, or critical needs such as medical bills, rent arrears, or education. Even then, the loan should be manageable and come from a trusted, regulated source—like a reputable bank or licensed microfinance institution.

Before taking a loan, ask yourself: Is this necessary? Can I repay it without stress? Will it improve my long-term financial position? If the answer is no, it’s better to wait, save, or find a more affordable alternative.

Additionally, living within your means and ignoring social media pressure is key. You don’t need the latest designer wear or iPhone to prove your worth. True financial freedom comes from being debt-free, saving consistently, and making wise money choices—not from impressing others.

By avoiding loans for luxury and focusing on smart spending, you protect your future and reduce financial stress. Remember, the goal isn’t just to look rich—it’s to actually build wealth over time.

10.Use Discounts, Promos & Loyalty Programs

Saving money doesn’t always mean cutting back; sometimes, it means spending smarter. One of the easiest and most overlooked ways to stretch your money in Nigeria is by taking advantage of discounts, promos, and loyalty programs. These money-saving options are everywhere—you just have to look for them and use them strategically.

Many Nigerians are already familiar with supermarket promos that offer “Buy 1 Get 1 Free” deals or discounted prices on bulk purchases. Stores like Shoprite, Spar, Justrite, and Ebeano frequently run seasonal or weekend promotions, especially on food items, toiletries, and household goods. Timing your shopping around these sales can significantly reduce your spending.

Telecommunication companies also offer generous bonus plans and data bundles that can help reduce airtime and internet costs. For instance, MTN, Airtel, Glo, and 9mobile all provide double data offers, night plans, or special recharge bonuses when you use certain codes or purchase through mobile apps. These small savings can add up over time, especially for heavy phone and data users.

Another emerging way to save is through cashback platforms and reward apps. While not as widespread yet in Nigeria, platforms like JumiaPay, PalmPay, and OPay sometimes offer cashback rewards, discount vouchers, or flash sales for specific bill payments, transfers, or purchases. Some banking apps also reward frequent users with loyalty points or exclusive discount offers from partnered brands.

Before making a purchase—especially for items like phones, electronics, or groceries—always compare prices across different vendors or online stores. A quick search can help you spot better deals, whether on Jumia, Konga, or local markets. Price comparison ensures you don’t overspend and teaches you to be more intentional with money.

In a tough economy, these savings tactics may seem small, but they add up quickly. By consistently using discounts, promos, and loyalty programs, you can lower your everyday expenses, save more, and make the most of your hard-earned income without sacrificing your lifestyle.

11. Join a Savings Group or Ajo/Esusu

Traditional saving methods like Ajo, Esusu, or thrift contributions remain widely used in Nigeria—and for good reason. These informal savings systems are trusted, community-based approaches that help individuals cultivate discipline, meet financial goals, and access lump sums of money when needed. Despite the rise of digital savings apps, many Nigerians still find great value in participating in these rotating savings groups.

In an Ajo or Esusu system, a group of people (often friends, colleagues, or traders) agree to contribute a fixed amount of money at regular intervals—daily, weekly, or monthly.

Each member takes turns receiving the entire pooled amount, also known as the “pot.” This rotation continues until everyone in the group has received their payout. It’s especially helpful for people who struggle to save alone, as the social commitment encourages discipline and consistency.

Pros of joining an Ajo/Esusu:

Lump sum access: You get a large amount of money at once without needing a loan or facing interest charges.
No interest or fees: Unlike bank loans or credit apps, there’s usually no interest, making it cost-effective.
Peer pressure boosts discipline: Knowing others are counting on your contribution keeps you accountable.
Community bonding: These groups foster trust and support, especially among market traders and co-workers.

Cons and risks:

Lack of formal regulation: If the group is mismanaged or dishonest, you could lose your money.
Fraud risk: Some leaders or members may abscond with funds.
No interest earned: Unlike digital savings platforms, your contributions don’t grow.

Tips to avoid fraud:

Join groups made up of people you trust (family, colleagues, or religious groups).
If possible, choose a group that uses a registered cooperative or a reliable thrift collector.
Keep written records or receipts of your contributions and payouts.
Use digital Ajo platforms like Sankore, Esusu Africa, or Kolomoni, which add structure and transparency.

Overall, joining a trusted Ajo or Esusu can be a great way to build savings discipline, especially when you’re just starting your financial journey. It combines the best of community support and goal-focused saving without requiring tech-savviness or high capital.

Conclusion

Saving money in Nigeria may seem difficult, especially with the rising cost of living, unstable income, and economic uncertainties. However, as challenging as it may be, it is absolutely possible—with the right mindset, proper planning, and consistent discipline.

You don’t need to wait until you start earning big before you begin saving. What matters most is building the habit of managing your money wisely, no matter how small your income may be.

Throughout this guide, we’ve explored practical and relatable strategies that anyone in Nigeria can use to take charge of their finances. From tracking your income and creating a realistic budget to cutting unnecessary spending, leveraging discounts, using public transport, and joining traditional savings groups like Ajo or Esusu, every tip is aimed at helping you make intentional financial choices. Saving is not just about setting money aside—it’s about creating a more secure and stress-free future.

The key is to start small. Even if it’s ₦500 or ₦1,000 weekly, consistent savings will add up over time. Use tools and apps that make the process easier, automate your savings if possible, and avoid lifestyle pressures that tempt you into debt or wasteful spending. The journey to financial stability isn’t a sprint—it’s a marathon. Patience, self-control, and goal-setting are essential along the way.

Remember, many people are building wealth quietly through small but steady financial habits. You can do the same. Start where you are, with what you have. Track, plan, save, and repeat. With time, these small steps will lead to big wins—and a future where money no longer controls you, but works for you.

FAQs

What is the 30 Day Rule to Save Money?

The 30-day rule is a simple and effective money-saving strategy that helps you resist impulse buying and make more thoughtful financial decisions. It encourages people to delay non-essential purchases for 30 days before deciding whether to spend the money or save it. This rule works especially well for individuals who struggle with impulsive spending habits or emotional purchases.

Here’s how it works: whenever you feel the urge to buy something that isn’t a necessity, instead of buying it immediately, write it down along with the date and the cost.

Then, wait for 30 full days before revisiting the decision. During this waiting period, you avoid making the purchase and give yourself time to evaluate if the item is really necessary or just a passing desire.

After 30 days, if you still believe the item is important and fits your budget, you can go ahead and buy it. However, many people often find that the urge has passed and they’d rather save the money or use it for something more important.

This method works well because it trains your brain to focus on priorities rather than instant gratification. It also helps in building discipline and awareness of your spending patterns. For low-income earners or anyone trying to improve their financial habits, the 30-day rule is a practical and zero-cost tool to avoid wasteful spending.

Another benefit of this rule is that it gives you time to research better deals or alternatives. You might realize you already own something similar or find a cheaper option elsewhere. Over time, following the 30-day rule can result in significant savings, reduced debt, and more intentional financial choices.

How to Make 5k Daily in Nigeria?

Making ₦5,000 daily in Nigeria is possible, especially if you’re willing to combine skills, creativity, and digital tools. With the right strategy and consistency, you can earn steady income either online or offline. The key lies in identifying services or products in demand and offering them in a smart, consistent way.

One of the most popular ways to make ₦5k daily is through freelancing. If you have skills in writing, graphic design, video editing, social media management, or programming, platforms like Upwork, Fiverr, and even local ones like Asuqu and Terawork can connect you with clients. Many Nigerians earn over ₦5,000 a day doing freelance jobs part-time or full-time.

Another reliable option is mini-importation and e-commerce. You can start small by buying affordable items like phone accessories, fashion products, or beauty items from websites like 1688.com or Alibaba and reselling them at a markup through WhatsApp, Instagram, or Jumia. A well-targeted product with consistent sales can easily yield ₦5k profit daily.

You can also look into POS (Point of Sale) services. Setting up a POS business in a busy area can help you generate ₦5k or more per day through commissions on withdrawals, deposits, and bill payments. It requires initial capital for the machine and float but has fast returns.

Online tutoring or coaching is another income stream. If you’re good at a subject, language, or even music, you can offer online classes via Zoom or WhatsApp and charge per session.

Lastly, content creation—especially on TikTok, YouTube, or Facebook—can be profitable. With strong, relatable content, you can grow an audience and earn from ads, sponsorships, and affiliate marketing.

To succeed at making ₦5k daily, consistency, customer service, and marketing (especially on social media) are crucial. Start with what you know, learn and improve as you go, and don’t ignore the power of online platforms.

How to Save Money Fast on a Low Income in Nigeria?

Saving money on a low income in Nigeria can feel difficult, especially when expenses seem to rise faster than earnings. However, with a focused plan, discipline, and creativity, it is very possible to save fast—even if your income is small. The key is to start where you are, cut unnecessary spending, and prioritize your financial goals.

First, create a simple budget. This is the foundation of all effective saving. List your monthly income and all expenses. Categorize them into essentials (like food, rent, transportation) and non-essentials (like subscriptions, impulse buys). Once you see where your money goes, you can identify where to cut costs.

Next, apply the “pay yourself first” method. This means setting aside a fixed amount or percentage of your income as savings before spending on anything else. Even saving ₦500 daily adds up to ₦15,000 a month. Use daily saving challenges or digital tools like PiggyVest, Cowrywise, or Kuda to automate your savings and make it harder to touch.

Also, reduce expenses by finding cheaper alternatives. Cook instead of buying fast food, use public transport instead of ride-hailing apps, and shop in bulk or at local markets. These small savings add up fast over time.

Take advantage of extra income opportunities like freelancing, remote jobs, online tutoring, or weekend hustles. The goal is to increase your cash inflow so that saving becomes easier. You don’t have to wait for a salary increase to save more—you can earn more with skills you already have.

