This is How You Should Manage Your Money in 2021

This is How You Should Manage Your Money in 2021

When you are in a financial crisis, what you need are personal money management tips that will help you to reduce your spending and not finding a job that pays higher than your current job. In fact, this will help you invest and save your finances. It will also help you achieve the financial freedom that you so dream of. Here is what we found to be easy and more suitable for Nigerians in times of money management tips:

1. Track Your Expenses to Improve Your Finances

You need to know how much you spend monthly to improve your spending habits. Money management tips begin with knowing how much you spend. You can use money management apps like Money Manager Expense and Budget or Mints to track your expenses. Tracking your expenses helps you in knowing how much you spend on essentials and non-essentials. As well as help you to plan, reduce expenses and improve your finances.

Here is how to track your expense as a beginner.

2. Plan a Realistic Monthly Budget

Since you know how much you spend monthly, you can use it and your monthly income to plan a budget that is according to your lifestyle. You do not need to be strike with yourself when cutting down expenses. Start slow, adapt and improve with time. For this purpose, plan a budget that is in line with your responsibilities, lifestyle, and your spending habits that is not based on impulse but needs. Money management tips like budgeting will help you gain better money management habits, improve your spending habits by gaining the spending awareness that is right for you.

Read this to know about budgeting.

3. Save Even If It Takes Time

Saving money is important in several ways. For instance, you can use one of the banks in your community or Cowrywise to start an emergency fund that you can use during unforeseen circumstances as Nigerians call it “Vex Money”.

Funding the savings does not have to be huge. You can also start saving small by saving 10% or 20% or even 2.5% of your monthly income. Set savings goals with a timeline if you need motivation.

4. Timely Clearing of Bills Each Month

This act will help you avoid embarrassment in Nigeria. It will teach you how to spend responsibly, and based on priority.

To manage your bills, you need to make a list of all your utilities and rent, review the date for payment and mark it in your calendar. Meanwhile, set a date that you will be paying your bills or you can set automatic bill payment if the option is available. While monitoring it, try to be organized. Paying bills on time will help you know how much time you have left and you can budget, save, and spend according to what is available.

Procrastinating? Check this to pay your bills on time.

5. If You Want to Be Financially Free, Pay up Your Debt!

Paying your debt is very important when looking at personal money management tips. To clear debts, you need to organize your debts into categories like “urgent payments, moderately urgent payments, and important payments”. Try to avoid getting into debt more. Cut down your expenses gradually until your spending habits is a healthy one. Focus on paying your debts one category at a time until you have paid all your debts.

6. Avoid Impulse Purchases

An impulse purchase is mostly influenced by pricing and product displays. People buy products they do not need if it is on a discount or packaged well or on a limited offer and presentable. Money management tips important here is avoiding impulse purchase, you need to avoid temptation especially on goods that provide options of “Buy now, Pay later”.

Stop and ask yourself if you need what you are about to purchase and why? Try and create a shopping list and make a budget, stick to it. Remind yourself of your financial goals in the first place before you purchase anything.

Want to know more about impulse purchases? Check this out.

7. Let Your Money Work for You. Invest!

Before you commit your money to work for you, you need to know what kind of an investor you are, how much you are willing to risk, and what are your investment goals. Once you decide on whether you want to manage your money’s growth or set it and forget about it for a period of time. Then, you can begin your investment journey.

Investing a huge amount of money is not necessary. Small contributions to your investment account will help you earn more money aside from your income. However, find out about investment agencies in your community before you invest to avoid putting your money in investment scams like investments run by the likes of Amos Olaniyan. There are legit investments companies operating in Nigeria and this platform, has put together investment companies in one place that you can choose from and pay in Naira.

Want to avoid scams in Nigeria? Here is how.

8. Start a Side Gig

Another personal money management tips, is finding the right side gig to pursue. First, you need to find an exciting niche market that you like. Then do thorough research to find out what other people in such a niche market are doing to earn other income.

Select your target customers and provide solutions for the diverse needs of people in their niche markets. Choose activities that complement your regular job for better results. The first advantage of side businesses is that they generate additional sources of income. Economic freedom can mean different things to different people, but one thing they have in common is reaching a level where you don’t have to worry about money.

Side hustle puts extra income in your account and helps you in paying bills when your income is not enough. If you have debts, you can use your side hustle earnings to pay them off. You can use your side hustle earnings to save or respond to emergencies. A side hustle income will also help increase your retirement savings.

Side gigs can also accumulate wealth. You can gain financial freedom more quickly by investing your income when you buy stocks, currencies, real estate, or other alternative investments.


