Let’s be honest, there’s something deeply spiritual about receiving salaries in Nigeria. I mean, look at the cycle.
In the first week, you’re balling, taking Uber to every location, and declaring drinks at every pub. By week two, you’re already managing, and when it gets to the fourth week, you’ll find yourself struggling to survive until another salary drops.
If this sounds like you, don’t worry – you’re not alone. Nigeria’s economy isn’t smiling, and neither is your wallet.
But with a few smart (and sometimes funny) money moves, you can stretch your salary without borrowing, breaking down, or breaking up with your bank app.
Here’s how to make that salary last until the next alert.
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1. Know Your Income and Expenses
First things first: if you don’t know where your money is going, it will grow wings and fly away. So, there’s no better place to start this journey than creating a detailed budget. The budget should contain your income (in this case, your net salary after tax and deductions), your fixed expenses, and variable expenses.
Writing everything down helps you track the silent thieves (like the ₦7,500 shawarma habit). There are also many budgeting apps you can use. Take advantage of them to track all your outgoings. You’ll be surprised by how easily this can help you minimise expenses.
2. Buy in Bulk
Buying foodstuffs in bits is like trying to fill a drum with a teaspoon – exhausting and expensive. On the other hand, buying in bulk helps you get good deals, while having enough at home to see you through the rainy days. So we recommend buying your rice, garri, beans, spaghetti, and oil in bulk. Join a cooperative society that can help purchase these things at wholesale prices.
The goal is to have everything you’ll need throughout the month at home because buying ₦150 sachet tomatoes every day costs more in the long run than just buying a big tin and refrigerating it.
3. Cook at Home
Yes, we know that cooking every day is not easy. But if you’re serious about saving money, home-cooked meals will change your financial life.
Compare this:
₦2,500 for one lunch at a restaurant vs.
₦2,500 for ingredients that will feed you throughout the day.
Even if you only cook on weekends and freeze meals, you’re already ahead of the game—no shame in bringing food to work. Let them judge – your account balance is judging them back.
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4. Track Your Spending Like a Detective
Every time you buy “just one snack,” write it down. You’ll be shocked how the ₦500 here and ₦1,000 there are what’s killing your salary softly.
Try this:
Write down every kobo you spend for one week.
Review it at the end of the week.
Remove the unnecessary items in Week 2.
You’ll be surprised by how much this helps you cut off from your expenses. Remember, it’s not punishment – it’s bringing clarity to your finances.
5. Avoid Impulse Spending
Nothing keeps you impoverished as much as impulse buying. Whether it’s the ad that pops up on your newsfeed or the Jumia Black Friday deal you come across, buying something you didn’t plan for will quickly drain your bank account and hinder your long-term financial goals.
If it’s not in your budget and it’s not urgent, you don’t need it right now. Save that screenshot and revisit it after the next alert.
