How to Save Money from Salary & Low Income in Nigeria 2019

How to Save Money from Your Salary and Earn High Interest in Nigeia

Are you a salary earner looking for a way to save more and cut down your expenses? If you are, then, this article is for you.

In this article, we will be discussing how you can save and invest with SumoBank and lots of money from their high-interest savings program.

if I’m to put it in form of a question, I will say;

  • How can I save money on a small salary?
  • What are some good tips for saving money from your salary?
  • What is the best way to save money every month from my salary in Nigeria?

So, let’s do a quick maths on how much you are likely to raise in a 30-year period of savings and investing with Sumo Bank if you’re on a salary scale of 100,000 NGN per month. Even if you are on a 20000 NGN salary, you can still save very well with this approach for how long you want.

  1. Savings account on SumoBank pays 10% per annum and
  2. Investment account on SumoBank pays 15% interest per annum
  3. First thing first, you will need to create a Sumo Bank Savings or Investment account on the website at sumobank.ng
  4. For me, I will advise you go for a Fixed/Investment account where you will earn 15% interest for all your savings.
  5. Next, save at least 20% of your salary every month. This will amount to 240,000 Naira every month.
  6. Save for like 20-30 years with Sumobank. Make this savings habit a culture using AutoSave feature. All you need to do is set 20,000 Naira debit monthly from your debit card ad you’re good to go.
  7. After 30 years’ time, you must have raised 7,200,000 Naira to your account with and outstanding interest payout of 1,080,000 Naira. This will amount to 8,280,000 Naira.
  8. This account serves like a pension account but this time, you’re doing it on a personal note as the extra discipline you’re giving yourself.
  9. You will also need to do a KYC and add a next of kin to your account, if after 5 years, there is no activity on your Sumobank account, your next of kin will be contacted regarding your account and modalities to withdrawing the funds in your account will be discussed.

Sumobank is here to help you become a better saver while making plans for a better future. You can call SumoBank Customer care line at 08148008091

Related: How to become a better money saver this year

Note: 

This article serves the best way to save money for Salary earner and touches;

  • how to save money from monthly salary
  • how to save money from salary automatically
  • how to save money each month from salary
  • how to save money every week from weekly pay
  • how to save money on a small salary in India
  • how to save money with 20000 salary
  • how to save money every day

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