Another tip is to avoid debt or buy-now-pay-later schemes, as they reduce your ability to save. If you already have loans, focus on clearing them to free up income.

Finally, track your progress weekly and set short-term saving goals. Seeing your progress—even if small—will motivate you to keep going. With consistency and smart choices, you can build up savings faster than you think, even on a low income.

Where Should I Store Most of My Money?

Choosing the right place to store your money is crucial for both safety and financial growth. The best location depends on your goals—whether you want easy access, high interest, long-term growth, or total security. Ideally, you shouldn’t store all your money in one place. Instead, diversify based on purpose and risk level.

For daily expenses, a digital or regular savings account with a trusted commercial bank (such as GTBank, Zenith, or Access Bank in Nigeria) is a good start. These accounts offer easy access to your funds, and some even come with minimal or zero charges. However, the interest rates are typically very low (1% or less), which means your money isn’t really growing there.

If you’re looking to grow your money, consider using fintech savings platforms like PiggyVest, Cowrywise, or Kuda. These platforms often offer higher interest rates (up to 10–15% annually on fixed savings). You can automate your savings and even lock money away for a fixed period to resist spending temptations. These platforms are also regulated and partner with insured banks, adding a layer of safety.

For emergency funds, you want your money to be accessible but still earning interest. A flexible savings wallet or a money market fund (like those offered by ARM or Meristem) is suitable. Money market funds allow you to earn competitive interest while maintaining quick access to your cash within 24–48 hours.

If you’re planning for the long-term, such as retirement or wealth building, consider fixed deposits, mutual funds, or even low-risk real estate savings plans. These may require a higher minimum investment, but they offer better returns than traditional savings accounts.

Avoid keeping large amounts of money in your house (under your bed or in a drawer) due to theft risks and inflation. Also, be cautious about storing too much in one bank—diversify across institutions to reduce risk.

In summary, use a mix: digital banks for access, fintechs for savings growth, money market funds for emergencies, and investments for the long term.

How to Save 5K in 100 Days?

Saving ₦5,000 in 100 days might seem like a small target, but it’s an excellent starting point for developing financial discipline and consistent saving habits. The key to achieving this goal is to break it down into manageable steps and stay committed to your plan daily.

To begin with, ₦5,000 divided by 100 days equals ₦50 per day. This means you only need to set aside ₦50 every single day to reach your target. That’s the cost of a small snack, a sachet of water, or a short trip on public transport. By identifying small, daily expenses you can cut, like airtime you don’t urgently need or unnecessary spending, you’ll be able to redirect that money into savings.

Start by choosing a savings method that works for you. You can use a physical saving box (kolo) or go digital with apps like PiggyVest, Cowrywise, or Kuda. These apps offer features like daily auto-debit, meaning you can automate the ₦50 deduction each day so you don’t forget or spend the money impulsively.

To stay on track, create a simple savings tracker—a notebook, calendar, or a printable 100-day savings challenge sheet. Mark off each day you save. This helps build momentum and keeps you motivated. You could even color in boxes as a visual way to measure your progress.

If ₦50 daily feels too small or you want to reach your target faster, you can save ₦100 every other day or double your daily contributions when possible. You can also set aside any unexpected income, like change from purchases or small gifts.

Lastly, treat the goal as non-negotiable. Just as you wouldn’t skip meals, don’t skip saving. Consistency is more important than the amount. If you can master saving ₦5,000 in 100 days, you’ll build the confidence and routine to save even more in the future.

What is the Rule of 72 in Money?

The Rule of 72 is a simple and powerful formula used in personal finance to estimate how long it will take for your money to double when it’s invested at a fixed annual interest rate. It’s especially useful for understanding the impact of compound interest and the importance of investing wisely.

The formula is:

72 ÷ Interest Rate = Number of Years to Double Your Money

For example, if you invest your money at an interest rate of 12% annually, you would calculate:

72 ÷ 12 = 6 years

This means it would take approximately 6 years for your investment to double at that rate, assuming the interest compounds annually and you don’t withdraw the earnings.

The Rule of 72 helps people understand the time value of money—that is, how the value of money grows over time when it’s invested, rather than just sitting in a low-interest savings account. It also highlights the importance of choosing better-performing investment options like mutual funds, stocks, real estate, or high-yield savings platforms over traditional low-interest bank savings.

Let’s look at another example: if your bank savings account pays only 3% interest annually, then:

72 ÷ 3 = 24 years

That’s a long time for your money to double. But if you use a fintech savings platform like Cowrywise or PiggyVest offering 10–12% annually, your money could double in just 6–7 years. This simple rule encourages people to seek better returns and think long-term.

The Rule of 72 also works in reverse. If you want your money to double in, say, 4 years, divide 72 by 4 to know the required interest rate—18% annually. This helps set realistic goals and guides your investment choices.

In summary, the Rule of 72 is not just a math trick—it’s a mindset. It shows why investing smartly matters and how time, when combined with the right interest rate, can be your biggest financial ally.

What is the 70/20/10 Rule Money?

The 70/20/10 rule is a simple budgeting strategy designed to help individuals manage their income wisely by dividing it into three key categories: spending, saving (or investing), and debt repayment or giving. This rule is particularly effective for people who want a structured, easy-to-follow approach to personal finance.

Here’s how it works:

70% for living expenses:
This portion covers all your essential and non-essential daily costs. It includes rent or housing, food, transport, utilities, data, clothing, healthcare, and personal spending. It’s the largest chunk because it accounts for most of your regular financial responsibilities. The idea is to live within this amount and not exceed it.
20% for savings or investments:
This part should be set aside for your financial future. It can go into a savings account, emergency fund, mutual fund, or any investment vehicle like PiggyVest, Cowrywise, stocks, or even real estate contributions. The aim is to grow your wealth, build financial security, and plan for retirement or big life goals.
10% for debt repayment or giving:
The final 10% is meant for clearing debts such as loans or credit cards. If you don’t have debts, it can be used for donations, tithing, or helping others. This promotes a sense of responsibility and generosity, which are also important in holistic money management.

One advantage of the 70/20/10 rule is its simplicity. It works for both salary earners and freelancers, and you don’t need to be a financial expert to apply it. You can adjust it slightly if your situation demands (e.g., increase savings to 30% if you’re debt-free), but the core idea remains—spend wisely, save consistently, and manage obligations.

Using this rule builds discipline, prevents overspending, and ensures you always set something aside for the future. It’s a great entry point for beginners who want to take control of their money without complicated spreadsheets.

How to Save 5 Thousand in 100 Days?

Saving ₦5,000 in 100 days is a practical financial challenge that teaches discipline and consistency. Though the amount may seem small, the goal is to build the habit of saving regularly, even with a modest income. This savings challenge can be particularly useful for students, low-income earners, or anyone just starting their savings journey.

To achieve this, break the goal into daily targets. ₦5,000 divided by 100 days equals ₦50 per day. This small, manageable amount makes it easier to stay committed. Begin by reviewing your daily spending to identify where ₦50 can be saved. For example, cut back on snacks, reduce transport costs, or pause on unnecessary mobile data expenses.

Choose your preferred savings method. You can go traditional with a physical saving box (kolo) or digital with apps like PiggyVest, Kuda, or Cowrywise, which allow daily auto-debits. Automating this process ensures consistency and removes the temptation to spend the money.

To make the challenge fun and motivating, use a savings tracker. Create a 100-day chart and check off each day you save. You can even join savings groups or WhatsApp accountability partners to encourage one another and stay on track.

If ₦50 per day feels too low and you have room in your budget, consider increasing the daily amount to ₦100 and complete the challenge in 50 days instead. Alternatively, save ₦100 some days and ₦50 on others depending on your cash flow.

Also, use unexpected income to boost your savings. For instance, if someone gifts you ₦1,000, you can add a portion to your savings target. This will reduce the number of days required to hit ₦5,000.

In summary, saving ₦5,000 in 100 days is not just about the money—it’s about building consistency, financial discipline, and setting the foundation for bigger saving goals. Once you complete this challenge, you can scale up to ₦10,000 or more over time.

Which Rule Is Best for Saving Money?

There isn’t one-size-fits-all when it comes to saving money, but some financial rules stand out because of their flexibility and effectiveness. Among the most widely used are the 50/30/20 rule, the 70/20/10 rule, and the 30-day rule. Choosing the best one depends on your income level, financial goals, and spending habits. However, for most people, the 50/30/20 rule is considered the best overall for budgeting and saving.

Here’s why the 50/30/20 rule stands out:

50% for Needs – This includes essential living expenses such as rent, food, transportation, electricity, and other necessary bills.
30% for Wants – These are non-essential items like dining out, entertainment, shopping, or vacations.
20% for Savings and Debt Repayment – This portion is dedicated to building an emergency fund, investing, or paying off debt.

The 50/30/20 rule is praised for being balanced and easy to follow. It allows you to live comfortably without feeling deprived, while still pushing you to prioritize saving. Whether you’re earning little or a lot, the rule helps you structure your spending so that savings don’t get overlooked.

However, for those with lower incomes or aggressive savings goals, a stricter rule like the 70/20/10 or even 60/30/10 might be more suitable—saving more and spending less.

If your problem is impulsive spending, the 30-day rule is best. It prevents you from making emotional purchases by encouraging a 30-day waiting period before buying non-essential items.

In conclusion, the best rule is the one that aligns with your lifestyle and helps you build financial discipline. For beginners or average income earners, the 50/30/20 rule offers a realistic and effective framework to manage spending and grow savings over time. The most important thing is not just the rule itself, but sticking to it consistently.

How to Save 1K in 30 Days?

