How to save money as a teenager in Nigeria

Written by sogadmin

how to save money as a teenager in nigeria

Learn to manage your pocket money.

You can learn to manage your pocket money by:

  • Getting a clear idea of how much you get and what you spend it on.
  • Saving some of the money that comes in every month or week, so you have a savings pot to draw from during times when your funds are running low.
  • Spending wisely—think before making any purchases, and only buy things that are really necessary or important to you.

Here’s an example: A teenage girl has been given the following budget for one week: $100 per month for pocket money and an allowance of $100 per month for groceries (what she eats). She also needs to pay rent of $20 per month, electricity bills at $15 per month and telephone bills at $10 per mth (month). In addition, she has some school fees which come out once yearly at about $300 per year ($4200 annually), plus study materials which would cost about another $500 annually ($6000 annually).

Save a percentage of your pocket money and try not to spend it all.

  • While it may seem like a lot of money, saving 10% of your pocket money will help you build up a bit of savings every month. Remember to give yourself an allowance at the end of each week so that you can still have some spending money left over.
  • If you’re given a monthly allowance and don’t think you can divide it by 4, try saving for big purchases like a new phone or tablet instead. Try not to be tempted into spending these savings either – if necessary, consider setting up an account with another bank and putting some of your savings in there until you’re ready to buy something.

Work for yourself.

  • Find an area of interest.
  • Look for a mentor.
  • Start a business!

Sell things you don’t need.

  • Sell things you don’t need.

If there are any items in your home that are no longer used, consider selling them on Facebook Marketplace or the local buy and sell group near you. You can make a quick sale of an item that’s no longer useful to you, earn a little cash, and free up space for something else!

Have a solid plan for the money you have saved.

The first step to saving money is to have a solid plan for the money you have saved. This means creating a budget and writing down what you want to use the money for. You should also save your money in a bank account, because this allows it to grow over time with compound interest.

To make sure that you don’t withdraw all of your savings at once, set up an automatic transfer from your checking account into a high-yield savings account each month. It might be helpful to create an Excel spreadsheet or Google Docs spreadsheet where you can track how much money is being transferred each month and how much interest is being earned on those funds.

Finally, learning how long it takes investments such as stocks and mutual funds take time before they begin generating returns will help teenagers understand why saving early will benefit them later in life

Take control of your spending habits.

  • Use your debit card. One of the first things you can do to build up a good habit is to start using your debit card more often. This will help you keep track of your spending, and it makes sure that when the bill comes in, there’s nothing too shocking about it (since you have already spent money on that specific thing).
  • Don’t use credit cards. Credit cards are great for building credit history and getting rewards points, but if you don’t have much money coming in from other means such as scholarships or jobs, using them may only result in debt—and this can be an extra burden for teenagers who are still learning how to manage their finances! Try keeping the plastic at home or only bringing it out when absolutely necessary (like when buying things online).
  • Use an app! Apps like Mint offer free tools that can help teens stay on top of their finances by tracking expenses and creating budgets based on income levels.

Plan and budget.

The first step to saving money is planning and budgeting, which means making a list of things you want to buy every month and deciding how much you can afford to spend on each item. Then, keep track of how much money you spend on each thing. If it’s too much, then maybe you should wait until next month before buying that item.

You might also be able to save more by thinking about ways to get things cheaper or get more value out of the things that cost the same amount as what they used to cost when they were new (like old clothes). For example:

  • Maybe someone in your family has an old laptop computer that they never use anymore because they got a better one last year at school? If so, that laptop may still work fine if there isn’t anything wrong with it and ask if he/she would mind letting YOU borrow it for free! This could be huge because now instead paying $200-$300 USD per year plus taxes just for internet service alone ($20-30 per month), now all those savings will go towards other essential needs instead like food or transportation costs etcetera; plus this isn’t even including any additional savings from not needing cable TV anymore either – because let’s face facts here folks: traditional cable television providers are expensive! In fact most people don’t realize just how much these companies charge them until after they’ve signed up…
  • Another idea could be finding ways around paying full price altogether by using coupons when shopping online (yes – these exist) or seeking discounts via coupon codes posted online at retail websites such as Amazon Prime Day Deals 2024 Edition***END WRITING SECTION

A good way to save money is to plan how you want to spend each kobo, instead of just mindlessly spending every last kobo that you get every month.

A good way to save money is to plan how you want to spend each kobo, instead of just mindlessly spending every last kobo that you get every month.

  • You should also learn to budget your money. Budgeting helps you manage your income and expenses so that they are in line with one another. This will enable you avoid overspending or underspending, which can lead to financial problems later on in life when it comes time for retirement or buying a house.

If you have trouble managing your finances, then the best thing that you can do is develop good habits early on in life by practicing budgeting regularly and making sure that all of your expenses are accounted for (and if not, then make sure they’re as low as possible).

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