How to cultivate a saving habit: Don’t go broke!

3 min readApr 13, 2022

Saving, the dreaded S-word. Easily one of the most avoided topics when it comes to money. However, it is something every person has to master. Cultivating this habit requires discipline and determination as well as consistency. As an income earner or even a business owner, it is necessary to develop a saving habit to take care of unforeseen circumstances, both in business and in life. Saving is also a great start to building towards financial independence. Most importantly, a good saver is never really broke or stranded as there’s always that nest egg to fall on.

Unlike the words of a Nigerian ‘philosopher’ that goes, “ahh finesse, if I broke na my business”, we disagree. It is definitely our business to make sure you don’t go broke, and in this article, we’ll be sharing real and active ways to enable you to cultivate a saving habit.

  • Set realistic saving goals.

This is the very first step to starting your savings journey. It is of utmost importance that you begin with an end goal in mind. To build a long-lasting saving habit, you must set periodic targets to achieve. Realistic targets, we might add. Do not plan to save 70% of your income every month if that is not sustainable with your lifestyle. Be honest and precise in setting a saving goal, as this would make it easier to build a true saving habit.

  • Cut down your expenses.

As difficult as this might sound, you would have to take a look at your expenses and begin to cut out unnecessary spending. You know what you don’t really need or what you cannot comfortably afford at the moment; you know it and yet still buy them. To build a helpful habit, you will have to break unhelpful habits such as excessive spending, impulse purchases, bulk purchases, etc. Your needs would have to be prioritized over wants to keep expenses low.

  • Make a budget and stick to it.

Budgeting is a huge part of saving, and while it may feel too restrictive at first, it becomes a lifestyle and habit over time. We also see a budget as a mindful way to spend. Your budget should focus on your necessities and things you care about. That way, you won’t feel left out or feel extremely restricted that you aren’t spending on what you like.

The most important thing to remember with budgets is actually going by them. It might seem easy to create a budget; the real difficult part is following it to every letter. This is where discipline comes to play; we tend to make shopping lists only to forget them and go crazy when making purchases. A habitual saver must first become a habitual budgeter.

  • Have an accountability partner

The people around you consciously or unconsciously contribute to your habits, whether it be saving or otherwise. It is important to have people who would enable and encourage you to build a good saving habit, friends who would curb your excesses and remind you of your budget. You can both go on a saving journey with an end reward to yourselves for achieving your goals. Likewise, it is advisable to spend less time with people who do not believe in saving and would not be beneficial to your developing habit.

  • Use a saving platform.

There is no shortage of tools to help you build a steady habit of saving. Several savings and investments platforms are available to you for a seamless saving experience. BizVest is such a platform that seeks to empower your saving habit. Our savings product offers great interest rates compounded monthly, free withdrawals twice every month, auto-save options, and periodic saving plans. BizVest Savings is designed to give you access to liquidity to meet regular and upcoming needs. It is an easy way to build a saving habit.

Visit the website to get started on cultivating a saving habit; we are available for any questions or enquiries you may have.




BizVest is a platform where business owners can gradually save much needed funds to scale, while earning decent interest rates above the money market rates