HOW TO SURVIVE PLENTY SPENDING IN THIS LAGOS (MY STORY)

There's a Yoruba saying that translates loosely to, "Lagos money always lives in Lagos". That is, whatever money you make while in Lagos, you'd end up spending while living in Lagos.  I was raised by an Ijebu woman so I guess that's the reason I'm so prudent with my spending. However, I see a lot of people, including those who make good enough money, struggle with their finances.  I, on the other hand, can save for Africa! People show off their lavish lifestyles on social media and I'm observing a trend where people just want to amass money and buy things. But certain principles in personal finance are universal like, 

1. Thrift shopping

I sometimes shop at the second-hand clothes market in Lagos especially for items like sportswear. The idea is not about buying second-hand clothing, It's realizing that not all the items in your wardrobe need to be expensive. That's why you see billionaires wearing T-shirts that cost less than a dollar. 

Obviously, new items are better and may prove less expensive compared to used clothing in the long term. But If the clothing item is not that important, don't doll out your Nairas. 

2. Saving on Food.  

We spend a lot of money on food in Lagos and there are so many options to choose from. Eating out can actually finish your money.  These days I cook my meals, but when I buy out, I usually buy from street vendors that I am familiar with. I once watched a documentary about Warren Buffet and I was surprised to discover that his breakfast costs less than 5 dollars.  

 So, be mindful of how much you spend on food. 

3. Having a Simple Social-life

One of the keys to spending less is actually having fewer drinking buddies. Bar hopping is an expensive hobby and partying every weekend is just as expensive. Instead, build your interests around things that improve your health and well being and cost you much less. 

Spending cash. Although it's easier to track your spending with a debit card, I find that I spend less when I'm spending cash because I'm more conscious of the fact that the cash is depleting. 

If you prefer a debit card, don't spend from your main account, always move money from your main account into an account set up for monthly expenses. 

So to recap in Lagos terms: 

1. Shop Okrika or Bend down select. 

2. Cook your own food and stop buying shawarma every night. 

3. reduce beer-parlor hangouts. 

4. Spend cash

5. and say no to buying Aso-ebi all the time

I wrote about how to maximize your monthly earnings in another article. click this link to read that article. 

 

Thanks for reading