save money

7 Ways to Save Money After Graduating

One of the biggest goals of every graduate is to earn a large salary and live comfortably.

I dreamt that when I got my first Job, I was gonna rent my own flat, marry a wife, get a studio and buy a range rover.  Right now, that dream is still waiting for fulfillment.

Living in this Mega City called Lagos has taught me to be financially responsible.

I am going to list some tips that have saved me thousands. They have practically worked for me.

Disclaimer: I don’t want you missing out on your best life, but you should do this for a better future.

 

TIP 1: Have A Budget

Budget

You must have an already prepared budget before the expected income hits your account If not, you might be planning for financial disaster. You can list the things you need according to their priority and figure how to multiply your income to accommodate your needs.

Avoid relationships and cravings that will allow you to spend money way above your budget.

 

Tip 2: Share Expenses

You can find a roommate to share an apartment with and split the cost. (Muster.NG helps with this). Do you have a massive generator? Share the electricity with your neighbor and split the cost of fuel and, maintenance. Thank God for UBER, Bolt and the other ride-sharing services. You can share your Car with passengers and get paid. You don’t have to bear all the financial burdens alone.

 

Tip 3: Do-It-Yourself

DIY

This is very important. Learn how to fix things yourself. Learn how to service your generator, learn how to join wires together, learn how to detect problems in equipment. These will save you a ton of Money. Imagine if your generator’s plug is bad and you had to call “Kabiru” {the favorite mechanic}. Kabiru honestly might bill you to charge for workmanship or deceitfully might tell you that you have to pay for a radiator change.

Learn how to fix things so that you can save a lot of money.

 

Tip 4: Visit Thrift Stores

Thrift Stores

Yaba, Katangowa, Vespa, Super… These are popular thrift markets where you can get quality clothing at very cheap prices. If your income can’t cover those Gucci and Fendi wears all the time, you can hit the thrift stores and you’ll find something that will be a great substitute. For other needs, there are other online stores where you can buy fairly used items and save the rest of your money.

 

Tip 5:  Flee From Expensive Habits

Expensive Habits
Costly Habits like Drinking, clubbing, overeating, gambling etc have to be reduced or stopped completely. I’m sure you must be planning a future ahead and you would want to have a good deal of investments and savings before settling down… It won’t be easy, but you’ll have to drop these wasteful habits.

Habits such as Clubbing, Drinking, Partying, etc have to be controlled or else you are heading towards bankruptcy.

 

Tip 6: Take Advantage of Promos and Special Offers

Deals and Promo

You ‘ve been eyeing this expensive suit for a very long time. You don’t need to buy it immediately. Just wait for a special offer for Jumia, Konga or any E-commerce platform. Especially on holidayS AND FESTIVE SEASONs. They will most likely give it out at amazing discounts. So target those opportunities and save your money.

An example of this is the Popular Black Friday.

 

Tip 7: Discard The Extras

travel pack

Do you have extra stuff, According to OLX, “Sell IT” or just give them away? It’ll help you declutter your life. And this will show you what you really have and what you really need. Having a lot of extraneous stuff can simply clutter your life. It’s good to sort through it all every once in a while. Three piles: keep, donate (or sell!), and throw away.

Conclusion:

I hope this has inspired you in some way and will help you become financially responsible and save more.

In a later post, I will be telling you what to do with the money you’ve saved.

Saving the money isn’t enough, you will have to invest it and make it work for you.

We will be discussing all these in our next post.

Stay Frugal……

 

 

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