Savings– We cannot over emphasize the need to cultivate a culture of savings as it is a very strong tool for capital accumulation and ultimately wealth generation.

How can I save? The secret about saving money is to just get started, don’t wait till you get a raise; don’t wait till your expenses reduce. Just start now

Steps to take

  1. Make a list of your expenses– Pick a pen and write down all expenses, amount spent on recharges, subscriptions, drinks, fares, food, school fees, etc)
  2. Develop a budget– develop a personal budget, please don’t spend without a budget, your budget helps you compare expenses with your income (write down on the left side of a paper your income and on the right side a detailed list of your recorded expenses in step 1) PLEASE WRITE DOWN YOUR BUDGET
  3. Cut down on your expenses– subscriptions, recharges, social class such as hanging out with friends has been a serious financial drain pipe. Reduce your subscriptions; you don’t have to recharge your phone if it is not earning income for you. PLEASE DON’T RECHARGE YOUR PHONE FROM YOUR BANK ACCOUNT.
  4. Reduce ATM usage: You don’t have to go out with your debit/credit card always, intentionally leave it behind
  5. Delayed gratificationresist temptations of getting it now, avoid impulse buying. SAY NO TO NOW NOW DEALS
  6. Choose a project to save for-set a financial goal, determine what you want to save for and for how long (i.e rent, school fees, investment etc)
  7. Start saving now: now you have a project to save for, try to put away a minimum of 10% of your income
  8. Determine where to save: open a dedicated account without debit card, you can also initiate a savings plan with City Core Cooperative and Investment Society (
  9. Automate your savings process: use direct debit, cheques and bank transfers to a designated account or platform such as City Core Cooperative and Investment Society (
  10. Don’t fall for get rich quick scheme– remember that consistency is the key to financial discipline and growth
  11. Watch your savings grow

Abolaji Adegoke, Lead Business Development, City Core Cooperative Investment and Credit society Limited.