Saving ₦1,000 in 30 days may sound like a small goal, but it’s a smart starting point for anyone looking to build a consistent savings habit—especially if you’re on a tight budget. The key is not how much you save, but how regularly you save it. With a well-thought-out plan, you can easily reach this target with little stress.

To begin, divide ₦1,000 by 30 days. That’s roughly ₦33.33 per day. You can round it up to ₦35 or ₦40 daily if that makes it easier to track. Even with a limited income, most people can find ₦35 in daily expenses they can cut—maybe skipping a soft drink, reducing data usage, or avoiding impulse buying.

Set a fixed savings time daily—perhaps in the evening. Having a routine ensures you don’t forget. You can use a piggy bank (kolo) or take advantage of digital saving apps like Kuda, PiggyVest, or Cowrywise to set up a daily auto-save of ₦35 or ₦50.

To stay motivated, try a visual savings tracker—a small chart or notebook where you record each day’s deposit. Seeing your progress will keep you encouraged, especially as the amount starts to grow.

Also, consider adding small extra income. If you sell an item, earn a tip, or get unexpected cash during the month, stash a portion of it into your savings. You’ll hit your target faster.

Another tip is to set a purpose for the savings. Knowing that your ₦1,000 is for something specific—like data, airtime, a new book, or an emergency reserve—adds value to the goal and makes you less likely to spend it.

In the end, the biggest reward isn’t just saving ₦1,000—it’s proving to yourself that you can consistently commit to a financial goal. Once you complete it, challenge yourself further with ₦2,000 in 30 days or ₦5,000 in 100 days.

How to Save 5000 Challenge?

The ₦5,000 savings challenge is a simple and practical financial exercise aimed at helping individuals cultivate daily or weekly saving habits over a specific period. Whether you’re a student, salary earner, or small business owner, this challenge teaches discipline and consistency while helping you set aside money without stress.

There are several ways to structure the ₦5,000 challenge, depending on your income flow and savings preference:

1. Daily Plan (₦5,000 in 30 Days):
Save approximately ₦167 daily for 30 days. You can round it up to ₦170 or ₦200 daily if you want to reach your goal faster. This is ideal for those who earn or spend daily and can consistently cut back on minor expenses like snacks, bike rides, or extra airtime.

2. Weekly Plan (₦5,000 in 4 Weeks):
Set aside ₦1,250 per week. This works better for salary earners or those with weekly income streams. Set a fixed day each week to transfer or deposit this amount into your savings.

3. Tiered Plan (Flexible Savings):
Start small and increase the amount daily. For example, save ₦50 on Day 1, ₦100 on Day 2, ₦150 on Day 3, and so on until you reach your goal. This method keeps the challenge exciting and gradually stretches your saving ability.

To succeed, choose your savings method. Use a secure piggy bank at home or go digital with apps like Cowrywise, PiggyVest, or Kuda. These apps allow for daily or weekly auto-saving and also offer interest on your savings.

A big tip is to track your progress visually. You can use a printed savings tracker or a phone note to mark each deposit. It keeps you motivated and helps you stay on track.

You can also gamify the challenge by involving friends, family, or your partner. Make it fun, and offer small rewards for milestones.

At the end of the challenge, you’ll not only have ₦5,000 saved, but you’ll have trained yourself to be financially disciplined—an essential habit for long-term financial success.

What Is the Best Savings Strategy?

The best savings strategy is one that is simple, consistent, and tailored to your income, expenses, and financial goals. While many strategies exist, the most effective one combines budgeting, automation, goal-setting, and smart saving tools.

In Nigeria’s current economy—where inflation, rising costs, and unstable income affect financial stability—adopting a savings plan that works for you is more important than ever.

A good starting point is the 50/30/20 rule, which divides your income into 50% for needs, 30% for wants, and 20% for savings or debt repayment. This structure allows you to save while still living comfortably. If you’re on a tight budget, you can adjust to a stricter version, like 70/20/10 or even 60/30/10.

The next important strategy is automating your savings. Use apps like PiggyVest, Cowrywise, or Kuda to set up auto-deductions. This removes the temptation to spend before saving and makes your savings process stress-free. Automate your savings immediately after receiving your income—not at the end of the month when the money is likely gone.

Another key strategy is goal-based saving. Don’t just save for the sake of it. Attach a goal to your savings—such as building an emergency fund, paying school fees, starting a business, or going on vacation. When you have a purpose, it’s easier to stay committed.

Also, try sinking funds, where you set aside money for expected future expenses like rent, repairs, or festive spending. This reduces the financial pressure when those expenses come up.

Split your savings into categories: one for emergencies, one for short-term goals, and another for long-term investments. You can keep emergency funds in a money market fund (like ARM or Stanbic IBTC), while long-term funds can go into fixed deposits or mutual funds.

In summary, the best savings strategy is one you can stick to. It should involve automation, budgeting, realistic goals, and the right tools. Once you find a rhythm that works for your income level, saving becomes second nature, and your financial growth becomes inevitable.

What is the 70 20 10 Rule for Money Saving?

The 70/20/10 rule is a straightforward financial principle that helps individuals organize their income wisely by focusing on spending control, saving discipline, and debt or giving management. While similar to other budgeting methods, this rule is uniquely simple and ideal for people seeking to build strong saving habits without needing complex spreadsheets or financial expertise.

Here’s how it works:

70% for Expenses:
This portion covers all your necessary and discretionary spending. It includes rent, food, utilities, transport, phone bills, entertainment, personal care, and other lifestyle-related expenses. The goal is to live within 70% of your income, ensuring you don’t overspend or rely on credit to survive.
20% for Savings and Investments:
This is your wealth-building zone. Allocate this portion toward an emergency fund, retirement savings, mutual funds, fintech apps (like PiggyVest or Cowrywise), or other investment opportunities. The idea is to ensure that at least 20% of your income goes toward securing your financial future. Over time, this compound savings habit can help you achieve long-term goals and financial independence.
10% for Debt Repayment or Giving:
The remaining 10% is flexible. If you have debts—like loans, credit card balances, or cooperative contributions—this should go into paying them off. However, if you’re debt-free, this portion can be dedicated to charitable giving, tithing, or supporting family. Including giving in your financial plan promotes gratitude and generosity while keeping your budget balanced.

This rule is especially useful for salary earners and business owners who want a clear and manageable approach to budgeting. It gives structure while allowing room for flexibility. For instance, if your income increases, you can adjust your saving portion upward (e.g., 60/30/10 or 65/25/10) to build wealth faster.

In essence, the 70/20/10 rule isn’t just about saving—it’s about financial discipline, conscious spending, and creating a healthy money flow that supports both your present and your future.

What is the 50 30 20 Rule of Money?

The 50/30/20 rule of money is one of the most popular and beginner-friendly budgeting methods that helps individuals manage their income effectively. It divides your monthly earnings into three broad categories—needs, wants, and savings—making it easier to balance your lifestyle with your financial goals.

Here’s the breakdown:

50% for Needs:
Half of your income should go to essential living expenses. These are the things you absolutely must pay for each month to survive. Examples include rent or mortgage, groceries, transportation, electricity, water, school fees, and healthcare. If your basic needs are taking more than 50% of your income, it may be a sign to adjust your lifestyle or find ways to increase your income.
30% for Wants:
This category covers non-essentials—expenses that improve your lifestyle but aren’t absolutely necessary. This includes eating out, Netflix subscriptions, weekend outings, fashion, and other personal pleasures. By limiting this category to 30%, you ensure that you’re enjoying life without letting unnecessary spending ruin your financial future.
20% for Savings and Debt Repayment:
This is where real financial progress happens. The remaining 20% should be dedicated to saving for emergencies, investing in long-term goals (like mutual funds or fixed deposits), or repaying debts. This part of the rule helps you build wealth, prepare for the unexpected, and work toward financial independence.

The beauty of the 50/30/20 rule lies in its simplicity and flexibility. It doesn’t require complicated tools, and anyone—from students to full-time employees—can use it. If your goal is to improve your financial discipline or start saving consistently, this rule is a great foundation.

In Nigeria, this method can be customized slightly to reflect economic realities. For instance, if needs consume more than 50%, you may have to reduce your wants or find side income to preserve your 20% savings goal.

Ultimately, this rule teaches balance—enjoy your present, but don’t forget to secure your future.

What is the 27 Rule for Money?

The 27 Rule for money is a lesser-known but insightful financial principle that emphasizes the long-term impact of spending decisions, especially for those seeking financial independence.

The concept behind the rule is simple: for every recurring monthly expense you commit to, multiply the cost by 27 to understand how much you’d need to save or invest to cover that expense indefinitely from passive income.

Here’s how it works in practice:

Let’s say you pay ₦5,000 monthly for a subscription (e.g., Netflix or DSTV). According to the 27 Rule:

₦5,000 × 27 = ₦135,000

This means you’d need to invest ₦135,000 in an income-generating asset (such as mutual funds or dividend stocks) yielding about 8–10% annually to permanently cover that ₦5,000 monthly expense without needing to work for it.

Why 27? It’s based on a 4% safe withdrawal rate, a commonly accepted rule in retirement planning. If you invert 4% (1 ÷ 0.04), you get 25. The number 27 adds a conservative buffer for inflation and market risk. It shows how much capital you’d need to generate enough passive income to sustain that expense long-term.

The 27 Rule helps you distinguish between “wants” and “needs” more clearly. If you realize that a ₦15,000 monthly spending habit requires ₦405,000 in invested capital to sustain, you may reconsider whether it’s worth it. This mindset shifts your thinking from short-term pleasure to long-term wealth creation.

In essence, the rule encourages intentional spending and smarter financial decisions. It’s especially valuable for those planning for retirement, early financial independence (like FIRE movement followers), or just trying to reduce financial waste.