Every personal money management tips begins with changing your habit. These changes might be easy or hard looking at the inflation rate in Nigeria. Once you are committed to these money management tips, they will help you in attaining your financial freedom. Above all, the foundation to personal money management tips is a great budget that you can stick to according to your lifestyle.

What are the ways you manage your money in Nigeria? Kindly leave your comments below. Share with your loved ones let us know how you manage money.

You could also check the 5 reliable money saving apps in Nigeria.

5 Reliable Money Saving Apps in Nigeria

5 Reliable Money Saving Apps in Nigeria

It’s no longer news that fintech is thriving in the country. Numerous startups have had a huge impact on the country’s financial sector. A few years ago, in order to save money, you’d have to go to a bank, stay in long queues, and fill several forms. Sometimes, you save in a wooden box popularly known as “kolo” or “piggy bank” and your money gets eaten by termites if not kept properly or your siblings find a way to take out of your money without you knowing.

Now, technology has made things easy as there are fintech apps that can help you save money. The sweet thing is that you can operate them on your mobile devices.

In this article, I’ll share with you 5 reliable apps that can help you save money. These apps are based on the safety of your money, the amount of interest you can get, and how flexible the platform is.

5 Apps That Can Help You Save Money

1. PiggyVest

Piggyvest is an effective online saving app that helps you save and invest. It was founded on February 16th, 2016 and it is the first of its kind in West Africa. The flexibility of this app is admirable, it combines discipline with efficiency. It doesn’t only help you save, but also helps you grow your money.

It was formerly known as piggybank but got changed to PiggyVest in 2019. You can save as low as 50 Naira in your PiggyVest account, and there is no maximum amount limit. Save as much Naira as you can.

How does it work?

When you save, you get 10-15% interest and when you invest, you get over 25% returns. In the app, you input your debit card details and with it, you can transfer money to the app. There is even an autosave option too in the app. It has an amazing user interface and it is easy to navigate. It takes about 15minutes to set the account up, after which you earn a thousand Naira after signing up.

There is a safety lock feature, where you lock any amount of money and set a date for withdrawal. It charges a 5% fee for withdrawing before the date set. I call it a “discipline fee” but the money saved on your flex account has no withdrawal fee. Another interesting part about it is that in the Piggyvest flex dollar account – you can save, invest, and transfer money in US dollars with it.

It’s one of the best apps that can help you save money. It helps you “save, invest and grow your money with ease”

You can download it here

2. Cowrywise

Cowrywise says that they are re-imagining and reworking how financial services get delivered to people. This is a financial institution that is well trusted and reliable to help you save and invest money. They are located in Lagos, Nigeria. Their app is reliable, flexible, and just right for your savings and investments. Razaq Ahmed and Edward Popoola founded it in July 2017. In 2019, Cowrywise was recognized and made the list of 50 world-changing startups.

Cowrywise gives an interest of 15% to every savings. There’s a segment in the app where you can lock your funds and set a date where you want to withdraw them. Your funds can be locked for a minimum duration of 90 days and have no maximum duration. You can only withdraw your funds at the set date.

Interestingly, they have a minimum saving amount of N100 and any kind of debit card can be used on the app. The flexibility feature of Cowrywise is applaudable as it has different saving features, tailored to different situations. They include:

  • Savings circle
  • Regular Plan
  • Life Goals
  • Halal Savings
  • One time savings

3. Pettysave

This is a fintech company that provides your savings and investment solutions. In Pettysave, you can save either daily, weekly, or monthly and also save for plenty of reasons – like electricity bills, water bills, school fees, car maintenance, etc.

There are 3 saving options in Pettysave namely:

  • Autosave: The autosave gives an interest of 10% and money is automatically taken from your bank, be it daily, weekly or monthly. It depends on how you set it.
  • Target Save: Just like the name suggests, you save towards a goal. In this option, you earn up to 10%
  • Vault: You can save your extra cash here as fixed deposits. The longer you leave your fund fixed, your interest increases and you can have up to and even more than 12% interest.

This is one of my favorite segments.

4. Sumotrust

This is yet another app that can help you save money. They were formerly called “Sumobank” and now, they give you 10-15% on every one of your yearly savings. The minimum limit of cash that you can save is N100. There are categories: InstantSave and the Fix saving. Which by just the name, you know what they mean already.

You should try it if you have money that you won’t need till the next year as the minimum time limit after you fix save is one year. Try the app here for Android users and here for IOS.


“Save and earn while at it” is what you’ll see on the page when you try to download this app, and you sure earn while you save. This is one app that can help you save your money. The interest rate is 8% per year.

There are two saving plans namely: Goal savings and periodic savings.


Conclusively, saving can be stressful but these apps simplify the stress for you. Now that you know the apps that can help you save money, all you have to do is download any of these apps, sign up, and start your saving journey. You will hit your saving target!