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7 Jan 2017

Got Your Salary? 10 Ways To Save Money After Payday!

Got your Salary? 10 ways to save money after Payday!

As a salary earner, you might have found out that it is the easiest thing to blow up all money your one week after payday. Then, you start to wonder how did it ever disappear so fast, and you can’t even pinpoint exactly any important needs that you have met. I mean to expose us to some simple ways to save money after payday in subsequent paragraphs. I will be dividing the exposition into 2 sections- Things to do before getting your salary and things to do after getting your salary.

Things to do before payday

Set a goal for yourself

Be it annual or at the turn of the month, always have a goal/goals in view. Let it be inscribed on the tablet of your heart, if need be. This serves as your motivation and it’s what constantly keeps you in check anytime you are about to engage in any form of reckless spending. If you have more, then you plan on investing the excess after you save it over time.

Write out your budget

Make sure this is either a handwritten document or a printed one. Do not try to make a mental note of what your budget for the month is, else you’ll find yourself constantly spending hugely over budget limit every month. Your budget must account for even the most miscellaneous of all things as long as it is something you will spend your monthly income on.

Things to do after payday

Always save before spending

This is one habit you’ll strongly have to cultivate if you ever want to have money left for saving after payday. Set for yourself a particular percentage or amount of your salary that you wish to be saving monthly and be realistic about it. Remember you have a goal in mind, so you should be able to tell if the percentage you have set will assist you in meeting your goal or do you have to raise it up a bit.

Live within your means

You know how much you earn per month and you know what it would cost you to go and buy that very expensive 10k shoe. A successful businessman once said “in any business, the goal is to be rich and not look rich”. So many people chase after expensive fashion accessories in order to look rich when indeed they have got nothing. In other words, there is no profit in looking rich when your pockets are empty.

Have a cost per time orientation

For example, if you earn ₦60000 monthly and you work 8am to 4pm every business day, it would mean you work for 40 hours a week and 160 hours a month. After doing your calculations, it would mean you earn ₦375 per hour. Having this perspective about time and money relationship would help you in spending your time judiciously and productively.

Cut your transportation costs

Instead of ‘flying’ a bike at every chance you’ve got, why not make it an habit to always walk short distances like going to the salon, walking to the grocery store etc.. Trust me, you’ll be surprised to find out how much of your income public transports eats up, especially if you don’t own a car.

Carry your ATM card with you only when necessary

The truth is that ATM cards have made it easy for many people to slip into reckless spending these days and with the availability of POS terminals everywhere (even small scale retailers), people continue to spend more than necessary due to ease of conducting these transactions.

Where do you do your shopping?

You won’t be doing yourself any good by going to ‘Shoprite’ and other expensive supermarkets to do regular shopping. Indeed, I always advise quality over quantity, still you could always get quality from normal products from regular boutiques without draining your bank account.

Avoid impulsive spending

Remember that you have a budget and a goal in view, so no matter how attractive you find that T-shirt you saw hanging in front of a boutique, you must never go for it because it will disrupt the plan you have of achieving your goals.

Try buying used products

Familiarize yourself with platforms like OLX and Jiji.ng. Buying second-hand products doesn’t make you look poor, it only shows that you apply wisdom in spending. For example, as a young salary earner who has not had his job for more than a year, aspiring to get a used car on one of these platforms is not so bad an idea.

Eat more of homemade meals

Many bachelors get into the habit of dining out due to the stress of making meals at home and they end up spending up a big chunk of their income on feeding. You should know that eating homemade meals would reduce your cost of feeding by half if you have always practiced dining out.

Engage in side opportunities

It is not uncommon to find salary earners engaging in one or two side opportunities. For example, you could be a freelance writer or a graphics designer in the night and be a teacher by day. These jobs do not take a lot of time and they require little commitment.


To sum up, practices that can save your salary/money after payday are not limited to this list. However, those compiled in this list are tested and trusted and can be very helpful. Having a saving account is a thing of necessity for anyone at every stage of life. This is why little children are always taught to save their money from an early stage. Needs and emergencies unplanned may arrive out of the blue, this savings account is what will bail you out in times as such.

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