For years and years, workers struggled with ₦30,000 as the national minimum wage. A figure that barely covered basic needs, let alone allowed for savings. But in 2024, the Federal Government approved a new minimum wage of ₦70,000.
The increase came after years of protests, negotiations, and heated debates between labour unions and the government. Many argued that ₦30,000 was unrealistic with the rising cost of food, transportation, and housing. Inflation hit record highs, and the naira’s value kept dropping.
Even with the increase, countless Nigerians still struggle to make ends meet. ₦70,000 might seem like a decent amount, but the reality is that it still doesn’t stretch very far. How then can a low-income earner save ₦50,000 when they can barely feed?
How to save ₦50,000 in 3 months
How can you realistically save ₦50,000 in three months? That’s approximately ₦16,667 per month, which may sound a bit difficult when you consider all the expenses that come with living in Nigeria.
That’s tough, but not impossible if you adjust your spending. Start by tracking every kobo you spend for a week.
Write down everything: transport, food, airtime, even that pure water you buy daily. You’ll be shocked how small expenses add up. Once you see the numbers, you can identify where to cut back.
Cutting costs without suffering
1. Food & cooking: Cooking at home is a great way to save money. If you don’t already have a meal plan, now might be a good time to start one. Buying bulk ingredients can help you save money in the long run, and cooking in batches allows you to stretch your meals throughout the week.
2. Transportation: Transportation is one of the biggest expenses for Nigerians, particularly in cities like Lagos or Abuja. If you spend ₦1,000 daily on transport, that’s ₦30,000 monthly. Consider walking short distances, carpooling with colleagues, or using public transport.
3. Airtime & data: Do you really need ₦5,000 worth of data every month? Switch to cheaper plans or use free Wi-Fi at work or cafes.
Note: Adjust these amounts based on your actual expenses and priorities.
4. Automate your savings: It’s easy to say you’ll save, but without discipline, it’s tempting to spend whatever money is left over. One effective way to ensure you save is to automate the process.
If you have a bank account with an automatic savings feature, you can set up a small, consistent transfer into a separate savings account every month. If not, you can still create the habit of physically saving the same amount of money each week.
Consider increasing your income
Many Nigerians have turned to side hustles like selling small goods, offering services such as tutoring or consulting, or even leveraging skills in digital marketing or graphic design to make extra cash.
For example, if you make an extra ₦5,000 a week through a side hustle, that’s an additional ₦20,000 in a month and ₦60,000 over three months.
Saving ₦50,000 in three months on minimum wage is definitely doable if you follow a plan and stay disciplined. It may requires making some small sacrifices, but with a little effort, you can absolutely reach your goal.
