There is never going to be enough money to save. That is what you must first accept if you want to develop the habit of saving. A salary increase for most people will not necessarily get them to save more. If you are not saving with what you have today, chances are you will not save when you have more money. As an investment adviser, I have come across employees/people who earns above a million naira monthly but lives from paycheck to paycheck without being able to cover their monthly expenses talk less of setting a portion of their income as savings, I have also had clients who earn #40,000/monthly who has been able to develop a culture of savings, this buttress the fact that savings is not directly proportional to income but a lifestyle to be developed.


Savings has been proven to be the gateway to great financial independence. It has been identified as a vehicle that can be employed to accumulate funds for investment.


What is savings?

Simply put, savings entails setting aside a fraction of your income or earnings for a specific need or future use.

When to save?

The earlier you start the better; meaning when to start savings was years ago. The good news however is that it is never too late to start cultivating a savings culture.

Ways to develop a savings culture


  1. Define your goals

What do you want to achieve? It is very impor­tant that you deter­mine what you want to do with money and the time when you would want to use it. Doing this will help you determine the amount you should set aside and over what period of time, for instance, if you desire to save N120,000 within twelve months, you should be sav­ing about N10,000 every month..

  1. Develop action Plan

Hav­ing estab­lished what you want to do with the money you intend to save and over a period of time, your next task will be to come up with a plan of how you intend to go about the sav­ing. Your plan should entail where to save the money, do you need inter­ests, how often you should save and so on. Plan­ning will help you reach your goal much eas­ier and it will take care of any unfore­seen con­tin­gency on the way.

  1. Be Self-dis­ci­plined.

One of the major reasons why lots of peo­ple fail to develop the habit of sav­ing money is because, they lack the dis­ci­pline required to effec­tively pull through with the plan of sav­ing. Dis­ci­pline helps you to pay atten­tion and stay com­mit­ted to your plan. Once you have a plan in place to save some money over a period of time, you need discipline to see you through it. Some dis­trac­tions may come up along the way, but dis­ci­pline will enable you pull through.

  1. Mak­e Sac­ri­fices and Delay Gratification.

Sav­ing demands that you forgo some reg­u­lar spend­ing rou­tine, the truth is that once you have made up your mind to start sav­ing some money, you will have to make some sac­ri­fices in order to pro­vide for your sav­ings. By sac­ri­fic­ing some leisure, it means you are mak­ing some money avail­able to save. In this case, you will have to differen­ti­ate between your needs and wants. One of the best ways to save money is to avoid spend­ing on things you don’t need. Besides, when you sac­ri­fice, you should also have it at the back of your mind that it is for a tem­po­ral basis. That is why it is impor­tant that you have a time limit for your saving.

  1. Carry your fam­ily mem­ber along.

In the course of sav­ing money there are so many things that will change with you, espe­cially if you have a fam­ily or depen­dent. In this case, you should endeavor to carry your fam­ily and any other per­son who depends on you financially, along. You should be able to com­mu­ni­cate your goal to them; I am sure if you are con­vinc­ing enough, they will rea­son with you. Sav­ing money is the most use­ful way to become wealthy in life. That is why you see peo­ple who develop the habit of sav­ing money are able to sur­vive in today’s economy.


How to develop a savings culture

  1. Join a Cooperative Society.

One way to develop a savings culture is to join a cooperative society; this has the tendency of motivating you to save. A very good cooperative that can assist you is City Core Cooperative Investment and Credit Society Limited. (


  1. Increase your retirement contribution.
    In addition to the statutory pension remittance, you can instruct your employer to make additional voluntary contributions into your pension account


  1. Authorizing your bank to debit a certain amount each month.
    You can authorize your bank to save a certain amount of your income to be collected at a particular time or period.


  1. Cutting down frivolities.
    Cutting down the amount of clubbing you do in a month or the number of beers you drink daily. You could think you have the cash now but savings is what would save you when all chips are down.


  1. Reducing liabilities.
    Reducing liabilities involves doing away with things that take cash from you but are really unimportant. Think about it and you would realize those things you spend money on that are really not needed. You own three cars but you actually only need a good one.


  1. Regenerating your mindset.
    Understanding the power of money is important to improving your purchasing power. If you keep spending on unimportant things you won’t go far in life and if you spend money on vain things money won’t last in your hands because money needs to be continuously doubled or generated in other to stay in the game of money. This is evident in testimonies of rich folks who have become poor.


Once you decide to save, you need to have an appropriate savings platform which gives a high return. You can get some savings product which gives high return when you join City Core Cooperative Investment and Credit Society Limited (



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

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