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There is Rice at Home: A Savings Hack

Samuel Awosoga
Published: November 11, 2024

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Remember those days when “adulting” meant extra meat and no dreaded “there’s rice at home” reminder from your parents? Well, the reality of adulthood hits a bit harder, doesn’t it? Now, it’s all about rent, bills, groceries, and keeping up with expenses. And while we all wish money grew on trees, learning how to budget and save can make life a little easier. So, if you’re ready to level up your financial game and put some extra savings in your pocket, read on!

There is rice at home Budgeting OneBank 3

Start with a Realistic Budget

Creating a budget is the first step to mastering your money. Start by assessing your income and expenses. Income is any money you bring in, while expenses are every bill, subscription, or small purchase you make. The goal is to ensure your income consistently covers your expenses, allowing for some leftover for savings.

Tip: Look at your past few months’ expenses to get an idea of your spending habits. You’ll probably spot some areas for improvement—like that unnecessary food order or monthly subscription you rarely use. By identifying and trimming unnecessary expenses, you can free up funds for more meaningful purchases or your savings goals. To make budgeting easier, download the OneBank app, which offers a user-friendly budget tool to track expenses, categorize spending, and set savings goals.

Plan Ahead for Known Expenses

From birthdays to holidays, some expenses can be anticipated well in advance. Make a list of significant upcoming costs, like gifts, travel, or accommodation for the holiday season. Then, allocate a little each month toward these expenses so you’re not caught off guard when the time comes.

Planning ahead reduces financial stress and helps you avoid dipping into savings or credit for big expenses.

Curb Impulse Buying

Impulse buying is the sneaky culprit that often derails budgets. Whether it’s an eye-catching sale, a tempting ad, or a late-night craving, unplanned purchases add up quickly. The best way to curb impulse spending? Stick to a shopping list and buy only what you planned for.

There is rice at home Budgeting OneBank 2

Hunt for Discounts and Promotions

Everyone loves a good deal, and taking advantage of discounts and promotions is a savvy way to stretch your money.

To stay updated on discounts, check out online platforms and sign up for newsletters of your favorite stores. Timing your purchases around promotional events ensures that you get the most out of each spend, allowing you to splurge without breaking the bank.

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Open a Dedicated Savings Account

If you find yourself with leftover money after budgeting, consider opening a dedicated savings account to build your nest egg. With a savings account, your money earns interest, helping it grow over time, while the account itself serves as a buffer against the temptation to spend. With OneBank you can have a savings account set up within minutes.

Join the Jolli December Campaign

The festive season is always around the corner, and with it comes expenses like gifts, outings, and celebrations. Sterling’s Jolli December campaign offers a smart way to save for these end-of-year costs. Through a Sterling Recurring Deposit Account (SRDA), you can put aside a set amount each month toward your December goals. Starting at N20,000 monthly, you can enjoy exciting rewards for sticking to your savings plan.

 

Saving with a purpose makes it easier to reach your goals. Whether you’re planning a vacation, saving for a special purchase, or preparing for the festive rush, the Jolli December campaign can help you build a buffer for the holidays without disrupting your regular budget.

There is rice at home Budgeting OneBank 1

Once you’ve created a solid budget, paired it with a savings account, and set aside funds for known expenses, you’ll find yourself in much better control of your finances. Smart budgeting and consistent saving create a winning formula that sets you up to meet both short- and long-term financial goals.

Financial freedom doesn’t come from big changes alone. Small, consistent efforts lead to significant results. So, the next time you’re tempted to order takeout or buy an extra item you don’t need, remember: there’s rice at home! Keeping your eye on the bigger picture—and your financial goals—will make each decision easier, and soon, you’ll see your savings grow.

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