In a country where nearly 60% of its population lives below the poverty line, saving money can seem out of reach. Yet, countless individuals have built financial resilience, not by earning more, but by managing their income more intentionally.

At DFC Asset Management, we believe wealth creation should be inclusive. This guide explores practical and strategic ways low-income earners can build savings and take control of their financial future

Why It Matters?

Saving money on a low income isn’t just about putting naira aside—it’s about building a stable foundation for your future. When your earnings are limited, the margin for error is smaller. That’s why it becomes even more critical to be intentional with finances.

Whether you’re earning the minimum wage or managing a modest monthly income, saving helps you to take back  control of your finances. Here’s why every effort you make towards saving truly counts:

1. Protection Against Life’s Uncertainties

Emergencies like medical bills, job loss, or economic disruptions can derail your finances. A basic savings buffer offers protection—and peace of mind.

2. A Launchpad for Financial Goals

Want to start a business, buy a home, or further your education? Consistent savings is the foundation for future investments.

3. Mental Well-being

Knowing you’re financially prepared reduces anxiety and allows you to focus on growth, not survival.

Step-by-Step Guide to Building Savings on a Low Income

Step 1: Create a Realistic Budget

A budget isn’t a restriction—it’s a financial blueprint. Here’s how to design one that fits your reality:

• Track all income sources, including side hustles.
• Categorize spending into needs, wants, and savings.
• Apply a simplified method like 50/30/20or start with 5% savings and grow from there.

Tools to Help:

• Budgeting spreadsheets (Excel or Google Sheets)
• Mobile banking apps with expense tracking

Step 2: Cut Costs Without Compromising Quality of Life

Savings often lie in everyday choices. Try these tips:

• Cancel unused subscriptions (e.g., gym, streaming).
• Cook more meals at home.
• Shop in bulk or during sales.
• Make conscious efforts not to buy things on impulse

These simple habits can free up money you didn’t know you had.

Step 3: Boost Your Income Streams

More income means more savings potential. Consider:

• Selling unused itemsvia Jiji or Facebook Marketplace.
• Freelance onlineon platforms like Upwork, Fiverr, etc.
• Engage in a side hustle

Step 4: Automate the Savings Process

Consistency is keyand automation makes it effortless. There are fintech tools and/or traditional banking apps that allow you automate your savings. You can automate your savings by:

• Scheduling automatic savings transfers from your salary account
• Create a goal-based savings plan
• Start with small amounts, daily. For example; N100 a day automatically taken from your bank account and transferred into a dedicated savings account, will amount to N3,000 in 30 days,

Step 5: Choose the Right Savings and Investment Tools

Different goals require different strategies. Here’s how to align your savings goals with the right financial product.

For Emergencies:

• Use flexible, accessible savings account with interest.

For Future Goals:

• Use fixed savings for higher returns.
• Explore mutual funds for long-term growth.

At DFC Asset Management, our financial advisors help savers – even those just starting – match their financial goals with suitable investment options.

Final Thoughts: Take the First Step Today

You don’t need a high salary to start saving. What you need is a strategy and the discipline to follow through.

At DFC Asset Management, we exist to support your journey to wealth creation