So, before you commit to another recurring bill—data plans, gym memberships, or loan payments—use the 27 Rule. It gives you a clearer picture of the true lifetime cost and motivates you to invest first before spending.

What is the 75 25 Saving Rule?

The 75/25 saving rule is a simple yet aggressive budgeting approach that encourages individuals to allocate a large portion of their income toward living expenses while still prioritizing consistent savings. Under this rule, 75% of your income goes to expenses, and 25% is strictly set aside for savings or investments. It is particularly useful for those who want to fast-track their financial goals, such as building an emergency fund, investing, or achieving financial independence.

Here’s the breakdown:

75% for Expenses:
This covers your everyday costs including rent, food, transport, utilities, healthcare, school fees, and even personal wants like clothing and entertainment. The key here is to live comfortably, but within 75% of your earnings. For someone earning ₦100,000 monthly, this means all your expenses must fit within ₦75,000.
25% for Savings or Investment:
The remaining quarter of your income is directed toward building your future. This can be in the form of a savings account, money market fund, fixed deposit, fintech platforms like PiggyVest or Cowrywise, or low-risk investments such as mutual funds. Saving 25% every month builds momentum and allows you to accumulate wealth faster than with many other savings strategies.

What makes this rule effective is its focus on long-term gains. By dedicating a full 25% of your income to savings, you’re not just preparing for emergencies—you’re creating opportunities to invest, start a business, or even retire earlier.

However, the rule may require some adjustments depending on your income. For low-income earners, setting aside 25% may feel too restrictive, so it’s okay to start with 10–15% and gradually increase as your income grows. On the other hand, high-income earners can exceed the 25% savings target for even better results.

Ultimately, the 75/25 saving rule encourages financial discipline and forward thinking. It’s an excellent approach for individuals who are serious about saving and want a structured, goal-oriented method to manage their money.

How to Save Money When Paid Daily?

Saving money when you’re paid daily—whether you’re a trader, artisan, delivery rider, freelancer, or gig worker—can be both a challenge and a unique opportunity. The irregular flow of income often tempts daily earners to spend everything they earn, but with the right strategy, you can consistently build up savings and take control of your finances.

How to Stop Spending Money for 30 Days at Home?

Committing to a 30-day no-spend challenge at home is a powerful way to reset your financial habits, cut unnecessary expenses, and build stronger discipline. It doesn’t mean you stop spending entirely, but that you intentionally spend only on absolute essentials while cutting out wants and impulse buys. This challenge is especially helpful if you’re trying to save fast, clear debt, or just gain control over your spending behavior.

Here’s how to do it effectively:

1. Set Clear Rules and Goals:
Decide what counts as a “no-spend” and what is allowed. Essentials like food, utilities, and transportation (if needed) should stay. Non-essentials like takeout, clothing, subscriptions, or gadgets should be completely paused. Write down your goal—whether it’s to save ₦20,000, break a bad habit, or reset your finances.

2. Prepare Your Home:
Stock up on groceries and other basic items before the challenge begins, but don’t go overboard. This reduces the temptation to go out shopping. Plan your meals for the month, avoid food waste, and use what you already have in your kitchen, fridge, and pantry.

3. Avoid Triggers:
Uninstall shopping apps or block tempting websites. Stay off social media pages that promote “sales” or consumerism. Let your friends and family know you’re doing a no-spend challenge, so they won’t tempt you with outings or shopping trips.

4. Replace Spending with Free Activities:
Instead of spending on entertainment, watch free movies online, read books, journal, learn a skill on YouTube, or work on DIY projects. Staying busy reduces the urge to spend out of boredom.

5. Track Your Progress Daily:
Keep a log of each day you don’t spend unnecessarily. This keeps you motivated and accountable. Celebrate your progress each week.

6. Reflect at the End:
After 30 days, review your progress. How much did you save? What did you learn? What habits will you keep?

The 30-day no-spend challenge is not just about saving money—it’s about regaining control of your financial life and breaking the cycle of emotional or unconscious spending.

How to Save Money in 365 Days?

Saving money over the course of 365 days (a full year) may sound like a long journey, but with a clear plan, commitment, and small daily steps, you can achieve remarkable results. Whether your target is ₦50,000, ₦100,000, or even ₦365,000, the secret is consistency—not the amount you save each day.

Here are practical ways to build a 365-day saving routine:

1. Choose a Savings Goal and Breakdown the Numbers
Start by setting a clear savings target. For instance, to save ₦100,000 in 365 days, you need to save about ₦274 daily. You can round it up to ₦300 or more on some days. If ₦274 daily is too much, you can reduce it to ₦100 daily and aim for ₦36,500 by year-end. The idea is to set a goal that matches your income.

2. Use a Savings Challenge Format
To keep things fun and organized, follow a 365-day savings challenge. One popular method is to save ₦1 on day 1, ₦2 on day 2, ₦3 on day 3, and so on until you save ₦365 on the last day. This method grows gradually and can yield over ₦66,000 by year-end. You can customize this upward or downward based on your ability.

3. Automate with Fintech Apps
Leverage tools like PiggyVest, Cowrywise, or Kuda to automate your daily or weekly savings. Automation removes the pressure of remembering and keeps you consistent without effort. You can choose to save daily, every 2 days, or weekly—whatever works best.

4. Cut Daily Waste
Review your daily habits. Saving ₦300 daily could mean skipping one soft drink, cooking instead of eating out, or using public transport. Look for small sacrifices that add up.

5. Track Progress Monthly
At the end of each month, check how much you’ve saved and celebrate your wins. This keeps you motivated to keep going.

By the end of 365 days, you’ll not only reach your target but also build strong saving habits that will serve you for life.

What’s the Best Money Rule for Saving Money?

The best money rule for saving depends on your income level, financial responsibilities, and personal goals. However, one of the most widely recommended and effective rules for saving is the 50/30/20 rule. This rule strikes a great balance between spending, saving, and enjoying your income—making it ideal for both beginners and experienced savers.

Here’s how the 50/30/20 rule works:

50% for Needs:
Half of your income should go toward essentials like rent, food, utilities, transportation, and healthcare. These are non-negotiables required for daily living.
30% for Wants:
This category covers lifestyle spending—entertainment, eating out, shopping, subscriptions, and other personal treats. Limiting this to 30% helps you enjoy life without overspending.
20% for Savings and Debt Repayment:
This is where financial growth happens. Whether it’s saving into an emergency fund, investing in mutual funds or fintech apps like Cowrywise or PiggyVest, or paying off debts, this 20% is critical to building your future.

The 50/30/20 rule is considered the best by many because it’s easy to apply, flexible, and practical. It doesn’t demand rigid sacrifice but encourages balance. It’s especially effective for salary earners or people with stable income who want a simple plan for managing their money.

That said, there are other helpful rules too:

70/20/10 rule: Spend 70%, save 20%, and use 10% for giving or debt repayment.
Pay Yourself First rule: Save before you spend, even if it’s 10% of your income.
30-Day Rule: Wait 30 days before making a non-essential purchase, helping curb impulse spending.

While the 50/30/20 rule stands out, the best rule is ultimately the one you can stick with consistently. Whether you adjust it to 60/30/10 or 40/40/20, the most important thing is that your savings are regular and your expenses don’t consume all your income.

What to Invest in as a Beginner?

If you’re new to investing, the financial world can seem overwhelming. But the truth is, you don’t need a lot of money or expertise to get started. As a beginner, the key is to start small, understand your options, and prioritize safety and growth. With the right mindset and tools, you can grow your wealth steadily over time.

Here are some of the best investment options for beginners:

1. High-Interest Savings and Fintech Apps:
Before diving into complex investments, it’s wise to start with safe, accessible platforms like PiggyVest, Cowrywise, or Kuda. These allow you to save and earn interest (up to 10–15% per annum), far more than what traditional banks offer. They’re user-friendly and ideal for learning basic financial discipline.

2. Mutual Funds:
Mutual funds pool money from many investors and are managed by professionals. They are perfect for beginners because they reduce risk by diversifying your investment. Nigerian platforms like ARM, Stanbic IBTC, and Meristem offer mutual funds with flexible entry amounts and decent annual returns.

3. Treasury Bills and Government Bonds:
These are low-risk government-backed investments that offer fixed interest over a set period. You can buy them through banks or investment platforms. They’re great for beginners who want stable returns without taking on high risk.

4. Dollar Investments:
With the naira’s volatility, investing in dollar-based assets (such as Risevest or Bamboo) helps protect your wealth. These platforms let you invest in U.S. stocks, real estate, or fixed-income instruments with as little as $10.

5. Real Estate Crowdfunding:
If you’re interested in property but don’t have millions, some platforms allow you to invest small amounts (₦20,000 and up) into real estate projects. It’s a good long-term option.

6. Learn Before You Invest More:
Take time to understand basic financial terms. Follow credible financial blogs, YouTube channels, or courses. Don’t rush into high-risk options like forex or crypto without sufficient knowledge.

In summary, the best beginner investments are low-risk, easy to understand, and affordable. Start small, stay consistent, and focus on learning. Over time, you’ll gain the confidence to explore more advanced investment strategies.

Where Do Billionaires Keep Their Money?

Billionaires don’t just stash their money in a single bank account—they diversify and strategically allocate their wealth across multiple asset classes to preserve, grow, and protect it. Their approach to money management is designed not just to store wealth, but to make it work for them continuously.

Here’s a breakdown of where billionaires typically keep their money:

1. Business Ventures (Private Equity):
A large portion of a billionaire’s net worth is often tied to the ownership of companies. Whether it’s owning shares in a publicly traded company (like Elon Musk and Tesla) or private businesses (like Dangote and his cement empire), business equity is often the biggest chunk of their wealth. They reinvest in these businesses for long-term value.

