We’ve all grown up hearing the same advice: “Save your money.” And yes, it’s good advice, to an extent. Saving can help you pay for emergencies, settle debts, or fund a short-term goal. But here’s the honest truth that most people don’t talk about: if saving is all you do, you’re still going to be broke.
It sounds harsh, but think about it. You’re saving N10k, N20k, maybe N50k every month, but the prices of food, rent, fuel, and transport keep going up. Your savings can’t even compete with inflation. And unless your income is growing or your money is working for you, you’re just hoarding cash that loses value over time.
So no, saving alone isn’t the answer. It’s just the start.
ALSO READ: 5 ways you can save money on food in a bad economy
1. Your money is sitting still, and that’s the problem
If you put your money in a regular savings account, it earns little to no interest. You’re basically just hiding it from yourself.
Meanwhile, inflation is silently stealing from you every day. That ₦100k you saved last year? It can’t buy the same things this year.
Solution: Learn to invest. Stocks, mutual funds, real estate, and digital savings platforms are beginner-friendly ways to grow your money without being a finance guru. Even starting small can change your mindset and give your money purpose.
2. You can’t save what you don’t earn
The reason many people feel like they’re not “disciplined” enough to save isn’t because they’re careless; it’s because they don’t earn enough. Saving from a low income feels like pouring water into a basket.
The real game-changer? Increasing your income.
Learn a digital skill
Get a side hustle
Turn your talent into a service
Negotiate for better pay
Explore freelance or remote work
You can’t save your way out of poverty. You have to earn, then grow your way out.
READ MORE: How to save ₦50000 in 3 months if you earn minimum wage
3. Saving doesn’t teach you how to manage money
Here’s what saving doesn’t teach you: how to budget, how to spend wisely, how to plan for the long-term, how to grow money. You can have millions saved and still mismanage it in one year if you haven’t learned how to control your spending or delay gratification.
What to do instead: Learn financial literacy. Follow money-minded creators. Use budget planners.
Understand where your money goes every month. Learn about compound interest, debt, taxes, and passive income, even if you’re not “rich” yet. The knowledge you build today will pay you for life.
READ MORE: Should you invest in crypto or just save?
4. Saving can make you afraid to take risks
A lot of us use saving as a security blanket, and it makes sense. But it can also make you scared to try new things. You’re so focused on protecting what you have that you don’t grow beyond it.
You’ll never build wealth if you don’t learn to take calculated risks. That might mean starting a business, learning a skill that costs money upfront, or investing in something that takes time to yield returns.
Saving is safe. But safe doesn’t always mean smart.
5. The goal is financial freedom, not just discipline
Being able to say “I have money saved” feels good. But that’s not the goal. The real goal is financial freedom, the ability to live on your own terms, without constantly stressing about the next expense.
To get there, you need more than a savings habit. You need income, strategy, investments, and vision. Saving without a plan is just fear in disguise.
So, should you stop saving?
No. But stop treating it like it’s the finish line. It’s just the first step. Save, yes, for emergencies, rent, school fees, or japa plans. But also use your money to create more money. That’s the difference between being stuck and moving forward.
If you only save, you’ll stay broke.
SEE THIS: How Nigerians are saving for Japa without going broke at home
