April 3, 2020 All Things Fintech in Africa

15 Fun Ways of Saving Money By Korapay

15 Fun Ways of Saving Money on Korapay

The world has changed since 2008. When the world financial markets were brought to the edge of oblivion, people found themselves in a new reality. That new reality meant people had to do more with less. They say that necessity is the mother of invention and it’s true. People started to rethink how they spent their money. This trend continues. In the spirit of that trend, let’s look at some great ways to save money.

Millions of people are looking for ways to save money, from college students to retirees. There are a lot of things that people have to spend money on, from meeting their basic needs to satisfying wants. Although some of people will decide that it’s silly and just spend it all, there are lots of ways to go about saving a little extra money every month and we are here to give you a few ideas.

Let us delve into fun ways of saving money on Korapay

  1. Save the Change at the End of Every day: To save money you can place any change in your pocket in a piggy bank at the end of every day. It may not seem like much at first but it sure adds up! If possible, have a certain amount of money directly deposited in your account, so there is no indecision about putting it there.
  2. Quit & Save. One great way to save money is to quit something you are addicted to, say coffee or cigarettes and save the money you would have spent on them in your piggy bank or bank account. After the first month, check and see what you’ve got. Seeing what you’ve been spending on addiction can do a lot to instill a more frugal nature!
  3. Auto Save Your Way to Wealth: Set up an automatic allotment from your salary to a savings account or you can utilize online banking to save money. Get a checking account and a savings account online, and each week or day move money from your checking account into the savings account. As soon as the money is out of checking account it is a lot less tempting to spend!
  4. Shop in the Wrong Season. A great way to save money on clothing and school materials is to shop at stores in off seasons. You can save a lot of money this way. For example, when you compare the price of a sweater in the harmattan to the price in the rainy season it is very different.
  5. 10% of Savings Goes a Long Way: Always save at least ten percent of every income you get. The ten percent can then be divided equally – half for emergencies and half for savings. Also, don’t forget to look out for specials deals and sales. With deals, you can save about up to 30% of what you would have spent.
  6. Baking Soda to the Rescue. Instead of using powdered cleansers, use baking soda. Used with a damp cloth it can be used in shower stalls, sinks and can even take light rust off a refrigerator. It’s great for removing grease from pots and the stove top.
  7. Coupons/Referral Codes: Another great way you could employ to save money is to use coupons or referral codes!! So many offers are given for basic things like transport fares, groceries, cleaning supplies, even cosmetics! Use those coupons and referral codes and stack up to savings.
  8. What You Don’t See; You Don’t Spend. One way you can save money is by removing it from the equation before you even see it. In other words, budget as if you’re getting paid less than you really are, then keep a second check register with the money already out and “fool” yourself into thinking that’s all you have. If you set your budget from that standpoint, you’ll be surprised how much you will save up in a few years.
  9. Save It, Sell It, & Earn From It. One thing you can do to save money is to sell your gently used clothes or gadgets. You might grow out of your clothes quickly and if your clothes are still in good shape you can sell them in lots to make some extra cash. People often put theirs on Jiji or Olx.
  10. Always check if there are cheaper options: Before you buy anything, ask around or go online and see if you can get it cheaper elsewhere. A lot of sites have free shipping, especially if you spend over a certain amount like $50 or so. And on some sites, you can buy a used item and save money. It never hurts to check, and you can save hundreds a year!
  11. Say No to Spending: The best way to save money is not to spend it in the first place. When shopping, go with a list. Only buy what is on the list and tell yourself that if you did not write it down, you did not need it.
  12. Make Shopping Fun: Another great way to save money is by going shopping with a partner or friend if possible. This is so you don’t buy or make a purchase out of mental fatigue. A friend can hold the list while you go about looking for the best deals. Remember to go with a full stomach as the trip to the market can be a long and tiring one.
  13. If You Don’t Need It – Forget It. To save money, try to separate the things that you need from the things that you want. If you just take time to think about what you’re spending money on you will realize that some things aren’t worth wasting money on.
  14. Eat Free When You Can. If you work in a great place where lunch is covered, instead of leaving to buy food somewhere else we suggest you eat as much you can to cut expenses you would spend on food.
  15. Live below your means: And last, but certainly not least, the best way to save money, in the long run, is to simply live below your means. This means that you should not extend yourself financially even close to what you are capable of. Make sure that by the time you add up your housing, food, transportation, and health care expenses that you will have more than enough left to put in the bank. Remember that rich people did not get that way by overextending themselves financially. They were cheap and always hunted for a bargain and so should you.

This article was sent in by Adegoke Adekunle who is a Social media and content analyst at Korapay.

Korapay is a cross border remittance platform focused on reducing the cost of money transfer and increasing its speed into and within Africa. Korapay allows individuals in the United States to send money within minutes to the bank account of anyone in Nigeria.

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