For many Nigerians who are salary earners, saving money is quite a chore. This is not because they don’t want to, but the present economy of the country will have you wondering why you should save when the money isn’t enough in the first place. 

Although the concept of saving is a default in Nigeria, a lot of people still struggle with it. Considering the low income levels, high cost of living, financial emergencies, social pressure, and uncertain economic conditions, saving may not take place. However, you need to know that financial literacy is important, regardless of how much you earn. 

Why should I save money that is not enough?   

We could count a hundred and one reasons you should save from your salary but we don’t want to keep you here for long. So, we will only mention a few reasons and we hope that you agree too. 

In case of Emergency

No one can escape unexpected expenses. Think of you misplacing your earpods but you really can’t go out without them. What if something went wrong with your car? Your Laptop is suddenly not coming up? We don’t see these things coming and that is why it is important to keep some funds aside to handle the situation whenever it occurs. If anyone gets to experience an emergency and they do not have an emergency fund, chances are, they have to take a loan (which is sometimes a bad financial decision). 

You don’t want to be a Debtor

Having some “savings” literally saves you from being a debtor. There is really no need to take a loan when you can visit your piggy bank or savings bank whenever there is a need for it. Saving helps you manage debt effectively, avoid predatory lending, and negotiate better terms. Even if you have to take a loan to supplement your savings to sort a bill, it wouldn’t be so much and you can find it easy to pay back. 

Long-term Goals

Are you looking to Japa from Nigeria? Buy a new car for your 25th birthday? Start a business? Or move into your new home? You sure need money to accomplish all of these. But, the money doesn’t just come out of nowhere, you save for it. Make an estimate of how much it will cost you to travel out of Nigeria or buy a new car, then start saving, in 10s, 20s, and 30s, until you can even afford a hundred at once (depending on your salary). It’s easy to make plans when you have some money saved somewhere. 

Easy Investment

You want to invest in real estate? Do you have plans to start a poultry? Good! Investment is very good but it comes off as a thing to think about only when you have enough money to make it happen. You are not going to start investing when your next salary comes because it’s not advisable to throw all of your salary in. But, when you save some money today, tomorrow, next, and maybe for some months or years, you will have something substantial to work with. You cannot invest with peanuts and this is why you must take your savings seriously. 

Stop living pay-check to pay-check. Save with these Apps!

Technology has done a thing and the traditional piggy banks may no longer cut it. Here are mobile applications that help you to save money as a salary earner, check them out: 

Cowrywise

Cowrywise is one of the most popular savings applications used by Nigerians who are heavy on saving money and building wealth. Licensed by the SEC (Securities and Exchange Commission), the app offers you a smart way to plan, save, and invest your money. You can create and customize your plan as you wish; also, you can automate your savings by linking your bank account to your Cowrywise account. However, if you are fond of going back to take out of your savings, Cowrywise doesn’t allow that. Your savings are locked in your request and you can only access it in due time but you can create an emergency fund to cater to unexpected expenses. 

Features: 

• Plan
• Save
• Invest
• Mutual funds
• Circle
• Sprout

Piggyvest

Piggyvest is another app that can help you save money for one thing or the other. You want a new phone? You can save for it! You can save daily, weekly, or monthly using the automation feature on the app. You don’t have to bother about forgetting to save each time your salary comes because, when your bank is linked with the app, savings can happen automatically. You can also change your savings settings anytime you like by choosing to enable or disable the autosave feature. Furthermore, you can earn 10% p.a on your savings if you save regularly. Also, to help you get more disciplined with your savings, the app restricts the number of times you can withdraw money in a month to just four times. This is important to make sure that you meet your savings goals faster. 

Features: 

• Target savings
• Safe lock
• Flex Dollar
• Flex Naira
• Invest

Moni Africa

Moni sounds like it can really keep your “money” for you until you need it. You can save for as much stuff as you want for yourself on Moni by creating multiple savings plans and the good thing is, you are not just saving, you are also getting some good interest on your savings. 

Even if you are not a salary earner, if you own a business that you make some money from, Moni has a space reserved for you on the app where you can save and sign up for a cash insurance policy. This means that if you lose some money to business or scammers, you can file claims and get back your cash. 

Features: 

• Savings
• Loans
• Insurance
• Operators
• Rent Now, Pay Later

Eyowo 

Eyowo is not just a savings app, it also doubles as a bank that allows you to enjoy free transfers. Also, on the various social media platforms, it teaches and encourages people in different ways to handle their finances. With Eyowo, you can enjoy up to 18% interest on your savings. 

Features: 

• Savings
• Free and fast transfers
• Send and receive money
• Safe cards
• Cash backs
• Money request
• Pay bills

Kuda

Kuda is popularly known as the “Free bank” because it allows you to send money to people free of charge. Likewise, it has a feature that allows you to save money for the period that you wish and earn an interest of 10% P.A. You can also give your savings a name if you are looking to buy an iPhone 14, you can name your savings “iPhone 14″, if you are saving specifically for a new home, you can customize your savings to bear ” A new home”. The essence of the customization is to remind you of the exact reason you are saving and encourage you to keep it going.  

Features: 

• Save money
• Pay bills
• Card service
• 25 free transfers
• Cashless payment
• Receive money 

Zedcrestwealth

Although Zedcrest Wealth is a new app, it helps you to save too! There is no complex way to go about it, all you need to do is download the app in just 2 minutes, create an account, set up your profile, and create your preferred savings plan – you can gain some interest while you save. If you are looking beyond just saving and you would like to invest, there is a feature that makes this possible too.

Feature: 

• Savings
• Investment
• Wallet
• Savings
• Portfolio
• Investment fixed deposit
• Investment mutual funds
• Referrals
• Security

Opay

If you already use Opay as a bank because of how seamless the transactions are, then, you may want to try the “savings corner” on the app too. The savings corner has a feature that keeps your daily returns (if you are a business owner) such that you can withdraw them anytime (more like an emergency fund). It also has a feature called “Target” which helps you to keep some money aside depending on your financial target for a week, month, or even a year. Other savings feature includes:

• Safebox
• Savings Report
• Spend and Save
• Fixed savings

Vbank

Just like Opay, Vbank is also a financial tool that gives you the free will to handle your money by spending, sending, and earning. However, it also encourages you to save some. According to VBank, interest rates are usually about 14% p.a. and that sounds like a fair deal because you are saving your money and also earning some. 

Features: 

• Transfers
• Top up
• Pay bills
• Invest
• Save
• Fund Account

Banklyng 

Bankly by 554 Technologies is a lifestyle bank for everyday people that helps you to save money as you deem fit. Whether you earn your salary monthly or every 2 weeks, you can manage your money by deciding which you want to save and the portion that should pay your bills. If you are looking to save your head from money mishaps, tedious transactions, and scams, Bankly provides you with every one of these services. 

Features: 

• Personal savings
• Group savings
• Bill Payment
• Transfers
• Referral Bonuses

The good news is, that on every dime you save on Bankly, you get a 12% interest.

Risevest

If you are a salary earner, it means that you can either earn in Naira or Dollars. So, if your salary is in dollars, Risevestmay be your best bet. The app does not only allow you to save a part of your salary, but you can also make big and reasonable investments (especially in dollars). On all forms of savings or investments you make, you can earn as much as 15% returns per annum in dollars. Also, you can choose what is best for you, set goals, and reach them. 

Features: 

• Savings
• Stock
• Fixed income
• Real estate
• Auto investment
• Savings and investment review 

You can never go wrong with savings and you can never have too much not to consider saving. Your salary doesn’t have to be a whole lot, keeping some money aside for rainy days is a good financial decision that you can make for yourself.