2. Real Estate Assets:
Billionaires invest in high-value residential and commercial real estate globally. This includes luxury homes, hotels, office buildings, malls, and rental properties. Real estate offers stable, long-term returns and acts as a hedge against inflation.

3. Stocks and Global Equities:
They also hold diversified portfolios of local and international stocks. U.S. billionaires typically invest heavily in Wall Street through mutual funds, index funds, ETFs, and direct shares. These investments provide growth, dividends, and capital appreciation.

4. Alternative Investments (Hedge Funds, Art, Crypto):
Some billionaires allocate funds to hedge funds, private equity funds, cryptocurrency, precious metals (like gold), or even fine art and collectibles. These are considered high-risk, high-reward areas and are used to diversify their portfolios.

5. Offshore Accounts and Trusts:
To protect their assets and reduce tax liabilities, many billionaires use offshore accounts in countries with favorable tax laws. They may also establish trust funds to protect generational wealth and ensure asset transfer to heirs.

6. Cash and Liquidity Reserves:
While they don’t keep all their wealth in cash, billionaires maintain liquid reserves in banks or money market accounts to handle large transactions, seize business opportunities, or deal with emergencies.

In essence, billionaires don’t let their money sit idle. They spread it across cash, investments, businesses, real estate, and tax-optimized structures, all with the goal of growing and preserving wealth across generations.

How to Survive Without a Bank Account?

Surviving without a bank account may seem difficult in today’s digital economy, but it’s possible—especially if you adopt alternative financial tools and strategies. Whether you’re unbanked by choice, due to lack of documentation, or banking fees, you can still manage money, receive payments, save, and carry out essential transactions without a traditional bank account.

Here’s how to make it work:

1. Use Fintech Wallets and Digital Platforms:
In Nigeria and many parts of the world, fintech apps like Opay, PalmPay, Moniepoint, and Paga offer banking-like services without needing a traditional bank account. You can receive money, transfer to others, pay bills, buy airtime, and even save within these apps. Some don’t require BVN, and registration is quick.

2. Mobile Money Agents:
Mobile money services have made it easy for people to send and receive cash through agents. Services like MTN MoMo, Airtel SmartCash, or POS kiosks around your area can help you withdraw and deposit money, especially in rural or underbanked communities.

3. Prepaid Debit Cards:
You can use prepaid cards for online transactions or ATM withdrawals. Cards from fintech companies or digital wallets can be topped up with cash and used without linking to a bank account.

4. Keep Physical Cash Securely:
If you must handle cash, invest in a secure storage method—like a locked safe or metal box. Use this for short-term needs only, as cash loses value due to inflation and is prone to theft.

5. Use Cooperative Societies or Daily Savings Groups (Ajo/Esusu):
Many communities offer cooperative saving plans or daily collectors. These can help you save, borrow, and manage funds locally, especially if you’re not comfortable with digital tools.

6. Leverage Family and Trusted Networks:
In emergencies, you can ask trusted relatives with bank accounts to receive money on your behalf. However, be cautious and limit this to avoid misunderstandings or loss.

Though surviving without a bank account is possible, it requires more effort and planning. Over time, consider transitioning to safe digital alternatives to access better saving, investing, and financial opportunities.

Is It Better to Save Cash or Bank?

When deciding whether to save money in cash at home or in a bank, it’s essential to consider factors like safety, accessibility, interest earnings, and financial growth. While both options have their place, saving in a bank or digital platform is usually the better and more secure choice—especially if you want your money to work for you.

Saving Cash at Home: Pros and Cons
Keeping money at home in a piggy bank, safe, or drawer gives you immediate access and feels more tangible. It’s useful for short-term goals or if you live in areas with poor banking access. However, it comes with major risks:

No Interest or Growth: Your cash doesn’t grow. In fact, it loses value over time due to inflation.
Security Risks: There’s the danger of theft, fire, or loss.
No Record Keeping: If misplaced or stolen, there’s no recovery method.

Saving in a Bank: Pros and Cons
Storing your money in a bank—whether traditional (like GTBank, Zenith, or Access Bank) or digital (like Kuda or Opay)—offers better financial advantages:

Safety: Your funds are protected from theft and can be insured (e.g., NDIC covers deposits up to a certain limit in Nigeria).
Interest Earnings: Banks and savings apps offer interest on your deposits, helping you grow your funds passively.
Financial Access: With a bank account, you can access loans, investment opportunities, and online payments.

That said, banks may charge fees (especially on dormant or current accounts), and sometimes their interest rates are lower than inflation. However, these disadvantages can be managed by using fintech platforms that offer higher interest with fewer charges.

Conclusion:
Saving in a bank or digital savings platform is generally better for long-term goals, financial security, and growth. Cash savings at home may be okay for very short-term needs, but they should not be your primary method of storing wealth—especially in an economy like Nigeria’s where the value of money changes quickly.

What Is the Easiest Way to Save Money?

The easiest way to save money is to make it automatic, simple, and part of your daily routine. Many people struggle with saving not because they lack money, but because they treat it as an afterthought. When saving becomes part of your financial routine—like paying a bill—it becomes effortless and sustainable.

Here are some of the easiest and most effective ways to start saving money:

1. Pay Yourself First:
The most important and beginner-friendly saving rule is to save before you spend. As soon as you receive your salary or income, set aside a percentage (even as little as 10%) before using the rest. Treat savings as a fixed cost, just like rent or electricity.

2. Use Automated Savings Apps:
Digital platforms like PiggyVest, Cowrywise, or Kuda allow you to set up auto-debits that transfer money into your savings daily, weekly, or monthly. You won’t even have to think about it—saving happens in the background.

3. Start Small and Be Consistent:
You don’t need to save huge amounts to get started. Even saving ₦100–₦500 daily can grow into something significant over time. Starting small also helps reduce the pressure and keeps you consistent.

4. Eliminate Daily Waste:
Identify small, unnecessary daily expenses—like snacks, excess data, or impulse buys—and redirect that money into savings. You’ll be surprised how much you can save by just adjusting your habits.

5. Use the Envelope or Kolo Method:
For those who prefer physical savings, use an envelope or kolo (saving box) to stash money daily or weekly. Label each envelope for a specific goal—rent, emergency fund, etc.—to stay motivated.

6. Set Clear Goals:
Saving without a goal feels pointless. Whether it’s a phone, rent, school fees, or business capital, knowing why you’re saving makes it easier to stay committed.

In conclusion, the easiest way to save money is to automate it, make it consistent, and tie it to a goal. It’s not about how much you earn—it’s about building the habit of setting money aside regularly.

Which Bank Is Safe to Keep Money?

Choosing a safe bank to keep your money is one of the most important financial decisions you can make. In Nigeria, several banks are regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC)—this makes them trustworthy and secure for saving, transacting, or investing.

A safe bank should have the following key features:

CBN Regulation: The bank must be fully licensed by the Central Bank of Nigeria. This ensures it follows strict financial standards and is under regulatory supervision.
NDIC Insurance: Your deposits should be insured by the NDIC, which protects up to ₦500,000 per depositor per bank in case of bank failure.
Strong Reputation and Track Record: Look for banks with long histories, minimal scandals, and consistent customer satisfaction.

Here are some of the safest and most reputable banks in Nigeria:

1. Zenith Bank:
Known for financial stability and strong customer service, Zenith is one of the biggest and most profitable banks in Nigeria.

2. Access Bank:
After merging with Diamond Bank, Access has grown into a strong financial institution with extensive reach and digital banking services.

3. Guaranty Trust Bank (GTBank):
GTBank is highly respected for its innovative digital platforms, low service charges, and strong regulatory compliance.

4. United Bank for Africa (UBA):
UBA has a presence across 20 African countries and a strong international reputation. It offers excellent mobile banking and security features.

5. First Bank of Nigeria:
As one of the oldest and most established banks, First Bank has a solid legacy and widespread branch network.

6. Stanbic IBTC Bank:
Stanbic is great for savings and investments, especially with its ties to Standard Bank (South Africa) and its professional wealth management services.

If you prefer digital banking, Kuda Bank is also a strong option. It is licensed by the CBN and offers insured accounts with no maintenance fees, though it lacks physical branches.

In conclusion, for safety and peace of mind, choose a CBN-regulated, NDIC-insured, and financially sound bank. The banks mentioned above are ideal for both saving and everyday transactions.

How to Grow Savings?

Growing your savings isn’t just about putting money aside—it’s about using smart strategies to protect, multiply, and sustain your funds over time. Whether you’re saving for an emergency, rent, business, or future investments, there are simple, effective steps you can follow to grow your money consistently—even with a small income.

Here’s how to grow your savings successfully:

1. Set Specific Saving Goals
Define what you’re saving for and how much you need. Is it ₦100,000 for rent? ₦50,000 for school fees? A clear goal keeps you motivated and helps you track progress.

2. Automate Your Savings
Use apps like PiggyVest, Cowrywise, or Kuda to automate daily, weekly, or monthly transfers into your savings. This reduces the temptation to spend and builds discipline effortlessly.

3. Increase Your Savings Percentage Over Time
Start small, maybe with 10% of your income. As your income grows or expenses reduce, raise this to 15%, 20%, or even more. The more you save, the faster your funds grow.

4. Use Interest-Earning Accounts
Don’t let your money sit idle. Use high-interest savings platforms or money market funds that offer returns as high as 10–15% annually. Over time, compound interest will significantly boost your savings.

5. Avoid Unnecessary Withdrawals
Lock your savings or use apps with withdrawal restrictions to avoid impulsive spending. Some platforms like PiggyVest let you set a withdrawal date to discourage early access.

