Is Saving Money Unrealistic In Today's Economy?

       In Nigeria today, the economy feels like it’s constantly working against the average citizen. Food prices rise weekly, fuel hikes are common, salaries remain stagnant, and the naira continues to lose value. With this reality, it’s no surprise that many Nigerians feel like saving is impossible.

It’s common to hear people say: “How do you expect me to save in this economy?” It’s understandable. Prices are rising, income is stagnant, and family responsibilities can feel like a constant financial leak. But beneath this valid concern is a deeper problem — a mindset and set of habits that guarantee empty bank accounts, no matter the economy.

Believing that you don’t have any money to save or saving is impossible, automatically ensures your money will always disappear. When your mindset rejects saving as a priority, your behavior follows. Even when you do get extra money, it’s spent immediately—on a new wig to feel better, chesting unnecessary billings or buying the latest iPhone.

Saving isn’t just about money. It’s about mindset, choices, and priorities. And truthfully, many Nigerians have adopted a wasteful financial culture that has nothing to do with the country’s economy — and everything to do with ego, pressure, and ignorance.

 The Psychological Reasons Nigerians Don’t Save

1. Living in Denial of Reality 

         Many people pretend they’re richer than they are. They cook like they have a family of 10. They drive cars they can’t maintain. They do weddings they can’t afford. They live for “appearance” instead of “affordability.” They know they can’t sustain it, but they do it anyway — until they’re broke again.

2. Confusing Wants with Needs 

       People don’t know the difference between what they want and what they can afford. You see someone buying a new iPhone, not because they need it, but because “everyone has one.” This mindset leads to chronic broke-ness.

3. Poor or No Budgeting

        Nigerians don’t budget — and when they do, they don’t follow it. There’s no accountability. No daily or monthly tracking. They spend emotionally and justify it later.

4. The ‘Money Will Come’ Mentality

          A dangerous mindset where You spend all your money with the belief that more will come somehow. The same mentality keeps people in debt, living on borrowed time and salary advances.

5. Cultural Pressure

         From family expectations to societal obligations like aso ebi, unnecessary outings, or black tax — people are spending more for others than for themselves. And when you try to save or say no, you’re tagged “stingy.”

 Ways to Start Saving in a Hard Economy as a Nigerian

1. Track Your Spending First 

       Before you even talk about saving, start by tracking where your money goes. Use a small notebook or a budgeting app. You’ll be shocked to see what’s stealing your money. Most people don’t realize how much they spend on things that don’t matter.

2. Define What You Can Truly Afford

        Forget what Instagram says. What you can afford is what won’t leave you broke after paying for it. If you can’t buy it five times and still be financially comfortable, you can’t afford it. Avoid trying to “look rich” or impress people. Your peace of mind in emergencies will thank you.

3. Create a Survival Budget

        A survival budget means cutting everything to the bone: one pot of soup, no data waste, reduced transport costs, etc. It’s painful, but it shows you what’s really important.

4. Adopt the envelope or Jar Method

         This is when you Physically separate money: rent, feeding, savings, etc. Label each one. This simple method helps enforce discipline.

5. Automate Savings in Tiny Bits 

         Start small: Save N500 or N1,000 daily or weekly through an app or standing order. Hide it somewhere you can’t easily access. Savings is a habit, not a one-time act. You can also set up your banking apps to automatically deduct a specific amount from your income. 

This “pay yourself first” method works because you don’t see the money—it’s already gone to your future.

6. Save in Stable Assets or Dollar-Backed Accounts

         As we all know, the naira is on a steady decline and this Inflation is eating your savings. convert naira to stable assets that hold value: you can Use fintech tools like Grey, Cleva, Risevest to save in dollars. This protects your savings from losing value too quickly.

       The Nigerian economy is tough—but your money habits can either make it worse or make you wiser.

Saving isn’t about how much you earn, it’s about how much you keep and grow.

You don’t need to wait for Nigeria to get better to start saving. You need to start saving to survive Nigeria.

   People say “I’ll save when I make more money.” No. You save so you can make more money. If you can’t manage N50,000, you’ll waste N500,000.

Saving money isn’t just about income. It’s about discipline, clarity, and choosing long-term peace over short-term pleasure. You don’t need to be rich to start saving. You need to be honest about your money, your lifestyle, and what really matters to you.