4 ways to save money without extra charges in Nigeria

Saving money is not something you should start doing when a particular need arises, but something that should be made a habit in preparation for unforeseen events and for the future.

For all those people who are always too worried about losing part of their money to extra charges that come with certain methods of saving, today we want to give you a few tips on how to save money in Nigeria without incurring extra charges.
#1: Saving box (kolo)
While this may seem like something to be left for kids, the truth is so many people have been able to save up quite well by keeping a saving box at home. This method seems pretty easy but is quite effective. Simply drop your spare change and extra money or a little fixed amount into your box every day or every other day and by the end of the month or year, you will be surprised how much money you would have saved up.
#2: Group Thrift (ajo)
The thrift method is one that is very popular amongst traders and salary earners in Nigeria. The ajo method usually involves a small group of people coming together to form an 'ajo group'. The usual plan is that at the end of every month, all members of the group pay a fixed amount of money, which is then gathered and given to a single member of the ajo group. All members of the group take turns receiving the monthly lump sum and the circle starts all over when everyone has gotten their turn.

#3: Fixed Term Deposits
Fixed term deposits work perfectly for people who lack the discipline to put money away and leave it there. All you have to do is go to your bank and request a fixed term deposit account, pay in the money you want saved and then wait till the end of the fixed time frame to get it back. This is also a good idea because fixed term deposits attract interest from the bank, so you get even more money than you put in at the end of the fix period.
#4: Treasury bills
Investing in treasury bills is a fantastic way to save money. This method is basically like lending money to the government; treasury bills usually have a fixed at their date of maturity, but they get sold at a cheaper rate to buyers. For instance, you could buy a treasury bill for 5000 today and it will be worth 7000 at its date of maturity which could be in 3 months' time.

Now that you have learnt 4 fantastic ways to save money without worrying about extra charges, it is time to pick your favorite method now and start saving for the future.
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