Growing up, we were taught that saving money is the key to financial stability. You save the money visitors give you. Put money in your kolo so you can spend or buy nice shoes at the end of the year. Save for rainy days, save for sunshine — that’s a Nigerian reality. While saving is important, the harsh truth is that it’s not enough to build wealth.
I’m going to hold your hand while I say this, but please leave the Ajo, Kolo, Piggyvest, and Cowrywise for a minute and start looking at how to make your money work for you. I have a theory that the way Nigerians aggressively save is actually a trauma response. With inflation constantly eroding the value of our money, many of us know that we are probably one illness, accident, job loss, or mishap away from losing all our hard-earned money. That’s why we save, save, and save some more. Leaving money to sit in the bank account with no use for it, as money that can be reached just in case something goes wrong.
If you’ve ever found yourself saving every kobo but still feeling like you’re not getting ahead financially, you’re not alone. I’ve been there. In fact, I’m still here. Over time, I realised that to truly build wealth, I had to make my money work for me.
This post is my personal take on financial literacy, investments, and wealth-building as a Nigerian muslim woman in her 20s trying to build a solid financial footing. And just so you know, I’m not a financial expert, just a gal on a rocky journey to financial freedom.
My Personal Finance Journey
I’ve never been an aggressive saver, and truthfully, I’ve just not been great at saving. My priority has always been increasing my income and earning in other currencies to fight against the Nigerian economy. But one thing I’ve never done? Let random money sit idly in my account.
Don’t get me wrong. I do save. I still make plenty of bad financial decisions and I’m learning everyday, but nothing will take me away from my 40/30/30 when my paycheck comes in.
- 40% for needs
- 30% for savings
- 30% for investments
Out of the 30% for savings, I allocate:
- 15% for emergencies
- 10% for big purchases (e.g., rent, buying an expensive gadget. It can also be 15% on some months)
- 5% for random expenses (things that don’t qualify as an emergency but pop up out of nowhere)
I also ensure that the money I put into my 10% purchases are things that hold or grow value like my rent gives me a space to create and run my business, content creation tools to help me charge more, or investing in a course or experience gives me access to opportunities that have an ROI.
Investment Strategies
Then, my 30% for investments gets diversified. There’s no specific percentage attached — I just put a bit of money into everything based on my risk appetite, research, and sometimes, intuition. So these are the places I invest my money:
- Crypto: I got into crypto late last year, putting in sales from my yearly planner into stable coins like Tether (USDT). I use an app called Busha, and they are one of the SEC-licensed crypto platforms in Nigeria. The value of stablecoins is determined by the value of the dollar, so it was an easy entry point for me into digital assets. Over time, I started putting small amounts into Bitcoin, Ripple, Solana, Ethereum, and Binance Coin. Now, I know cryptocurrency still feels very unfamiliar to a lot of us which is why research is very important. You’re one Google search or Chat GPT prompt away from everything you need to know.
- Stocks: Stocks are actually one the simplest way to get into investments, and the first stock I ever bought was Apple. I use Bamboo because they’re one of the trusted platforms for stock purchases and it just helps solve the hassle of wondering how to get in on the action with my 5000 Naira or 50,000 Naira. I am still learning a lot about stocks but one thing that has helped is buying shares in companies I love and believe in, like Apple, and Duolingo. Another thing that I do is to study other successful investors portfolio and copy them — I do this sparingly when I have extra income, but it’s also a great way to experiment and build risk appetite.
- Dollars: As a Nigerian, keeping some Naira in dollars is an investment, especially with the currency fluctuations. I use a couple of apps for this (please I’m always hunting for the best rates, okay).
- Sukuk (Halal Investments): As a muslim, it’s really important to me that I invest with caution, and as such, I dedicate a percentage of my investment fund into other halal investments like equities, sukuk, and gold ETFs. I use an app called Wahed Invest for this, and I’m in the process of opening up a Lotus Capital account as well.
This doesn’t mean that the other investment pathways I put my money into are haram or impermissible. That’s why I conduct thorough research — reading blogs, analysing white papers, and consulting Islamic finance experts to ensure my investments align with my values.
- Myself: Finally, I invest in myself — paying for courses, certifications, and professional help to increase my productivity and earning power.
To learn more about these investment pathways, check out the blogs and resources available on the apps I mentioned. They offer valuable insights to help you make informed financial decisions. Another great tip is to follow them on social media, where they regularly share educational content and updates on app features you can leverage to reach your financial goals.
