How Much Should You Really Be Saving Each Month in Nigeria today?
With rising costs of living, saving in Nigeria may feel like a luxury—but it’s not. It’s a necessity. The question is: how much should you realistically save each month based on your income and lifestyle?
The 50/30/20 Rule (with a Naija Twist):
A general rule is to divide your income this way:
50% for needs (rent, food, transport)
- 30% for wants (entertainment, shopping)
- 20% for savings or debt repayment
But let’s make it real for Nigeria:
If You Earn ₦50,000–₦80,000:
- Save at least ₦5,000–₦10,000 monthly
- Use target savings tools like to automate and earn interest
If You Earn ₦100,000–₦150,000:
- Aim to save ₦15,000–₦30,000 monthly
- Divide into short-term and long-term goals (rent, child`s school fees, emergency fund, business plans)
If You Earn ₦200,000 and above:
- Save 20–30% or more
- Consider multiple saving accounts, investments, or even dollar savings if possible
Key Tips:
- Start small but be consistent.
- Automate your savings so you don’t touch it.
- Save before you spend, not after.
- Use a savings account like e-Barcs regular savings or beta pikin for your child’s education plan to get rewarded as you build financial discipline.
Saving isn’t about how much you earn—it’s about how well you plan.
Plan for your tomorrow. Save today.
Download the e-Barcs app today on Google Play or the App Store
Open an account with us today and start earning more from your savings!
Android : https://bit.ly/4eb5PFq
Iphone: https://bit.ly/4nwROqb
Call: 07074770560 | Visit: www.e-barcsmfb.com
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