Pay yourself first.
This means before you go and blow your money on a new pair of shoes or a
golf club you don't need, put money aside in an account that you don't touch.
Do this every time you get paid and watch your account grow.
Make a budget (and stick to it).
Create a monthly budget that covers all of your basic expenses and leaves a little bit of "fun" money aside. Sticking by your budget and saving at least some money each month is a good way to lay the groundwork for your efforts to get rich.
Downgrade your car and house.
Could you make do with an apartment instead of a house, or have roommates instead of your own place? Could you buy a used car instead of a new one and use it more sparingly? These are all ways to save a ton of money every month.
Cut expenses.
Look at the ways you frivolously spend money and rethink everything. For example, avoid going to eatery every morning for breakfast. That N400 you spend on food every morning comes out to N2,800 per week, and N446,000 over the course of a year!
Track down
your expenses. To soar your efficiency on cutting your expenses, it is vital to keep
track of them. Pick one of the numerous expense tracking applications there are
around, like Money Lover or Mint, and record every single penny that goes in
and out of your wallet. After 3 months or so, you should be able to know where
most of your money goes and what can you do for that.
Break up with your credit card.
Did you know that people who use credit cards for purchases end up spending more money than people who use cash? That's because parting with cash is painful. Using a credit card doesn't carry that much of a sting. If you can, divorce your credit card and see how it feels to pay with cash. You'll probably end up saving a boatload of money.
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If you do maintain a
credit card, do things to reduce expenses. Try to pay off the full balance each
month and on time. That results in interest-free credit. At the very least,
make the monthly minimum payment before the due date to avoid a late fee.