6. Track Your Progress Monthly
Review your savings every month. It keeps you accountable and motivated. You can use spreadsheets, notebooks, or mobile trackers to stay organized.

7. Reduce Daily Expenses
Cut small, frequent expenses like snacks, unnecessary subscriptions, or impulse buying. Redirect that money into your savings. It adds up quickly.

8. Add Extra Income Sources
Explore side hustles—freelancing, online tasks, or mini-trading—to increase your income and grow your savings faster.

In summary, the secret to growing your savings lies in consistency, automation, high-interest savings, and controlled spending. The more intentional you are, the more your money will work for you over time.

Which Bank Is Good to Store Money?

Choosing the right bank to store your money is a critical decision that affects your financial safety, interest earnings, and overall banking experience. A good bank should offer security, easy access, low fees, good customer service, and—most importantly—competitive interest rates if you’re saving for the future.

In Nigeria, both traditional and digital banks provide secure environments to store your funds. The best one for you depends on your financial goals—whether you’re looking for simple safekeeping, interest earnings, or long-term savings.

Here are some of the best banks to consider:

1. GTBank (Guaranty Trust Bank):
GTBank is known for its strong mobile banking platform, reliability, and ease of use. It offers various types of accounts, including savings, fixed deposits, and target savings options. It’s a great option if you want to manage your funds both digitally and in person.

2. Zenith Bank:
Zenith is highly regarded for its customer service, stable network, and wide range of account types. It offers competitive fixed deposit rates and efficient online banking services.

3. Stanbic IBTC Bank:
If you want to store your money and also earn interest or invest, Stanbic IBTC is a solid choice. Their savings and investment arms (like Stanbic IBTC Money Market Fund) provide better returns than standard savings accounts.

4. Kuda Bank (Digital Bank):
Kuda is a mobile-only bank that offers zero account maintenance fees, instant transfers, and automatic savings features. It also offers interest up to 15% per annum on specific savings plans, making it ideal for tech-savvy individuals looking to store money digitally.

5. Opay and Moniepoint:
These digital platforms offer safe, fast, and convenient banking services. They are licensed by the Central Bank of Nigeria (CBN) and provide wallets that allow you to save, pay bills, and even earn bonuses on your transactions.

6. Cowrywise and PiggyVest (for savings):
Though not traditional banks, these fintech apps are excellent for storing money with high-interest returns and withdrawal restrictions that help you stay disciplined.

Conclusion:
The best bank for storing money should offer a mix of safety, accessibility, and growth potential. GTBank, Zenith, Stanbic, and Kuda are strong choices, depending on whether you prefer traditional or digital services. For savings growth, complement your bank account with fintech savings apps.

Where to Put Money Instead of Savings?

While traditional savings accounts are a good starting point for storing money, they often offer low interest rates that may not keep up with inflation. If your goal is to grow your money, there are better alternatives that provide higher returns, capital appreciation, and passive income. These options go beyond just saving and help you invest smartly based on your goals and risk tolerance.

Here are some of the best alternatives to traditional savings:

1. Money Market Funds (MMFs):
Money Market Funds are low-risk investments that typically offer higher interest (8%–12% per annum) than savings accounts. Platforms like Stanbic IBTC, ARM, or Cowrywise allow you to invest easily in MMFs. They are ideal for people who want low-risk returns with easy access to their money.

2. Fixed Deposits:
If you can lock away your funds for a set period (e.g., 3 to 12 months), fixed deposits offer better interest than regular savings. Nigerian banks like Zenith, UBA, or Access Bank provide fixed deposit options with returns up to 10% or more, depending on tenure and amount.

3. Fintech Savings Apps with Investment Features:
Apps like PiggyVest, Cowrywise, and Risevest allow you to save and also invest. They offer options like Flex Naira, Flex Dollar, and mutual funds that provide higher returns than banks while maintaining some liquidity.

4. Treasury Bills and Government Bonds:
These are government-backed investments that pay fixed interest over a specified period. Treasury bills are short-term, while bonds are long-term. They are safe, especially for conservative investors.

5. Dollar Savings and Investments:
To hedge against naira depreciation, platforms like Risevest, Bamboo, or Chaka allow you to invest in U.S. dollar assets. This includes foreign stocks, ETFs, or real estate, offering long-term growth and currency protection.

6. Agricultural and Real Estate Investment Platforms:
Some apps let you invest in agriculture or real estate projects with returns of 10%–25% annually. These include platforms like Farmcrowdy or Coreum.

Conclusion:
If you’re looking to grow your money instead of letting it sit idle in a savings account, explore money market funds, fintech platforms, fixed deposits, or low-risk investments. These options provide better returns and help you reach your financial goals faster while still managing your risk.

What Is the Best Account to Keep Money In?

The best account to keep your money in depends on your financial goals—whether you’re saving for emergencies, investing for growth, or managing day-to-day transactions. While a standard savings account provides basic storage, there are better options if you’re aiming for interest, convenience, and financial growth.

Here are some of the best types of accounts to keep money in, based on different goals:

1. High-Interest Savings Account
This is ideal if you want to save money and earn better returns than traditional bank savings. Digital platforms like PiggyVest, Cowrywise, and Kuda Bank offer interest rates ranging from 8% to 15% per annum, which is much higher than what most commercial banks offer. These accounts also allow you to automate savings and set withdrawal limits for better discipline.

2. Fixed Deposit Account
If you have a lump sum you don’t need immediately, a fixed deposit account is one of the safest and best ways to earn passive interest. You agree to lock your funds for a specific period (usually 30 days to 1 year), and in return, banks like Zenith, Stanbic, and Access Bank offer fixed interest returns up to 10–12%, depending on the amount and duration.

3. Money Market Fund Account
A money market fund account is a great option for both safety and higher returns. It invests in low-risk assets like treasury bills and commercial papers. With returns of 9–13% annually, MMFs offered by platforms like Cowrywise, ARM, and Stanbic IBTC are ideal for medium- to long-term saving goals.

4. Digital Wallets with Savings Features
Apps like Kuda, Opay, and Palmpay allow you to store money, earn interest, and make easy transfers or payments. Kuda, for example, offers a Spend+Save feature that automatically saves a percentage of your spending.

5. Dollar Savings or Investment Accounts
To protect against naira depreciation, consider keeping some funds in USD-denominated accounts using platforms like Risevest or Bamboo. These accounts allow you to save in dollars and invest in international markets.

Conclusion:
The best account to keep your money in is one that is secure, offers interest, matches your goals, and encourages discipline. For long-term growth, consider money market funds or fixed deposits. For flexibility and daily use, high-interest savings or digital wallets are excellent choices.

How to Save and Make Money?

Saving and making money are two sides of financial success. While saving helps you preserve your income, making money helps you grow it. When you combine both strategies effectively, you create a strong foundation for wealth, financial security, and long-term freedom.

Here’s how to save and make money at the same time:

1. Create a Budget That Prioritizes Saving
Start by tracking your monthly income and expenses. Use the 50/30/20 rule or the 70/20/10 rule to allocate a portion of your income to savings. For instance, if you earn ₦100,000, aim to save ₦20,000 and adjust your expenses accordingly.

2. Automate Your Savings
Use fintech apps like PiggyVest, Cowrywise, or Kuda to set up automatic savings plans. This removes the temptation to spend and helps you stay consistent. Even saving ₦500 daily adds up to ₦15,000 a month.

3. Put Savings into Interest-Earning Accounts
Don’t just save—grow your savings. Place your money in accounts that offer 10–15% interest annually, such as money market funds or fixed deposits. Apps like Cowrywise and PiggyVest offer these options with low entry amounts.

4. Start a Side Hustle or Online Gig
Use your spare time or skills to make money online. You can try freelance writing, graphics design, affiliate marketing, mini importation, online tutoring, or running a small online business through platforms like WhatsApp, Instagram, or Jiji.

5. Invest in Low-Risk Opportunities
Use part of your savings to invest in mutual funds, agricultural crowdfunding, or real estate savings plans. These platforms (like Risevest, Bamboo, or Farmcrowdy) help you earn passive income while still protecting your capital.

6. Cut Down on Unnecessary Spending
Avoid impulse buying and redirect that money into income-generating opportunities. Use the 30-day rule before making non-essential purchases. Ask yourself: “Can I use this money to make more money?”

7. Reinvest Earnings
Whenever you earn extra—from gigs, business, or returns—don’t spend it all. Reinvest a portion into either your business, a savings plan, or another income-generating asset.

Conclusion:
To save and make money at the same time, focus on automated saving, disciplined budgeting, and multiple income streams. With consistent action and the right tools, you’ll not only secure your finances but steadily build wealth over time.

How Do I Protect My Money?

Protecting your money is just as important as earning and saving it. Without proper protection, your hard-earned cash can be lost to theft, inflation, scams, poor financial decisions, or emergencies. Whether you’re keeping money at home, in a bank, or investing it, safeguarding your finances requires a combination of smart habits, secure platforms, and informed choices.

Here are practical steps to protect your money:

1. Keep Your Savings in a Secure, Insured Bank or Fintech App
Always store your money in a CBN-licensed bank or NDIC-insured financial institution. Apps like Kuda, PiggyVest, Cowrywise, Opay, and Moniepoint are also secure and offer interest on savings. These platforms protect your funds from physical theft or misplacement.

2. Diversify Your Funds
Don’t keep all your money in one place. Spread it across savings accounts, fixed deposits, digital wallets, and investments. This ensures that if one platform or account is compromised, your entire savings won’t be lost.

3. Use Strong Passwords and 2FA
For online banking and fintech apps, enable two-factor authentication (2FA) and use strong, unique passwords. Avoid sharing your PINs, OTPs, or banking details with anyone—even close friends or family.

