SIMPLE WAYS TO SAVE MONEY IN 2025

All I need to do is save money for

the latest PS5.

Borrowing is not an option”

This is the thought of every gamer in the past weeks. While the craze for the latest PlayStation 5 Standard Edition has subsided a bit, the topic of saving was ingrained in the banter that flowed on social media. From jokes about skipping a meal or two to dark humour about selling body parts, the reality of saving money for future benefit was embedded in these attempts to amass retweets and likes. This need to save money as an individual cannot be overemphasised. Even insects gather food and save for rainy days. This need to survive beyond now is a trait that every animal on the face of the earth can identify with.

However, no matter how crucial saving money is, many still encounter roadblocks while attempting to do this. Do you always get pressured by expenses that you’re no longer able to save? There are solutions in this article, but first, let’s explain what saving is.

WHAT IS SAVING?

Saving is merely keeping money aside for future events or eventualities. It involves reducing expenditure like recurring costs to make room for more in the future. It is as a result of planning. Saving intends to arm yourself with enough to solve future problems.

A lot of people always have the intentions of saving money from their earnings, but on some occasions fail to do so due to certain factors.

FACTORS THAT DON’T HELP YOU SAVE MONEY

1. Acquiring Too Much Debt

Most times we are unable to save because we spend time acquiring debts and paying them off debt with our income. Be sure to list out your debts and pay from the most urgent to the least. You can also try spreading out payments across them all. This all depends on the peculiarity of your situation. You can read all about how to pay off debts fast by clicking here.

2. Gambling

This is one of the most common things that drains people of their income. Sometimes it sounds reasonable to gamble but at the end, you’ll mostly end up on the losing side wishing you had held onto your money. Like all addictions, one way to stop is to take the gradual route. Reduce the amount of times gradually and before you know it, you are rid of the habit. You can check out how to wean yourself off gambling by clicking here.

3. Impulsive Spending

Some people spend money extravagantly on things they don’t need. They are quick to buy anything that caught their eye without giving it a thought. To find out simple ways to tackle impulse buying, click here.

4. The Idea That You’re Being Paid Enough

People tend to use this as an excuse not to save. They would say things like “is it this little money I’m earning that I’ll save from?”. The trick to always remember is, if you do save one naira daily, you’ll have N365 at the end of the year as opposed to zero naira if you do not save at all.

Now that we know the problems, how do we solve them?

FOUR WAYS TO SAVE MONEY ON A TIGHT BUDGET

1. Paying Off Your Debt

Taking steps to paying off some debts as quickly as possible will enable you some additional money in your budget.

2. Make A List

Making a list puts all your needs and wants in perspective. This helps you allocate funds to what you want to

3. Cutting Back On Big Expenses

This will require that you take a look at your expenses and decide which you can cut back on. For example, doing this might make you realise that you can even rent a cheaper apartment or even have roommates. Be sure to check those things you can do without or reduce. With this, you’re able to save more money.

4. Make Sure Every Single Penny Counts

You’re able to save more by making sure every money you spend is put to good use. Do not dismiss it as “It’s just change”. Except you intended to give a tip, make sure that every penny is accounted for.

5. Make Your Meals

Eating out can be a relieving for someone who works long hours. Time earned from not being in the kitchen can be put to use for resting and unwinding. However, this can eat deep into your expenses. All you have to do is look at your food bill, especially eating out, and decide what you can either cut back. Make time out to make your meals on some days. This will help you save more money.

6. Go Cashless

Walking around with excess cash can encourage impulse buying. With all your money in an ATM card, your chances of spending unnecessary money reduce.

3 EASY WAYS TO SAVE MONEY FROM YOUR SALARY

1. Automate Saving From Your Salary Account

This is an option you can place on your account that enables certain amounts to be deposited directly to your savings account after receiving your salary.

2. Make Your Budget Before Getting Paid

This is very simple; have a budget planned out already. You can simply write it down somewhere or use some mobile apps for budgeting. This puts everything in perspective and helps you commit to spending less.

3. Manage Your Utility Usage

Having a prepaid meter can mean more electricity costs if you have all your appliances running at the same time. All you have to do is make sure those appliances when not in use, are not plugged to their outlets.

OTHER WAYS TO SAVE MONEY

• Automate Your Bills

This can be hard for some bills that still require a manual process, but by all means, if you can automate the bills that can be done electronically. This helps you pay bills faster and stop you from using your money for unintended purchases.

• Change Your Tv Service

Cable TV affords variety that many enjoy. However, being a busy individual, you may not be able to always enjoy your subscription before they expire. To manage this, you can opt for a cheaper one.

• Record Expenses

This will help you know what you are doing right and where the money drainers are. It gives you a good map that lets you know where to make financial cuts in the future.

• Practice 30-day Rule For Impulse Buying

The 30-day rule is simple. Whenever you come across something you do not immediately need, wait 30 days before you make a buying decision. If after 30 days you are still in dire need of the item or service, you can go ahead to buy.

• Cut Down On Eating Out And Going Out

Going out is fun. Eating out is easy. But both activities can punch a hole in your purse faster than asteroid would when it hits the earth. One way to manage it is to reduce the amount of days you hang out. You can order in with friends to reduce cost. You can also make out days you make meals too.

• Get Groceries in Bulk

Buying in bulk helps you take advantage of wholesale price cuts and keeps your spend on the low. It also helps you with always having enough to make your own meals when you want to.

• Join A Cooperative Society

Joining a cooperative society might be what you need to make the most out of your money. Being with people who share the same financial goals with you will give you the right amount of motivation to make the most out of your money. You can find out more reasons to join a cooperative society by clicking here. When you do decide to join a cooperative society, find out all you need to know before joining by clicking here.

HOW YOU CAN SAVE MONEY WITH EASYCOOP

Easycoop helps cooperative executives make more for the cooperative by making management easy and fast due to automation and digitisation. As a member, this benefits you greatly as your saving activities are made easier and faster. There is a fixed time for the automated fund collection so it instils in you the discipline of delayed gratification needed to successfully save money. The 24-hour technical support system and advanced data security give you the support and protection that your funds need against fraud and unauthorized access.

You can visit www.myeasycoop.com or send an email to cxc@myeasycoop.com to find out more about how EasyCoop can be of benefit to an existing or about to be registered cooperative.