It is no secret that the cost of living in Nigeria is rising, from the dollar increase rate to the food item increase rate. We must understand how to manage our finances and spend sensibly.
Here are seven tips for managing expenses during this period of rising goods and service costs.
Have A Shopping List
Do You Know having a shopping list helps you save money?
To save up money, ensure you make a shopping list so you don’t buy things you don’t need. Keep your eyes on the items you listed on the sheet, not on everything new on the shelf.
If you have a cable subscription with 100 channels, you should consider whether you watch all of them or if you can downgrade to a cheaper bouquet with fewer channels. There is also a lot of free entertainment available online, such as movies, music, talks, and documentaries. These can be used to supplement.
Get Out Of Loans
Attempt to get out of any loans you’ve taken out for expenses. A loan is justifiable if the investment was made in a business or asset that generates income sufficient to cover the loan interest. Don’t take out loans just to look like a big boy or big girl.
Space Your Vacation
You might prefer to spend your vacation money in Nigeria rather than abroad. You can also spread out your vacations rather than taking them all at once.
Have A Budget For Airtime Subscription
This sure is one of the hardest budgets to follow through. But note this, Airtime/credit is a major expense that eats up a lot of your money. Reduce this cost by texting more or chatting on one of the many free chat apps. To full achieve this you must be disciplined.
Take Launch To Work
If possible, bring your lunch to work instead of eating out every day. Even if you don’t have time to do it every day, you can try it 1-2 times per week. It will help you save a lot of money.
Live In A Suitable House Size
If you have a small family, consider downsizing to a 1-2 bedroom apartment rather than a 5-bedroom mansion. You will save money on utilities, have fewer overnight guests, and require fewer cleaning hands.