A Beginner’s Guide To Saving Money

Moni - Spend, Save & Borrow
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Published in
5 min readNov 2, 2022


A lot of people believe they don’t make enough money to save or that they have so many expenses they can’t set any money aside.

The economy is tough, bills are a lot, money isn’t easy to come by, and inflation is always a problem so the prices of things keep increasing daily.

To be honest, if we decide to make room for all the things we need all at once, we won’t have any money to fall back on and this is why savings is very important.

You may have a dream to buy a house, a car, or even just to travel the world. A lot of us can’t wait to be able to afford these things but only a small percentage wants to do the work.

Photo by cottonbro

You want to retire at 40 but do you have a plan?

You want to buy your first house at 30. It’s possible but what are you doing about it?

You need a plan to achieve all of these things and more.

Saving money is the first step on your journey to financial success, you can’t skip it. You have to make it a habit. I understand it can be tough but little drops of water make the mighty ocean. Save today. Save tomorrow. Save once a week. Save once a month. Save once in two months and a habit is built. You don’t have to start big.

Our aim at Moni is to help you cultivate a savings habit as a beginner. These tips can help you save money for anything out of your income.

Create a 50–30–20 budget

If you’re worried about managing your finances, you can make use of this rule to allocate resources to your expenses.

This means devoting 50% of your money to your needs, 30% to wants, and 20% to savings and investments.

You can adjust this based on your income. It’s not enough to just budget, track your income either manually using a diary or using a budgeting app.

Set a savings goal

It’s great to have big dreams for your savings but you also have to factor in your income. How much do you earn? If you earn N100K monthly, for example, you won’t be able to save N5 million by the end of the year. You’ll need to at least first cultivate a savings habit, then focus on increasing your income through carefully thought out ways.

Only set realistic goals for your savings, especially as a beginner. In planning to save, you have to take into account your earnings and your expenses. This is why the first step is important because a budget helps you map out a plan for your money so you don’t fall off track.

Save first, then spend

It’s never a great idea to save after spending. Between the both of us, you know there’s every possibility there won’t be leftovers. What you should do instead is decide how much of your income you want to set aside each month for your savings. Is it 10% or more? Fix a percentage, save it, and then focus on getting other bills sorted.

Start Small

I understand you can’t wait to reach your goals but don’t rush it. Depriving yourself of important things won’t do you any good. Don’t go saving all your money when you know you have important bills to sort. Remember, the goal is to build a consistent savings habit, not to neglect your responsibilities.

Automate your savings

As a beginner, it’s easy to get carried away and forget to save for the month so what you may want to do is automate your savings using financial apps like Moni Vault. You can set a date that aligns with your payday.

Avoid Ponzi schemes

You’ll hear the noise, it’ll get to you. You’ll hear them shouting about how they’ll pay you 70% every month when you invest with them. They have nothing to offer you, only lies. When you see them, please run away from them.

Create a separate account for savings

It’s never a great idea to leave your savings in the same account as your disposable income. You may tell yourself you’ll be careful and won’t spend it but I promise you, you’ll forget one day. To prevent this from happening, create a separate savings account. You can do this with Moni Vault.

Use a high-yielding savings account

Imagine saving N20k at the beginning of the month only to come back at the end to see N19,980 in your savings account, you’ll be pissed. This is why it’s important to save your money in a high-yielding savings account. Moni offers up to 21% per annum on Reserve plans and you don’t have to worry about scrupulous charges.

Reduce eating out

A great way to cut how much you spend on food is to cook more and spend less on restaurant food. You’ll agree with me that it’s way more pricey to buy food than to cook it yourself. The N10k you’re planning to spend on fine dining will cook at least two good meals that’ll last you for a longer period so invest in foodstuff and cook in bulk. It also really helps if you have a freezer or refrigerator to store food.

Practice self-restraint

It’s usually when you decide to take your finances seriously you start to see different online vendors running 50–70% sales and you may be tempted to buy from these deals.

It will require discipline to not take advantage of such sales but there’ll always be more deals, more sales, more discounts, and offers. You don’t have to break your savings to buy these things. Except it’s an important buy (I’m not referring to hair, shoes, clothes, etc), keep your money.

Saving money isn’t easy but I trust you to make great decisions with these money tips I’ve laid out for you.

Don’t forget to do away with the pressure of stacking millions in short periods especially when your income doesn’t match up.

Now that we’ve answered the questions you have about savings, how about you get started right away?

You can download the Moni App on your android phone or your iPhone.

Get started. Remember, little drops of water make a mighty ocean. Baby steps!



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