Money is such a magical asset. It comes and goes like it was never yours. Sometimes we plan so much for money but never get to work on these plans.
Because money often goes unaccounted for.
Apart from rigorous planning and whatnot, Nigerians generally do not have good financial habits. We are so horrible when it comes to setting aside an amount for rainy days or even businesses.
Why Save Money?
I never realized how much small amounts can add up until I was able to get myself a laptop with a weekly and monthly savings done on one of the reputable money saving apps for Nigerians. Bottom line: saving gets even easier when you make up your mind to get started.
Since you are ready enough to open this blog post, I bet you’ll enjoy using any of these apps to save money and also implement tips on how to develop money saving goals. Good luck as you begin saving for personal or small business needs.
How To Develop A Good Money Saving Habit
Create A Budget
If you have a monthly paying job or a consistent source of income, I assume you already have a budget. If you have not added a savings budget, do so. It’s unfair to you if it’s all expenditures.
Create a Saving Goal
Every task starts with a goal. Before you begin saving, outline how much you intend to raise. When you have a saving goal, you can reach and even surpass it. The most important thing to have in mind is the readiness to meet whatever savings threshold you create.
To create a meaningful goal, choose something to save for. No one starts saving for nothing right?
There are tons of things to put money aside for. A new gadget, fun holiday, study program, family, house, car, etc. There is a lot to choose from.
Create A Saving Plan
Now you have a goal, ask yourself the following questions and ensure you give an answer. You can draw out a checklist for every answer you deem fit.
- How do I start my savings journey?
- What do I do to meet or surpass my goal?
- How much will I save per day, week or month (as the case may be)?
- For how long do I intend saving until I reach my goal?
- Where do I save them?
Where Do You Save Your Money?
This section of the post will give a valid reply to the last question in our Saving Plan “Where Do I save”.
Most of us are familiar with the conventional method of saving money. By all means, you should know what a piggybank, kolo or saving box is. You may have owned one in the past. No, I am not about to convince you to buy a savings box or the latter. The world has grown in technology and saving money is a lot easier now. No temptations or unforeseen circumstances.
Thanks to innovative ideas, there are currently a lot of trustworthy apps to save money in Nigeria. These apps encourage you to start a healthy money saving goal with their easy to use interface. These apps are impressive and effective for Nigerians. I bet you will love whichever you decide to use.
5 OF THE BEST Money Saving Apps For Nigerians
Before we dive into these apps to save money, I’d like to inform you that they are legal and your money is safe with them. I noticed that most people are scared of using online platforms due to scams and general fear. This money saving apps are handled by banks connected to CBN and not on a scamming spree.
PiggyVest (formerly PiggyBank)
Why is piggyvest topping the list?
Because I currently use this app to save money and it’s likely the most popular among the others.
On a brief note, PiggyVest is a Financial Technology (Fintech) startup in Nigeria that runs an online hassle free savings scheme. It is affiliated with and monitored by UBA Nigeria PLC. PiggyVest makes saving super easy by offering 2 effective money saving plans “Quicksave and Autosave“.
To save better, you can opt in for piggyvest’s Safelock which enables you to lock parts or all of your money for a selected period. You will get an instant upfront interest of up to 43%! Phew!
Let’s get realistic, below is a screenshot of piggyvest’s safelock interest rates.
Interest rates vary according to duration.
To make savings even more enticing, Piggyvest introduced Investify to enable you invest in low-risk investment opportunities. Thus, the more funds you push into the investify scheme, the more money you make.
Piggyvest offers 4 free withdrawal dates for unlocked funds. Withdrawing outside the free withdrawal dates attracts a 2.5% penalty fee. You can withdraw your money once it’s up to N3000. The 4 free dates are spread across the 12 months quarterly; 1 free withdrawal date in every 3 months.
CowryWise is another app to save money in Nigeria and launched in 2017. This app offers three savings options with impressive interest rates: periodic, fixed, and one time savings. Like most savings apps, you can lock in your funds for a period. You are entitled to amazing interest in every fund you lock up.
You can get up-to 15% reRevert to this post on the official cowrywise blog to learn how they determine their interest rates.
Cowrywise offers individuals the ability to withdraw their funds without restrictions or penalties. You can safely call this app a direct competitor and alternative to piggyvest.
ALAT is a digital bank, the first if its kind in Nigeria. It is an innovation of Wema Bank Nigeria, developed to give you easy access to saving your funds and doing other bank transactions without going to the bank.
With Alat Digital Bank, you can open a savings account using your phone number and Bank Verification Number (BVN) as well as other documents required for the registration process. It’s simple, convenient, reliable and requires no paper work.
Sumotrust (formerly Sumobank)
SumoTrust is yet another money-saving app for Nigerians that encourages you to set cash aside easily and automatically. This platform made a name switch from Sumobank to Sumotrust. They offer both savings and investment features with an interest rate of 10%-15% per annum. This financial enterprise aims to raise young millionaires in Africa through their innovations.
Joining SumoTrust can open doors to opportunities in your entrepreneurial journey. You will get exposed to different successful businessmen, and entrepreneur classes as the case may be. This money-saving platform advertises itself as the best for people who want to save for business purposes.
Kolopay is a more recent app to save money that currently offers 2 saving plans: EasySave and Autosave. While easysave allows you to save money at any time, Autosave does the savings for you automatically. This depends on the schedule you choose. It can be daily, weekly, or monthly.
To start saving with kolopay, create an account and a savings’ goal. You can set up an auto debit to enable you to reach your goal. Just like other money saving apps, Kolopay has a withdrawal date and offers enticing interest rates, up to 10%.
Over the years, quite a good deal of apps to save have sprung up in Nigeria, and the truth is, more are coming. Thus, I implore you to always do further research and read user reviews before settling for a money saving app. This post has given just an overview of each platform mentioned. Do well to visit their respective websites for more information.
Have you used any other apps to save money in Nigeria not mentioned in this list?
Do well to share them with us in the comment section below.