Photo credit: Shutterstock

In case you missed 7 WAYS TO MAKE YOUR SALARY LAST LONGER, in this article I’ll teach you a number of salary hacks that’ll help stretch that pay check farther into the new month. More often than not, it is expected that your monthly salary see you through to the end of the month. In practice however we all know this to be far from the reality, in Nigeria especially. Notwithstanding, with an understanding of tips and strategies that make it easier to save more of what you earn; you can then tailor your monthly income to last longer and even more, grow your savings and fast track your financial goals.

Here are some more tips on how to make your salary last longer.

TIP #1

Save before you spend

If you truly desire to see your bank account balance increase in value every month, then you should NEVER place spending above saving. Ideally, you ought to put at least 20% of your monthly income into your savings account before anything else! However, if you insist on spending before saving, then I’m afraid your chances of having anything left to save are very slim.

TIP #2

Consider little ways of saving money

Cut back on unnecessary expenses by eating home made meals more often. Developing a weekly plan for your meals too can help. Again, you might want to slash your budget for cable subscription by choosing a less expensive cable plan or service provider especially if you spend less time watching TV. With this, you can free up the money and allocate the extra time to learning a new skill.

Similarly, instead of jumping bikes and taking NAPEP for short distances you frequent, you can take the hike if you are not in a hurry. For example, it might cost you N100 to get to the neighbourhood market which you have to visit 3 times a week. it will eventually cost you N300 weekly, N1200 monthly and a whooping N14,400 yearly!

By the way, trekking is a type of sport you know?

TIP #3

Resist buying on impulse

With the way buying anything and everything has become very easy nowadays, online shopping has never been more easier! Daily we get to see an array of products displayed every where on our social media news feed, story, television etc. And even offline, we encounter temptations to buy.

A good way to keep our spending habit in check is this, the next time you feel the urge to buy anything, wait a good 48 hours before you decide whether to buy or not. It might shock you to find out that in the end you do not really need what you’re buying.

TIP #4

Exercise caution when using ATM debit card/mobile transfers

You do not need to have an ATM debit card on all your bank accounts. Best practices require you have at least two bank accounts; A high interest savings account for your savings and an operational account for your expenses. An ATM debit card for your savings account is not needed because, asides from granting you easier access to your savings, you get charged quarterly fee for card maintenance, and not to consider the N1000 which you’ll pay before the card is issued to you. Similarly, enabling mobile transfer from your savings account can be fatal to your savings.

On the other hand, while spending what is left in your operational account, make sure you exercise great caution and discipline. A study has shown that you are likely to spend 12% more than you intend to, by carrying your ATM debit card with you from day to day.

TIP #5


To save money effectively, you need to understand that your lifestyle plays an important role. Consequently, food, cloth and shelter are essential lifestyle ingredients. Experts suggest that one’s housing plan should cost around 25% of their net monthly income or less even.

Take for instance, your net monthly income is N80,000 and you live in a 1 bedroom apartment that costs N200,000 yearly; 25% of your net monthly income is N20,000. Multiply this by 12 months, you would have saved N240,000 by the end of the year. With this, you can comfortably pay your rent, Indulge yourself with the rest N40,000 or better, add it to your emergency funds.

Which of these tips have been really helpful? Which other money-saving hacks do you know?

kindly share. We love reading your comments!

Additional source: Jobberman

Author: Juliet Jonathan

Hey there, My name is Juliet Jonathan. I am an O&P graduate, social media manager, creative writer for Right-Vision Premium Consulting Ltd. I am your favourite personal finance coach because I love to talk about money, investments and whatnot. Please stay tuned as I bring you up to date with all you need to know about money matters; personal finance hacks, budgetting, finance trends & investment. You can reach me via e-mail:, Thanks for reading the blog!



Leave a Comment

Your email address will not be published. Required fields are marked *