Top 10 ways you can save money

The one who does not save is like a person gambling with his life. If you have started earning income, you should cultivate the habit of saving a part of the income periodically. It may be monthly or quarterly. Just have a fixed schedule of saving.

The excuse that your monthly income is lean is not tenable. If you are determined, even if you earn peanuts monthly, you will still find a way to save part of it.

Where you can save your money

You can save your money through the below investment vehicles:

Fixed Deposit/Savings Account

A fixed deposit account is a type of bank account where you can save a sum of money for a specified period of time. A fixed deposit can be for a period of 3 months, 6 months or one year. The rate of interest varies in different countries.

A savings account is bank account with little or no charges. It is mean for those who want to save part of their earnings. The interest rate can be very low.

ways you can save money

Treasury Bills

A treasury bill is a government security. It is guaranteed not to fail. This makes a lot of people to invest in it. The tenor of treasury bills in the US and other countries range from one month to 12 months.

If you want to invest in treasury bills, you need to approach your bank. Your bank will help you bid for units of the treasury bills and will notify you if you are successful.

Treasury bills can be a fantastic product you can use to save your money.

Government Bonds

Just like treasury bills, government bonds are securities issued by government. They are safe and the probability that the government will not meet its repayment obligation to its investors is almost nil. Government bonds are long term investment. If you want to invest in it, you must take note of this fact.

Online Savings Firms

There are a lot of fintech savings firms around. The concept is simple. Savers can deposit as low as $1 into their savings app with their debit card. Withdrawals will be restricted till the time you specify elapses. If you want to withdraw your savings before the specified time, you will be charged 5%.

Interest rates on all savings vary. A lot of people now use this service to save money monthly.

Insurance products

Some insurance products can be used for savings. Life assurance plans are good savings products. Most life assurance plans will allow you to withdraw a part of the premium you paid if you do not die after a specified period of time.

There are also insurance products you can use to save towards the payment of your children’s school fees or health.

Real Estate

You do not necessarily need to have huge amount of money before you become a real estate investor. You can save part of your income in real estate. You can buy a piece of land and keep for future sales or use.

In some areas in Nigeria, the cost of land appreciates by over 30% annually.


Investing in farm plantations can be a very good savings strategy. Investors from Europe and America are now flooding Africa to invest in farmlands. They know that in the near term, the demand for agricultural products will increase because of the booming population of Africa and Asia.

Buying up farmlands for keep is not a bad savings idea. You can even plant cash crops on the farmland you buy. Cocoa, oil palm and cashew are good cash crops which can give you lifetime income.


If you know how prices of commodities like maize, soyabeans, palm oil and cocoa beans etc are predicted, you can as well invest in these products. Saving part of your income in these agricultural products can give you good returns.


Gold can be a very good savings product. Even national governments invest in gold bars. You can be using a part of your monthly income to buy gold. Gold can be stored in a bank. Over time, you will realize that investing in gold is a good savings strategy.

Precious Stones

Just like gold, you can invest in precious stones like diamond, sapphire and platinum. These precious stones are very valuable.

Do you know other products savers can use? Why not let us continue the discussion on the comments section.

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