4. Avoid Keeping Large Cash at Home
While keeping some cash for emergencies is fine, don’t store large sums at home due to risks like theft, fire, or inflation. Use digital wallets or bank vaults for better protection.

5. Stay Away from Scams and Ponzi Schemes
Be cautious of get-rich-quick offers, investment promises with unusually high returns, or unknown platforms that aren’t regulated. Always research before committing money to any scheme.

6. Have an Emergency Fund
Keep at least 3–6 months’ worth of expenses in an accessible savings account. This helps you stay afloat during job loss, illness, or other unexpected financial issues.

7. Invest in Insurance
Consider health, life, and property insurance to protect your money from unexpected medical bills, accidents, or property loss. Insurance helps you avoid depleting your savings in emergencies.

Conclusion:
Protecting your money means using secure accounts, spreading your funds wisely, staying informed, and avoiding risk traps. With these habits, you can confidently grow your wealth while keeping it safe from both physical and digital threats.

How Many Bank Accounts Should I Have?

The number of bank accounts you should have depends on your financial goals, income level, spending habits, and how you manage your money. While there’s no strict rule, having 2 to 4 accounts can help you stay organized, control spending, and meet savings goals more effectively. Each account can serve a different purpose, making it easier to track your money and build financial discipline.

Here’s a breakdown of the ideal number and types of accounts to consider:

1. Primary Spending Account (1 Account)
This is your main checking or current account—where your salary or income is paid into. You use this account for regular expenses like rent, food, transportation, subscriptions, or utility bills. It should have a debit card and mobile banking access for easy transactions.

2. Emergency Savings Account (1 Account)
This account is strictly for emergency funds—money set aside for unexpected events like medical bills, job loss, or repairs. It should be separate from your spending account and not linked to your debit card. Digital savings platforms like PiggyVest or Cowrywise are great for this because they offer interest and withdrawal restrictions.

3. Long-Term Savings or Investment Account (1 Account)
Use this for goals like buying a house, starting a business, or investing in assets. You can use a fixed deposit, money market fund, or investment app like Risevest, Bamboo, or Stanbic IBTC to grow your money safely over time. This account is not for daily use but for wealth building.

4. Dollar or Forex Account (Optional)
If you’re trying to hedge against naira devaluation or earn in foreign currency, having a domiciliary or dollar-based account is wise. Apps like Risevest or banks like UBA, GTBank, and Access offer dollar accounts for international savings and investment.

Conclusion:
Ideally, you should have at least three bank accounts: one for spending, one for emergency savings, and one for long-term goals or investments. Each serves a purpose, helps you separate money mentally and financially, and builds control over your income.

Which Bank Pays the Highest Interest on Savings?

In Nigeria, traditional banks are generally safe for storing money, but their interest rates on regular savings accounts are often low, typically ranging from 1% to 4% per annum. However, some banks and digital financial platforms now offer higher-yield savings options—making it possible to earn better interest on your funds while still keeping them secure.

If you’re looking for banks or fintechs that pay the highest interest on savings, here are some of the top options:

1. Kuda Bank (Digital Bank)
Kuda is a licensed microfinance bank that offers up to 15% interest per annum when you use their Spend+Save feature or other fixed savings options. It’s fully digital, has no maintenance fees, and is ideal for tech-savvy users looking to grow savings with ease.

2. PiggyVest (Fintech Platform)
Although not a traditional bank, PiggyVest is one of Nigeria’s most popular savings and investment apps. It offers up to 13% interest per annum on fixed savings (SafeLock) and around 8%–10% on flexible savings (Flex Naira). It also includes auto-save options and penalty-free withdrawal schedules if followed.

3. Cowrywise (Fintech Platform)
Cowrywise offers users access to money market funds, with interest rates ranging from 8% to 12% annually, depending on the market. It’s regulated by the SEC (Securities and Exchange Commission), making it a reliable alternative to regular bank accounts.

4. VFD Microfinance Bank
VFD Bank provides up to 10% interest per annum on savings with features like fixed deposits and target savings. It’s fully digital and has flexible options for individuals looking to earn more than standard bank interest.

5. FairMoney & Carbon
These are digital finance platforms that also offer competitive interest rates, typically up to 10% per annum, especially when you lock your funds for a fixed duration.

Traditional Banks (GTBank, Access, UBA, etc.):
These banks usually offer lower interest—around 1% to 3.5% per annum on savings accounts. However, their fixed deposit and high-interest options can pay more depending on the amount and duration.

Conclusion:
To get the highest interest on your savings in Nigeria, fintech platforms like Kuda, PiggyVest, Cowrywise, and VFD Bank currently lead the way.

They offer significantly better returns than traditional banks while maintaining CBN regulation or SEC oversight. Always compare rates and check withdrawal terms before committing.

What Can I Put My Money In to Earn the Most Interest?

If your goal is to maximize returns on your savings or idle funds, you need to go beyond a traditional savings account and explore higher-yield investment options.

These options offer better interest and long-term growth potential, depending on your risk tolerance, financial goals, and how long you’re willing to leave the money untouched.

Here are the best places to put your money to earn the most interest in Nigeria:

1. Money Market Funds (MMFs)
Money market funds are low-risk investment vehicles that pool your money into short-term, interest-yielding assets like treasury bills, commercial papers, and bank placements. Platforms like Cowrywise, ARM, and Stanbic IBTC offer MMFs with returns of 9% to 13% annually, making them a safe and accessible choice.

2. Fixed Deposit Accounts
Fixed deposits allow you to lock your funds for a set period (usually 30 to 365 days) at a fixed interest rate. Banks like Zenith, UBA, Stanbic, and VFD Bank offer fixed deposits with interest ranging from 8% to 12%, depending on the amount and tenure. The longer you lock your funds, the higher the rate.

3. PiggyVest SafeLock or Cowrywise Lock Plans
These fintech platforms provide interest rates up to 15% per annum when you lock your money for a specific duration (e.g., 3–12 months). It’s like a digital fixed deposit, but with more flexibility and higher returns.

4. Treasury Bills and Federal Government Bonds
These are secure investments backed by the Nigerian government. Treasury bills offer short-term interest, while bonds are better for long-term goals. Interest rates vary based on market demand but can reach 10% to 14%.

5. Dollar-Based Investments
With the naira’s volatility, dollar-denominated investments through platforms like Risevest, Bamboo, or Chaka help you earn in stronger currencies. These platforms allow you to invest in U.S. stocks, real estate, or fixed income—with returns of 8% to 15%+ annually depending on the asset.

6. Agricultural or Real Estate Crowdfunding
Platforms like Farmcrowdy and Coreum allow you to invest in farms or housing projects. These can yield returns of 15% to 25% annually, though they carry more risk and require careful research.

Conclusion:
To earn the most interest on your money, prioritize options like money market funds, fixed deposits, SafeLock plans, or treasury bills. For higher but riskier returns, explore dollar investments or real estate crowdfunding. The key is to balance risk and reward based on your financial goals.

Where Should I Store My Money?

Storing your money wisely means placing it where it is safe, accessible, and capable of growing over time. The right place to keep your money depends on your financial goals—whether you need quick access, long-term growth, or inflation protection. In 2025, with the growth of fintech and alternative investments in Nigeria, there are more options than ever to store and manage your money securely and profitably.

Here are the best places to store your money:

1. High-Interest Savings Platforms (Digital Wallets):
Apps like PiggyVest, Cowrywise, Kuda, and VBank offer better interest than traditional banks, ranging from 8% to 15% annually. They are secure, regulated, and suitable for goal-based saving with features like withdrawal limits, savings challenges, and automatic transfers.

2. Traditional Bank Accounts (for Daily Use):
Banks like GTBank, Zenith Bank, and Access Bank are good for storing money meant for day-to-day spending or emergencies. However, their savings accounts typically offer low interest (1%–3%), so they shouldn’t be used for long-term wealth storage.

3. Fixed Deposit Accounts:
If you can afford to lock away money for a set period (e.g., 3–12 months), fixed deposits offer higher interest than regular savings accounts—8% to 12% per annum. This is best for storing large sums that you don’t need immediate access to.

4. Money Market Funds (MMFs):
Money market funds are excellent for safely storing money while earning more than a bank. Offered by platforms like Cowrywise, ARM, and Stanbic IBTC, MMFs yield 9% to 13% annually and are low-risk, making them ideal for emergency or medium-term funds.

5. Dollar-Based Accounts or Investments:
To protect against naira depreciation, consider storing part of your money in USD-denominated accounts. Use apps like Risevest, Bamboo, or open a domiciliary account with banks like UBA or GTBank to save in dollars and invest internationally.

6. Diversify Across Platforms:
Don’t put all your money in one place. You might keep 30% in a spending account, 40% in a high-interest savings app, 20% in a money market fund, and 10% in a dollar-based asset. Diversification protects your wealth and improves returns.

Conclusion:
The smartest place to store your money is a mix of secure, interest-earning platforms tailored to your needs—daily spending, emergency funds, long-term saving, and inflation protection. Fintech tools, traditional banks, and investment apps all play a role when used strategically.

Where Is the Smartest Place to Keep Your Money?

The smartest place to keep your money is one that ensures security, liquidity, and growth. Rather than relying solely on traditional banks, modern financial planning encourages people to diversify where their money is stored, based on purpose and financial goals. The smartest strategy is to segment your money into different “buckets” so each portion serves a specific need—whether for emergencies, daily use, or long-term growth.

Here are the smartest places to keep your money in 2025:

1. High-Interest Digital Savings Accounts
Platforms like PiggyVest, Cowrywise, Kuda, and VBank offer interest rates between 8% and 15% annually, far more than traditional banks. They allow goal-based savings, auto-debit features, and interest withdrawals—making them great for smart money management.

