Talking about money, Let me be honest with you the way a friend would over a bowl of pepper soup and a cold drink at 10pm. The kind honest that might sting a little. You will be grateful for it later.

Saving money, the way most of us were taught is not working for you. Not because you are doing it wrong. Because the economy has changed a lot and nobody told the people who are still putting their money in a savings account with a low interest rate while inflation is high.

I learned this the way. For years I was the person in my group of friends who always said “don’t spend your money save it”. I had an amount of money in my account and I felt responsible. Then one morning I realized that my savings had lost a lot of its value in two years. Everything I could buy with that money in 2021 I would need a lot money to buy the same things in 2024.

That was my wake-up moment. Maybe this is yours.

Robert Kiyosaki, the author of Rich Dad Poor Dad said “in an economy with inflation saving money without using it wisely is not being financially responsible. Its just losing money slowly”.

So what can you do instead? Lets talk about it. Here are seven things you can do with your money that go beyond just saving it.

01. Understand what is happening to your money now

Before we talk about what to do lets take a minute to understand what is happening to your money. If you don’t understand this you won’t see the need to make a change.

In African countries inflation has been very high in recent years. In Nigeria inflation was over 30% in 2024. This means that if your savings account is giving you 8-10% interest per year you are still losing 20% of your moneys value every year. You are not saving money you are just losing it slowly.

Lets do a calculation: if you have ₦1,000,000 in your savings account with 10% interest after one year you will have ₦1,100,000.. If inflation is 28% the real value of your money is now ₦859,375. You made money on paper. You lost it in reality.

This is not a reason to spend your money carelessly. It’s a reason to make your money work for you to make it grow faster than inflation.

02. Build sources of income not just a savings account

This is what changed everything for me. The goal of money in an economy is not to just save it it’s to make more of it.

The difference between people who do well in an economy and those who struggle is not who saved more money. It’s who built sources of income.

You don’t need to start a business to do this. You can freelance, sell products or rent out a room in your house. The key is to find something that can earn you money times not just once.

For example you can use your skills to freelance on platforms like Upwork or Fiverr. You can sell products, like ebooks or courses on platforms like Gumroad or Teachable. You can even rent out a room in your house on Airbnb.

The important thing is to start small and be consistent. Don’t try to do much at once. Start with one source of income and give it 90 days before you evaluate it.

03. Invest in assets that beat inflation

The idea that investing’s only for rich people is a lie. You can start investing with 5,000 or even $10. The problem is not the money it’s the knowledge and courage to start.

What are inflation-beating assets? They are assets that grow in value faster than inflation over time. Examples include stocks, real estate and dollar-denominated investments.

In Nigeria you can invest in the stock market through platforms like Bamboo or Chaka. You can also invest in estate through platforms like VAFAA or Coreum.

The key is to start small and be patient. Investing is a long-term game, not a short-term one.

04. Invest in yourself

I know this sounds like a poster but its true. Investing in yourself is one of the investments you can make.

A skill that makes you more valuable in the job market or as a freelancer can increase your earning capacity by 30-200% in 12-24 months. No savings account or investment can match that return.

What skills are in demand? Things like data analysis, digital marketing and cybersecurity. You can learn these skills online through platforms like Coursera or YouTube.

The important thing is to pick one skill and focus on it. Don’t try to learn many things at once. Start with one skill that you’re interested in. That has a high demand in the market.

05. Build an emergency fund. Don’t overdo it

You need an emergency fund but you don’t need to save too much. Most financial advisors say you should have 3-6 months worth of expenses in your emergency fund.

Once you have that you can stop saving and start investing. Don’t just keep adding to your savings account. That’s not an use of your money.

The key is to find a balance between saving and investing. You need some money set aside for emergencies. You also need to make your money grow over time.

06. Cut the costs that are secretly draining your money

Lets talk about budgeting. The advice to “cut your expenses” is often applied wrong. People cut the things like the things that bring them joy.

What you should really cut are the leakages. The costs you forgot you’re paying. Things like subscription fees, bank charges and lifestyle inflation.

For example you might be paying for a gym membership you never use. You might be paying for a streaming service you never watch. These are the things you should cut not the things that bring you joy.

The key is to be mindful of your spending. Don’t just cut things randomly. Take a look, at your budget and see where you can make adjustments.

You are paying convenience premiums every day without realizing it. This includes the money you pay for daily food delivery and always buying the premium option without thinking about it.

Stopping these things will not hurt your feelings.. It can help you save a lot of money every month, which you can then use to do things that will make you more money, like investing.

07. Building relationships that have value is very important. The people you know are like money in the bank.

This is probably the underrated way to make money and almost nobody talks about it when they give advice on personal finance.

Your network is really your worth and I do not mean that as a saying but as a fact. The best things that have happened to me in my financial life did not come from using LinkedIn or looking for jobs on the internet.

They came from people who knew me trusted me and thought of me when they had something for me.

In a world where you cannot always rely on the system the people you know become more important.

That means you should spend time getting to know people in your field join groups of people who are doing what you want to do, like finance groups or groups for your industry and learn from people who’re a little bit ahead of you.

Being around people who’re successful is like getting an education that you cannot buy.

You should also try to be someone that people can rely on someone who does what they say they will do and someone who adds value to peoples lives.

This is the kind of person that people will want to do business with. It will bring you opportunities.

The people you know will not show up on your bank statement. They will help you make more money get more opportunities and be able to handle tough times.

The 7 things you should do to make more money

Understand how inflation is really affecting your savings now.

Make at least one more way to make money. This is something you have to do

Start investing in things that will make more money than inflation. Do not worry if it is a small amount

Invest in your skills. This is the best thing you can invest in

Only save as much as you need then use the rest to make more money

Stop wasting money on things that do not matter. Not the things that you need to live

Build relationships with people that will help you make more money over time. The people you know are like money in the bank

The Bottom Line

What I want you to take away from this is that saving money is not a bad thing.. Not doing anything else is a bad thing.

Thinking that just saving money is enough to be financially secure is not correct.

The people who will be financially secure are the ones who made money got more assets learned new skills and used the people they know to their advantage.

This is not about working hard all the time. It is about making sense.

Money that is just sitting there is losing value because of inflation.

Money that is being used to make more money like in a new job or an investment is money that is growing.

You have already done the part by reading this. Now you just have to decide which of these things you will start doing this week.

Tell me in the comments.. Share this with someone you know who thinks that just saving money is enough.

They need to know that there is more to it than that. So do you.

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Asked Questions

Is it really bad to save money in 2025?

Saving money is not bad. What is bad is if that is all you are doing.

In a world where inflation’s high money that is just sitting in a savings account is losing value faster than it is earning interest.

What you should do is save some money but make more money and invest in things that will make more money.

What should I do with my money of saving it?

Make a safety net of money that will last you a months then use the rest of your money to invest in things that will make more money, like stocks or real estate or to learn new skills.

These things will help you make money in the long run instead of just losing value.

How much should I keep in savings?

You should keep a months worth of money in a safe and easy-to-access account.

Any money you have beyond that is better used to make money.

Can I start investing with an amount of money?

Yes you can. Many places that help you invest will let you start with an amount of money, like ₦5,000 or $10.

The key is to do it like every month instead of just doing it once in a while.

What is the fastest way to make money in a bad economy?

The fastest way is to use a skill you already have to make money.

You can do this by working for yourself or by making products that use your skills.

This is a way to start because it does not take a lot of time or money to get started.