It really get frustrating when your green account balance of yesterday is suddenly red by today. I can understand where your money goes to if you are a twenty something who lives and works in Lagos, Nigeria. Don’t get me wrong, I’m not trying to invalidate the struggles of millennial living in other states in Nigeria but honestly the struggles are real in Lagos.
From working to pay your Landlord ridiculously expensive house rents to settling different types bills to buying your friends’ Asoebi (uniform clothes usually worn during wedding ceremonies) to even moving around Lagos, something is sure to take that money from you before it even get into your account.
It’s the end of the month and most of us are about to go through the same circle of having money and going broke within 48 hours again, hence the reason for this timely post. I’m not a financial expert or anything but the tips I would be sharing today are things that have really worked for me.
I’ve been living on my own for about three years now and using these tips have saved me from running from pillar to post as regards sorting my finances out.
Here are 5 realistic tips that will give you the financial Independence that you desire ;
Stay in Your Parent’s House If that is an Option and If you Must Move Out Get a Flatmate
This is particularly for 20-something living and working in Lagos Nigeria. If someone had given me this advice some years ago, I’d have frowned at the thoughts but right now, If I get an opportunity to work so close to my parent’s house, I’d grab it so fast. Rent in Lagos no be beans, the average real estate agent is only interested in the money is going to earn from getting an apartment for you and not the state of the house.
Living in your parent’s house is a way to go because you don’t have to pay rents or foot unnecessary bills. You can easily save up that money meant for rent and invest in into something more profitable.
If you work so far from your parents or you came to Lagos in search of a greener pasture then I’d advise that you look for a flatmate to share your apartment with. Splitting bills is one sure way to save money in this Lagos.
Start Tracking Everything
The month I tried tracking my expenses I cried after two weeks. The realisation hit me so bad that I was broke not because I was not getting money but because I had so many unaccounted for expenses. Tracking your expenses is the best gift you can give yourself. Microsoft Excel can conveniently help you with doing that. If you want something that is simpler to navigate, then you could try out an app called Money Manager (available on IOS & Android)
Try Automated Savings
I know our Nigerian mind believe that leaving your card on an online platform is a suicide mission but if you want to be intentional about saving then you’ve got to do this. Remember that resolution that you had at the beginning of the year to save monthly? How much have you confidently saved my dear?
That’s the issue, its tough to consciously save money when there are other things to take the money away from us but with an automated plan, the money goes off to a safe before you jubilate about having money in the bank.
Piggyvest and CowryWise are two of my favourite digital banks that I can recommend to help you start a journey in the automated saving plan. I’ve been using piggyvest for three years now and I can tell you that finding them is one of the most precious discovery. I started saving on Cowrywise last year and its also an awesome platform.
So the automated saving options allows the app to deduct a certain amount of money from your account at a certain time of the month for a specified period of Time. Their platforms are safe so you don’t have to worry about anything. This is a good thing to try of you’re trying to save towards something like house rent, wedding, graduate school or even buying a new gadget.
Start Small and Be Realistic with Your Saving Goals
I’m someone who believes in starting small and saving is not an exception. Don’t go about having a dream of saving 50,000 naira per month out of your 100,000 naira salary when you’ve never even saved 5,000 naira. Saving is an habit that grows with consistency. You can’t drastically change your saving habit in a short while so start with baby steps and very soon you’d be flying to save in six figures.
Live for You And Not On Instagram Standards.
I know right, we live in a world that everything beautiful is on social media but the truth is, people post what they want other people to about them. Few months ago, I was having so many anxieties because social media was always pointing me to see people like me who were balling and living the life that I dreamt of. One day, it dawned on me that behind these beautiful pictures, everyone had something that they were dealing with.
My dear, its important to know that what you see is curated to make you feel and see life from a positive perspective. Its not really their intention to pressure you but nobody puts the sad part of their lives on social media.
So instead of comparing yourself with Instagram Influencers and celebrities, decide what you want and set realistic goals as to how to meet your desires.
If you’ve been seeing beautiful pictures of Cape Verde on your timeline and you’d love to go there, research on how much it cost and set up a saving plan towards it.
Finally, just know that this thing called adulthood is a journey and not a destination. Nobody has a complete manual as to how to navigate it so don’t pressure your self.
Till I come your way in my next post, Let’s continue our conversation on the various social media platforms;
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