2. Money Market Funds (MMFs)
For people who want to grow their money while keeping it safe and accessible, MMFs are an excellent option. Offered by Cowrywise, ARM, and Stanbic IBTC, they invest your money in low-risk assets and yield 9% to 13% per annum. Ideal for emergency funds or short-term savings.

3. Fixed Deposits and SafeLock Plans
If you don’t need immediate access to some of your money, consider fixed deposits through banks like Zenith, GTBank, or Access Bank, or use SafeLock features on PiggyVest or VFD Bank. These lock your money for a set period while earning guaranteed interest.

4. Dollar Savings or Investment Accounts
To protect against naira devaluation, store part of your money in dollar-based investments through platforms like Risevest, Bamboo, or open a domiciliary account at UBA or Stanbic. These options offer global diversification and currency strength.

5. Diversified Storage Strategy (Smart Mix)
The smartest way isn’t to rely on one method but to diversify:

30% for daily expenses in a current account
30% in high-interest savings for short-term goals
20% in money market or investment funds
10% in emergency savings
10% in foreign currency or growth investments

Conclusion:
The smartest place to keep your money is not just one place, but a strategic combination of safe, interest-earning, and growth-focused platforms. By dividing your money across fintech apps, investment funds, and foreign accounts, you’ll protect your wealth and make it work for you.

How to Store Money Without a Bank?

Storing money without a bank is possible and often necessary for people who don’t have access to formal banking services or prefer more control over their finances. While traditional banks offer convenience and security, they aren’t the only way to keep money safe. If used wisely, non-bank methods can be effective—though they often come with some risk, especially in terms of safety and inflation.

Here are several smart and practical ways to store money without using a bank:

1. Use Mobile Wallets and Fintech Apps
Digital platforms like Opay, Palmpay, Moniepoint, and MTN MoMo allow you to store, send, and receive money securely—without owning a traditional bank account. These services are easy to use, widely accepted, and regulated by the Central Bank of Nigeria.

2. Invest in Digital Savings Platforms
Apps like PiggyVest and Cowrywise are not traditional banks but allow you to save money, earn interest, and lock funds securely. You only need a smartphone and BVN to register. These apps are ideal for disciplined saving and are protected by standard security measures.

3. Use Prepaid Debit Cards or Wallets
You can load money onto prepaid cards from platforms like Paga or Eversend. These work like bank accounts but don’t require you to maintain a regular balance or visit a physical branch.

4. Save in Asset-Based Forms
Store money in the form of assets such as gold, silver, or durable goods. You can also invest in small amounts of real estate, or partner in a small business venture. These options preserve value and may even appreciate over time.

5. Traditional Saving Methods (e.g., Ajo or Esusu)
In many Nigerian communities, informal group savings like ajo, esusu, or cooperative societies allow people to pool and rotate funds without banks. This system builds trust and helps people save in groups.

6. Home Safes or Lock Boxes (Use with Caution)
Keeping money in a secure box at home is still common, but it comes with high risk of theft or loss. If you choose this method, invest in a strong, hidden, and fireproof safe, and only store small amounts.

Conclusion:
To store money without a bank, consider trusted mobile wallets, digital savings apps, asset-based storage, or cooperative systems. These alternatives can help you save and grow your money while staying outside the traditional banking structure. However, always weigh the risks, especially regarding safety and inflation.

Where Is the Safest to Keep Your Money?

The safest place to keep your money is where it is protected from theft, loss, inflation, and economic uncertainty, while still being accessible when needed. In 2025, with rising concerns over currency depreciation, scams, and financial instability, it’s important to choose storage options that combine security, reliability, and moderate returns.

Here are the safest places to keep your money:

1. NDIC-Insured Bank Accounts
The most secure option is a savings or current account in a Nigerian bank that is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). NDIC insures deposits up to ₦500,000 per account, meaning your money is protected even if the bank fails.

Top Safe Banks Include:

Zenith Bank
GTBank
Access Bank
Stanbic IBTC
UBA

2. High-Interest Digital Savings Platforms (Regulated)
Platforms like Cowrywise, PiggyVest, and VFD Bank are digital alternatives that offer secure savings with interest up to 15% per annum. While they are not full banks, they operate under CBN and SEC regulations, making them secure for saving and growing money.

3. Money Market Funds (MMFs)
These are one of the safest investment vehicles, typically yielding 9%–13% annually. Offered by trusted firms like ARM, Stanbic IBTC, and Cowrywise, MMFs invest in low-risk instruments like treasury bills and government bonds—providing both safety and returns.

4. Treasury Bills and Government Bonds
For long-term safety, consider putting your money into government-issued instruments like Treasury Bills or FGN Savings Bonds. These are backed by the Nigerian government and have guaranteed returns, with minimal risk.

5. Domiciliary or Dollar-Based Accounts
Storing money in USD through a domiciliary account or fintech apps like Risevest helps protect against naira depreciation. While the returns may vary, your funds retain global purchasing power.

6. Diversified Storage Strategy
To maximize safety, diversify your funds across multiple platforms:

40% in NDIC-insured banks
30% in MMFs or digital savings
20% in dollar-based assets
10% in emergency cash or daily-use wallets

Conclusion:
The safest place to keep your money combines regulated bank accounts, secure fintech platforms, and government-backed investments. By diversifying and choosing trusted institutions, you can confidently protect your finances from loss, fraud, and inflation.

Where Should I Keep a Large Amount of Money?

When it comes to keeping a large amount of money, safety, liquidity, interest growth, and diversification become extremely important. You don’t want all your funds sitting idle in one place where they could be exposed to risk, inflation, or theft.

Instead, the smart strategy is to spread the money across several secure and regulated channels, ensuring it is protected while also earning steady returns.

Here are the best places to keep large amounts of money safely and wisely:

1. Tier-1 Nigerian Banks (NDIC-Insured)
Start by placing a portion of the funds in a savings or fixed deposit account with a reputable bank that is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). These include:

GTBank
Zenith Bank
Access Bank
Stanbic IBTC
UBA

For even better returns, consider fixed deposits, which offer interest between 8% and 12% annually.

2. Money Market Funds (MMFs)
If you want both safety and growth, MMFs are ideal. They invest in low-risk instruments like treasury bills and government bonds. You can access MMFs through Cowrywise, ARM, or Stanbic IBTC Asset Management, with expected annual returns of 9% to 13%. MMFs also allow partial withdrawals with minimal penalties.

3. Digital Savings Platforms With Lock Features
Platforms like PiggyVest, Cowrywise, and VBank allow you to lock money for set periods while earning high interest (up to 15%). These fintech apps are secure, CBN-regulated, and perfect for goal-based savings or fixed-term storage.

4. Domiciliary (Dollar) Accounts
To protect against naira depreciation, keep part of your large sum in USD-denominated domiciliary accounts. Banks like UBA, GTBank, and Access Bank offer such accounts. You can also use apps like Risevest to invest in U.S.-based assets.

5. Diversified Portfolio Approach
Never keep all large sums in one account. A smart breakdown could be:

30% in fixed deposit (for safety and interest)
30% in MMFs (for low-risk growth)
20% in dollar accounts or dollar-denominated investments
10% in high-interest digital savings
10% liquid in a secure current account for daily access

Conclusion:
To keep a large amount of money safe and productive, combine traditional banks, regulated fintech apps, MMFs, and dollar investments. This strategy ensures your funds are secure, inflation-resistant, and positioned for steady growth.

Where Is the Best Place to Save Money and Earn Interest?

If your goal is to save money and grow it through interest, then you need more than a regular savings account at a commercial bank. Most traditional banks in Nigeria offer low interest rates (between 1% and 3.5% annually), which may not even keep up with inflation. To earn higher and meaningful returns, you should consider platforms and accounts specifically designed for saving with interest.

Below are the best places to save money and earn high interest in 2025:

1. PiggyVest (Up to 15% Annual Interest)
PiggyVest offers one of the best interest rates in Nigeria for digital savings. You can use:

SafeLock (up to 15% interest when you lock funds for a fixed time)
Flex Naira (8–10% interest with flexible withdrawal)
It also helps you automate savings and restrict access to your money to avoid impulse withdrawals.

2. Cowrywise (8%–12% Interest via Mutual Funds)
Cowrywise is another trusted fintech platform that offers savings plans and money market investments. You can earn between 8% and 12% annually, especially when saving through its Money Market Fund. It’s also SEC-regulated and offers financial planning tools.

3. Kuda Bank (Up to 15% Interest with Save Feature)
Kuda offers a Spend+Save feature that rounds up your transactions and saves the balance. You can also set automated daily or weekly savings and earn up to 15% interest annually, depending on the plan and duration.

4. VFD Bank and VBank (High-Interest Digital Banking)
These digital banks provide interest-based savings accounts and fixed savings plans. They are licensed by the CBN and offer 8%–14% interest, depending on how long you save and how much you deposit.

5. Money Market Funds (9%–13% Interest)
You can also use Cowrywise, ARM, or Stanbic IBTC to access Money Market Funds. These are very low-risk and better than regular bank savings. They allow you to withdraw monthly earnings and reinvest with compound interest.

6. Fixed Deposit Accounts (8%–12% Interest)
If you can lock your funds for a few months, open a fixed deposit account with GTBank, Zenith, UBA, or Access Bank. You’ll earn more interest compared to a regular savings account, with guaranteed safety.

Conclusion:
To save and earn interest, move beyond traditional savings accounts. Choose platforms like PiggyVest, Cowrywise, Kuda, or MMFs for higher returns. With these, your money doesn’t just sit—it grows consistently while remaining secure and accessible.