With the increasing cost of living, it is important for people to save money and make sure that they are not wasting their hard-earned cash. This article will provide you with a list of the most effective ways to save money in Nigeria.
But first, I know this is so out of place for us here to all of the sudden talk about finances. I mean, what do we even know about saving money?
Not so fast cowboy?.
We too at Truehost Nigeria are yumans (meant humans?). I personally, have bills to pay and unless you’ve been living under a rock, everything is dang expensive now.
So I thought why not share some of the modern ways to save money in Nigeria, which of course include saving on hosting costs and running a website.
How is Technology Changing the Way People Spend Money?
Technology is changing the way people spend money not only here in Nigeria, but also across the world. It is creating a new generation of consumers who are more open to spending on experiences rather than objects.
The experience economy is the idea that there will be a shift from an ownership-based economy to an experience-based one in the future.
This means that people will be willing to pay for experiences rather than things.
Technology has also created new opportunities for businesses, as some companies now offer experiences as part of their products and services, such as Airbnb and Uber.
With all these, there are more new ways looking to get a share of your wallet. It doesn’t matter whether it is fat or thin, at the end of the day, you will spend.
Modern and Innovative Ways to Save Money
There are lots of ways to save money in today’s era. The following are some of the most innovative and modern ways to save money.
- Online shopping
- Buying used items
- Online subscriptions
Let us go through each in detail.
a). Online Shopping
If you want to save money in Nigeria, consider shifting to shopping online. There are many websites that offer discounts on almost everything. You can simply shop from the comfort of your home and save a lot of money.
And besides the money you are putting back into your pockets, shopping online also gives you access to a wide variety of items you would otherwise get access to.
That is why you are seeing an influx in eCommerce websites in Nigeria. I mean look at how Jumia grew into a multi-million company.
b). Buying Used Items
Do you really need that item new?
You can save a ton of money by getting a used one.
You can find some really amazing deals at your local thrift store or even garage sale. These pieces are often in excellent condition, which makes the price even lower.
There is no better way to save money than by using coupons. Couponing involves clipping coupons and bringing them with you to the store. You can get discounts in almost every store with this method.
For example, here at Truehost Nigeria, we offer discounted domain names and hosting packages you won’t find anywhere else.
This means that you can save a lot of money registering a domain with us than using some other random service on the internet.
d). Online Subscriptions
Just like couponing, online subscriptions can also save you a lot of money if used correctly.
For example, instead of paying for your hosting on a monthly basis, you can decide to pay yearly and save nearly 45% of the costs!
Here are other modern ways to save money in Nigeria:
- Avoid buying things that you don’t need.
- Use apps like Jumia to make your shopping experience easier.
- Shop online during sales periods.
- Buy in bulk when you can or buy items from other countries where the prices are cheaper.
Financing Your Own Projects Via Online Crowdsourcing & Appropriating
Another way to save money in Nigeria is to take advantage of crowdfunding platforms to finance your projects.
Crowdfunding has been around for a long time, but it is becoming more and more popular. It is a way for people to raise money for their projects, ideas, or businesses.
The idea of crowdfunding can be divided into two categories:
- Crowdsourcing – where multiple individuals contribute small amounts of money to fund the project; and
- Appropriating – where one individual contributes a large amount of money to fund a project.
The benefits of using this method are that it provides a way for people who may not have the means to finance their projects, ideas, or businesses. It also allows them to get funding without having to sell equity in their company or product
For example, if you have a business idea, instead of scratching your head or getting a loan, go ahead and pitch your idea to crowdfunding platforms like Kickstarter.com.
How to Save Money on Medical Bills
Medical bills can be a huge burden on many people. It is important to know how you can save money on medical bills and reduce the amount of stress that comes with them.
In order to save money on your medical bills, it is important to have a plan in place before you get sick. You should also know what insurance coverage you have and what your deductible is for certain insurance plans.
Some ways that you can save money on your medical bills are by using generic medications, switching from brand name medications to generics or going without insurance altogether and paying out of pocket for services.
3 Smart Ways to Save Money on Groceries
If you are looking to save money on groceries, it is important that you learn the tricks of the trade. Here are three smart ways to save money on groceries.
1. Buy in bulk
Buying in bulk can help you save a lot of money on your grocery bills by buying more food than usual. You could also shop around for deals and buy items that will go bad before they expire so that you can get a discount or have them donated to charity.
2. Buy generic products
Generic products are often cheaper than their brand counterparts because they don’t have any marketing budget behind them, which means they don’t need to spend as much on advertising campaigns and packaging materials.
3. Buy from a local store instead of Jumia or Konga
Buying from a local store is more taxing on your wallet, but it could also save you a lot of money in the long run.
You save on the shipping costs and you get fresh groceries.
7 Helpful Tips for Saving Money on Your Phone
Phone bills are expensive. You can save a lot of money by learning how to use your phone more efficiently.
- Use the mobile internet less
- Use data only when you need it
- Turn off push notifications, location services and other app notifications that are not necessary for you to be notified about them
- Turn off background tasks (apps that run in the background) that you don’t need to use but drain your battery life
- Close unused apps and programs running in the background – especially those that you don’t use often or at all
- Check your phone’s settings for data usage, screen time, battery life and cellular data usage
- Buy a cheap phone with a prepaid plan if you want to save money on your mobile bill