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The Best Way To Save Money Even When Broke

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Ever found long-forgotten cash in your jeans pocket on wash day? The feeling you get is likened to how you feel when you gather money you’ve saved for a while. Every monetary increase makes your heart skip.


It may seem crazy to talk about saving when you’re broke. Even if there are ways to survive broke days, saving doesn’t seem like one of them. However, imagine if you have savings tucked away somewhere for a rainy day (like a broke day). You don’t have to save in bulk. Little cash from here and there tucked away can go a long way.


Honestly, we know it can be a struggle when you live from paycheck to paycheck. You live out the days waiting for the credit alert day, and then there are lots of expenses wrapped around your neck. That cycle will keep repeating itself if you don’t begin the habit of saving money now. Begin small and, over time, it will grow. When you do get a pay raise, you will be wiser about how to manage it.


Most people have no idea how budgeting works, but it’s pretty easy. Creating a budget helps you cut down on unnecessary cost and then save cash. Find out the best way to save money even when you’re broke now.


Best way to save money even when you’re broke

save money for a rainy day


The best way to save money (howbeit the sum) is to get the perfect saving app. This means many fail to utilise even if the answer has been right before their eyes. Years ago saving was a habit even as children. You could save your money in those wooden kolo boxes, lock the box and open it only on special days like Christmas. It was surprising how much N10 and less could result in a lot of cash. The value of money in the 90s was way better back then. You were practically the richest kid on the block with N200.10 kobo in your savings.


That culture of saving has been abused by the many needs, from going to the movies, shopping, registering for Netflix and paying data subscription. These variables may not be necessary but have become a regular habit. It leads one to lose cash fast and to go broke quick.


To get yourself out of the rut. Even if you’re still living in broke town, get yourself a kolo.


Mykolo rainy day savings


It’s a fancy and modern way of going back to your roots. It’s the best way to save towards your goals. The concept of a savings box, known as Kolo in Yoruba, started in the olden days as the home-made bank where people kept money and other valuable items for future use.


These piggy-banks are very durable, colourful and reusable. You just have to spend a little cash to purchase them, and breaking them to get your cash won’t be an easy feat. They come in an array of styles and beautiful colours.


You can either get a physical kolo or go on the app to enjoy all the extra benefits. If you believe you’re likely to smash your kolo the second your hand itches to spend, then using the mobile banking kolopay app is the best option.


Kolopay savings


How it works

  1. Create an account.
  2. Set up goals.
  3. Start saving.
  4. Grow your savings, and earn a 10% interest.


Since saving is a challenge, make it fun and a lifestyle. A lot of people are doing it and making it big. Don’t get intimidated if you’re starting small; just set a target for yourself. Remember, a penny saved is a penny earned. The more you save consistently, the more you’ll have at the end of your target.

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