Nigeria’s cost of living, economic realities and normal lifestyles have been rising steadily, with food, fuel, and basic services getting more expensive almost every month. The country’s Inflation eats deep into the pockets of workers, students, and business owners alike making life unbelievably difficult as the day goes by.
Quite unfortunate to recount, the basic salaries or income of ordinary Nigerians can no longer last till the end of the month, which is a course for serious concern.
However, the good news is: there are practical steps you can take to survive inflation and still live comfortably while residing in Nigeria with the current hardship.
Below are 10 smart ways Nigerians can save money despite rising inflation.
1. Create a Monthly Budget and Stick to It
One may not understand how to save unless one takes track record of where one’s money goes. Meaning, the first step to saving money is knowing where your money goes. Study has shown that many Nigerians spend without tracking their expenses, which leads to unnecessary waste.
- You may start from listing your income and essential expenses such as : (rent, food, transport, electricity).
- It’s advisable to set spending limits for non-essentials.
- Study has shown that using free tools like Google Sheets, Money Manager App, or Excel to monitor spending is also a helpful tool to saving costs.
Apparently, when you budget, you gain control over your finances and avoid impulse spending which leads to leakages.
2. Buy in Bulk and From Local Markets
This is a proven fact that inflation hits hardest when one buys in small quantities daily.
READ ALSO : Healthy Eating: A Comprehensive Guide to Nourishing Your Body
Staple foods and other items like rice, beans, fish, oil, and soap are much cheaper when bought in bulk.
Meanwhile, visiting local markets instead of supermarkets, which often add extra charges and VATs could be another better way to curb wastage of fund.
- Team up with friends or neighbors to split bulk purchases.
For instance, buying a bag of rice with a friend saves more than buying small cups weekly just as buying a full cow and sharing it with like-folks proves to be better and more efficient way of saving money.
3. Cook More, Eat Out Less
Some people may assume that eating out is convenient, but it’s also one of the fastest ways to drain your wallet.
Take for example, a plate of food at a restaurant can cost between ₦3,500–₦5,000, while cooking beans, rice or yam at home costs far less and lasts longer when well preserved.
It’s a proven fact that, some affordable Nigerian meals like beans, okra soup, and ukwa are both healthy and budget-friendly.
More so, Cooking in batches and storing food saves time and money. Although, some issues come with storage systems in Nigeria, especially with epileptic power supply.
4. Try Cutting Down on Non-Essential Subscriptions
Some persons actually don’t realize that monthly subscriptions can silently consume thousands of naira. In fact, this is one of the highest cost depleting monthly habits.
You can start by reviewing your Netflix, DSTV, Spotify, or multiple data plans.
Keep only what you really need because, you actually don’t need all at once.
Consider cheaper options like YouTube or free-to-air stations, even though YouTube also comes with a price of data.
Sometimes, you don’t need five streaming platforms, just one or two is ok, only if you’re truthful to yourself.
5. Make Use of Energy-Saving Habits
Since the Federal government of Nigeria yanked off the Fuel subsidy and increased electricity tariff, the electricity bills and fuel costs are rising.
To save cost :
- Try Switching off lights and appliances when not in use.
- Buy LED bulbs and rechargeable fans, which consume less power.
- If possible, invest in a small solar system to reduce dependence on PHCN(NEPA) and fuel for energy generation.
Hope you know that Little habits like unplugging chargers can lower your monthly bills as well?
6. Take Advantage of Public Transport When Possible
High cost of transportation poses one of the biggest expenses for many Nigerians. Instead of spending heavily on some E-hailing services like, Bolt or Uber, consider using BRT buses, tricycle (keke) , or shared taxis. Read more on https://nairametrics.com/2025/08/21/average-petrol-price-slips-to-n1024-99-litre-in-july-2025-nbs/
For short distances, consider walking, it saves money and boosts health.. This may be considered as a form of exercise.
7. Patronize Fairly Used but Quality Items (Tokunbo/UK-used)
New items are expensive due to import costs and inflation. Tokunbo (foreign-used) items often provide the same quality at half the price. Although, this may not be the case in all, especially when buying vehicles.
You can consider buying fairly used phones, laptops, or furniture from trusted dealers to avoid buying stolen items.
Also, inspect carefully before paying to avoid sca.ms.
Sometimes, buying quality second-hand items is smarter than buying cheap, low-quality new items. The keyword here is cheap…. It’s not same as affordable.
8. Start a Small Side Hustle for Extra Cash
Sometimes, depending on one’s salary alone isn’t enough, you may also need to increase your income. Starting a side Side hustles are a great way to cushion inflation.
There may be some couple of Options which include freelancing (writing, graphics, tutoring), mini-importation, dropshipping, and social media content creation, and blogging.
If you have a skill, you may consider monetizing it online through platforms like Fiverr or Upwork. Some persons may hire you for a fee from around the world.
9. Try Saving in a Cooperative or Digital Savings App
Many Nigerians struggle to save because money in their bank account is too easy to spend.
However, there are some proven solutions to help out :
- automate your savings :
Use apps like PiggyVest, Cowrywise, or Kuda that lock funds until a set date for its withdrawal, in most cases, it comes with accrued interest.
- Join cooperative societies that encourage disciplined saving. You may find such in a place of work, or you may join hands with other staff to form one.
In most cases, when savings are deducted automatically, you’ll build wealth without stress.
10. Grow a Small Garden (If You Have Space)
Food prices are skyrocketing, but growing some of your own food can help.
Vegetables like ugu, spinach, tomatoes, and pepper can be planted in buckets, sacks or small spaces at your own convenience.
This reduces your weekly market costs and ensures a steady supply of fresh produce.
Consider venturing into some small scale agriculture.
In Conclusion, inflation may not disappear soon, but you can outsmart it with discipline and smart financial habits and decisions.
This may range from budgeting to cutting down on non-essentials, cooking at home, and even starting a side hustle, every little step adds up as enumerated above.
Remember: saving money is not about suffering oneself but a conscious effort to plan wisely.