Other investments I’m yet to get into but plan to:
- Real Estate
- Agriculture
- Physical Gold Jewellery: Honestly this is just because I do not know where to buy and I feel like I’ll lose it. Hehe.
- Buying shares from Nigerian companies like Dangote.
- Startup Equity: The only thing hindering me from doing this is capital. However, I plan to start small and see where that leads me.
What’s Your Finance Strategy?
Now, that we’ve gotten through my finance strategy, let’s turn to you? How do you make your money work for you?
Think of it this way: You have ₦10 million in savings. You’ve been accumulating it for years, sacrificing pleasures, and just watching it grow. By the end of the year, if you’re not using it for a major purchase or project like relocation, it would have less purchasing power than when you started. But if you had stashed even 2% of it into stocks, gold, or crypto, you’d have a backup plan — because while inflation is eating up your Naira, your investments are gaining ground.
“But I invested before and lost money!”
The key is to start small, and always play the long game. Wealth is not built overnight; it requires patience, strategy, and some calculated risks. Before you go into all of this, I’d also like you to consider a few key things:
– Your financial goals
– Your risk appetite
– How much money you earn
– Why you want to invest
You can be as delusional as you want with your financial goals. My friend once told me he wanted to have $100K in assets and I thought he was crazy. Today? He’s on his way there. Sometimes it doesn’t even have to be a set figure. Your financial goal might be to be debt-free by the end of 2025, or to have at least three digital assets in your portfolio.
Then, understand your risk appetite and work your way up. Can you handle losing 100K in an asset without panicking or would you start wailing, then liquidating all your other assets out of fear? Know if you are comfortable with high risk, medium risks or low risks? Take this quiz to know where you stand before making big moves.
The amount of money you earn plays a huge factor into your investing journey. Figure out what percentage of your income is realistic for investments and do just that. You can also decide to allocate your extra income or profits from your business to investing.
Finally, why do you want to invest? Are you looking to diverse your income, gain quick cash, or stay in for the long haul?
Semirah has a great article that provides more insight into investments for Nigerians. You can read it here.
Recommended Resources For you
I know this might feel like a lot of information overload, which is why I’m hoping that you would bookmark this post so that you can come back to it whenever you need.
Investment Apps
- Wahed Invest (Halal investing)
- Risevest (Stocks, real estate, managed investments)
- Busha (Cryptocurrencies / Digital Assets)
- Bamboo (Stocks, US investments)
The good thing about all of these apps is that they are licensed, and you can fund your wallet with Naira to start your investment journey.
Finance Communities
- Money Africa — A fantastic platform for financial literacy.
- Reddit Personal Finance — Real-life financial stories and advice.
- Your friends — Having open money conversations with trusted friends.
Finance Creators to Follow
- Xoreni (Don’t Go Broke Trying)
- Tosin Olaseinde (Money Africa & Get Ladda)
- The Intentional Currency (For Muslim Women)
- Wealth from Scratch
- Muslim Investing (For Muslims)
- Olumide Adesina
- The Money Cruncher
Books To Read That Will Change Your Financial Mindset
- Girls Just Wanna Have Funds by Anna-Sophie Hartvigsen, Camilla Falkenberg, and Emma Due Bitz
- The Psychology of Money (must-read for new high-income earners) by Morgan Housel
- Die with Zero: Getting All You Can from Your Money and Your Life by Bill Perkins
Podcasts for Financial Literacy
Taking Action: Your First Investment
It’s easy to consume all this information and still do nothing — but the best thing you can do right now? Just Start. Buy that first stock. Get your first gold coin. Try your first crypto trade. Once you take the first step, it gets easier. So here’s a challenge:
- Pick one app from the list above and sign up.
- Invest a small amount — from ₦1,000 to ₦5,000 — in a low-risk option like an ETF or mutual fund.
- Track your progress over the next few months and gradually increase your investments.
I won’t lie — investing can feel overwhelming at first. But the more you learn, the easier it gets. The goal isn’t to become the next Warren Buffett overnight; it’s to make steady progress toward financial security.
Conclusion
So cheers to all of us for being good with money this 2025. I really hope it’s the year our finances do a shift. Now, go out there and make your money work for you!
Another Disclaimer: I don’t have it all figured out, like many young adults in Nigeria, I’m still struggling and sometimes make questionable money decisions. But the most important thing is that I recover and keep pushing forward. Hopefully, I get to a point where I’m not fighting for my life everyday. Haha!
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