Managing money in Nigeria today can feel like fetching water with a basket—hard and frustrating. But with a little discipline and strategy, even the mai suya on the street or the orange seller in the market can take charge of their finances.
Here are seven simple strategies to help you manage your money better, no matter how little you earn:
1. Spend Less Than You Earn
It sounds simple, but it’s the hardest rule to follow. If you earn ₦10,000 a week, don’t plan your life like you’re earning ₦15,000. Live within your means, and you’ll avoid unnecessary debt.
Example:
If Mama Titi, the orange seller, makes ₦10,000, she could spend ₦7,000 to buy more oranges and pay for transportation, leaving her with ₦3,000. Out of this, ₦1,500 goes to feeding her family, and she saves the remaining ₦1,500 for emergencies or future business growth. Simple and smart!
2. Save First, Not Last
The mistake most people make is saving what’s left after spending. Flip the script—save first before spending. Start with as little as ₦500 a week. Over time, those small savings can grow into something meaningful.
3. Track Every Naira
You can’t manage what you don’t measure. Write down everything you spend money on, even that ₦100 sachet water. By tracking your expenses, you’ll be shocked to see where your money is leaking.
4. Cut Out Unnecessary Expenses
Do you really need to buy sharwama every Friday? Or buy data every two days? Find small ways to cut back on things you don’t need so you can save more for the future.
5. Invest Wisely
Saving is good, but investing is better. Put your money where it can grow—agriculture, small businesses, or cooperative societies. Just make sure to research before handing over your hard-earned cash.
6. Set Clear Financial Goals
Want to start a new business? Buy land? Pay school fees? Write down your goals and break them into small, achievable steps. It’s easier to save when you’re working towards something specific.
7. Have an Emergency Fund
Life happens—unexpected hospital bills, job loss, or even a bad business week. Set aside some money for emergencies so you don’t dip into your savings or borrow from friends.
Managing money isn’t just for the rich—it’s for everyone, even the okada rider or the hairdresser. Start small, stay consistent, and watch your finances grow. Your future self will thank you!
