Developing the habit of saving money is undeniably challenging, especially given the current economic landscape. Factors such as foreign exchange volatility and the constant struggle to meet immediate needs often overshadow the importance of saving for the future.

Harvard University Economics Professor Sendhil Mullainathan highlights our tendency to prioritize short-term desires over long-term financial security. Coupled with the pervasive issue of procrastination, saving amidst Nigeria's economic uncertainties demands discipline and determination.

But fear not! Here's the good news: saving is achievable for everyone, regardless of income level.

In this article, you'll learn five hacks to help you save more money. (Banish the thought that you must have a big chunk before you save.)

Two things to note before we dive into the hacks:

1. Start Your Savings Journey with a Goal!

The secret weapon for many successful savers is a clear target. Having a specific goal in mind keeps you motivated and focused. Is it a dream vacation, a brand-new phone, or securing your future? Whatever it is, make a note and visualize your success.

Short-term or Long-term, Every Goal Counts!

Savings goals come in all shapes and sizes. Maybe you're saving for a new phone (short-term) or aiming for a bigger dream like a down payment on a house (long-term).

2. Choose a High-Yield Savings Platform

Don't leave your money idle in a regular bank account. Move it to a high-yield savings account. This way, your hard-earned cash grows alongside your savings habit.

Assuming you have set your goal, here are five hacks to help you save despite your tight schedule:

Hack #1: Automate Your Savings

Thanks to technology, saving money can be seamless. Picture waking up to find a portion of your salary tucked away in your savings. By setting up automatic transfers from your bank accounts, you eliminate any excuses and make saving from your earnings even more effortless.

Hack #2: Pay Yourself First – Save Before You Spend!

This golden rule of saving has stood the test of time. Think of saving as paying yourself first, just like any other bill. Decide on a percentage of your income to save and automate it. You'll be able to prioritize financial goals before expenses eat away at your salary.

Hack #3: The Power of Community – Join a Savings Circle or Challenge!

Imagine saving alongside others and getting motivated by daily notifications of their contributions. Joining a savings circle or challenge can boost your motivation. Just ensure that you select a secure platform.

Hack #4: Build Discipline – Lock Away Your Savings!

Consider locking your savings! Building this discipline can help you avoid dipping into your savings randomly. Develop a "save and forget" mentality, letting your money grow uninterrupted until you achieve your goal.

Hack #5: Be Smart with Spending – Every Naira Counts!

Some expenses are just not necessary, let's face it. Analyze your subscriptions – do you need all those streaming services? Choose one that best fits your needs. You could also explore sharing expenses with friends or family, bulk buying groceries, and utilizing ride-sharing efficiently. Every little bit saved adds up!

On the PariVest app, we offer different savings options for you:

1. Flexi-Save NGN and GBP: Save any amount, anytime, in Naira or Pounds, and enjoy up to 8% interest rate annually. Flexi-Save is perfect for building an emergency fund or any short-term savings plan.

2. Target Saver NGN and GBP: Save for specific goals like house rent, vacations, school fees, or special occasions. Target Saver NGN or GBP enables you to create multiple savings plans, keeping you organized and on track. Earn interest rates of up to 14% within 3 to 36 months. You can save for an extended period with customizable deposits, frequency, and top-up due dates.

PariVest makes saving achievable, even with a busy schedule. Start small, save consistently, and watch your savings grow! Download the PariVest app today and take control of your financial future!