Editor’s note: If your father is one of the top 100 richest in Nigeria, please don't read, you can't relate. This isn't for those who view "pocket money" as a six-figure sum or for whom a new luxury car is a casual Tuesday purchase. This is for the rest of us, navigating the labyrinthine world of personal finance in a challenging economy.
I saw a tweet recently that sparked quite a debate. One lady asserted – rather controversially – that there’s a way someone earning less than ₦150,000 can actually live a better quality of life than someone earning ₦400,000. Immediately, the virtual pitchforks came out. People dragged her across the internet, and to be fair, that reaction made perfect sense. Anyone earning that kind of salary in today's economic climate is already performing Olympic-level budgeting just to survive the month, let alone thrive. The notion that someone on less could possibly manage better seemed absurd, almost insulting.
But after sifting through the deluge of comments, both angry and insightful, I realised something profound. There truly is a tiny, often-overlooked truth hiding inside that seemingly audacious hot take. We constantly operate with the mantra, "If only my salary was a little higher, life would be so much easier." We pin all our hopes on that next promotion, that fatter paycheque, believing it holds the key to financial serenity. Then, almost like clockwork, the salary *does* increase, and yet, somehow, the money still vanishes at the same dizzying speed. It’s like pouring water into a sieve, no matter how much you add, the level never truly rises.
This phenomenon begs a crucial question: What if the issue isn’t *only* income? What if, sometimes, the primary culprit isn't the size of our paycheque, but the nature of our financial habits? So, prompted by that Twitter storm and years of observing this universal struggle, let’s talk about it.
The Spend-First, Regret-Later Trap: A Universal Experience
Most of us enter a new month with the unbridled energy and optimism of someone who just won the lottery. That fresh salary alert hits our account, and instantly, our mood shifts. A new financial chapter begins, and with it, a sense of boundless possibility. Everything suddenly becomes achievable – including that tempting "50% off" purchase on Temu that we absolutely *don't* need but suddenly *must* have because, well, "it's a bargain!"
This initial euphoria, however, is often fleeting. By the 15th of the month, or sometimes even sooner, the excitement has evaporated, replaced by a growing sense of dread. Your bank app transforms from a friendly tool into something you actively avoid, much like a difficult, inevitable conversation with a demanding relative. You instinctively know the balance isn't okay, so you just...don't look. Ignorance, in this case, feels less painful than confrontation. And thus, the disheartening cycle continues, month after month.
But here’s the rub: what’s the point of working so hard, hustling day in and day out, if we don't get to enjoy the fruits of our labour, even a little? Life isn't just about survival; it's about experiencing joy, convenience, and occasional indulgence. So, how should one truly spend without becoming a miserly hoarder, perpetually denying themselves everything?
Save Before Life Happens: The Golden Rule
The common refrain is, "I'll save when all my needs are met," or "I'll start saving seriously when my income increases." My dear friend, by now you should already know a fundamental truth: *Problem no dey finish.* Life, by its very nature, is a continuous stream of challenges, unexpected expenses, and dazzling temptations. If you wait to save only what remains after all your spending commitments and desires have been fulfilled, then, I can guarantee you, effectively *nothing* will remain. Life will always present an emergency – a sudden car repair, an unforeseen medical bill, a family obligation – or a temptation – that alluring new gadget, a spontaneous weekend getaway, a perfectly timed sale.
This is why savings should not be an afterthought, a residual amount you *hope* to put aside. Instead, it must be a primary, non-negotiable component of your budgeting strategy. Savings should come first, not last. Even if it’s ₦2,000. Even if that amount feels laughably small in the grand scheme of things. Make it a habit to move something aside the very moment your salary lands in your account. The exact amount, at the initial stage, does not matter as much as the sheer act of forming the habit. Consistency trumps quantity when building this crucial financial muscle.
Know What Drains Your Account: Identifying Your Spending Triggers
Everyone has spending triggers – those specific situations, emotions, or items that consistently lure us into parting with our hard-earned cash. Once you become acutely aware of your particular weak points, you gain the power to plan around them and implement preventative measures.
For example, if your weekends consistently "scatter" your budget, leaving you financially depleted by Monday morning, then consider setting a strict weekend spending limit. Allocate a specific amount for Friday, Saturday, and Sunday activities and stick to it. If food delivery apps are your Achilles' heel, tempting you with effortless (and expensive) meals at the touch of a button, then perhaps it's time to remove them from your phone, breaking the immediate access. If you find yourself unable to scroll past appealing clothing advertisements without clicking "add to cart," then please, don't break your phone! (Just kidding, mostly). Instead, take proactive steps: actively filter your recommendations on platforms like Instagram and Facebook, unfollow brands that constantly tempt you, and even mute certain keywords to reduce exposure to those alluring ads. Self-awareness here is your greatest defence.
