Saving Tips for Young Salary Earners

As a young salary earner, you are probably excited about the possibilities that lie ahead. You may be thinking about buying a new car, moving into a new apartment, or japa-ing abroad. But chill… before you start spending all your hard-earned money, it’s important to consider putting some aside.

Saving money now will help you reach your financial goals in the future. Whether you want to buy a house, start a business, or retire comfortably, saving money will help you get there.

Here are some tips to help you get started:

Set a goal

What do you want to save for? A down payment on a house? A new car? Retirement? Or just for the security of knowing you have a soft cushion if something breaks? Once you determine what you’re saving for, it will be easier to stay motivated.

Make a budget

Track your income and expenses so you can see where your money is going. Once you know where your money is going, you can start to make changes to save more.

Automate your savings

Set up a direct deposit from your paycheck into your savings account. This way, you’ll never even see the money and you won’t be tempted to spend it. There are also a number of apps and software that can help you do this and we’ll talk about them later on.

Cut back on unnecessary expenses

Take a close look at your spending and see where you can cut back. Do you really need that much entertainment subscription? Could you cook more meals at home instead of eating out? If you’re seriously considering saving, every number matters.

Get Savvy

Today, technology has enabled the creation of digital solutions in form of fintech apps and software which basically serve as your ‘mobile piggybank’. Most of these apps are endorsed by CBN, can run on your smartphone and provide the convenience of easy deposit and withdrawal. However, we strongly advise you to verify the legitimacy of any such app before use to avoid stories that touch.

This is actually a bonus tip…

Find ways to make extra money

If you’re struggling to save, consider starting a side hustle or getting a part-time job that doesn’t affect your present one. From selling physical and digital products online to offering your creative talent as a service, there are many interesting ways to earn extra money, so feel free to explore.

Honestly, we know saving money can be challenging, but it’s worth it in the long run. By following these tips, you can start saving money today so you can reach your financial goals tomorrow.