Many Nigerians went all the way over the last two weeks, splurging their hard-earned money all in the name of ‘Detty December’. Now that the festive season is over, the economic implications of those two-weeks spending sprees are becoming real. Needless to overstress how unpleasant these implications are.
Perhaps the scenario below describes your current situation
Chinedu returned to Lagos on Sunday after spending many thousands of naira in the village. Now, he is broke and considering borrowing money from his friends in order to survive the “long 62 days” of January. This could have been avoided if he had been a little bit frugal in his spending at the village.
Now that the financial damage has been done, the question is what next? How can you manage your money in the meantime so as to be able to meet pressing financial obligations and still save? This is probably the question you have been asking yourself lately.
Well, do not worry because we have you covered. In this article, we have uncovered some really vital financial tips for you. See below:
Prioritise your “needs” over your “wants”
This is the most important step to take if you have found yourself in financial distress due to overspending. After all, it is commonsensical that you cut down on overspending at this point in order to adequately manage the little money.
That said, now is probably not the right time to spend N30, 000 buying a new ‘Aso-Ebi’ for your friend’s wedding party. All the parties you attended during the yuletide season should be enough for now. If at all you must attend that party, check through your wardrobe for one of those fine clothes you bought for Christmas.
Also, this is a very wrong time to start thinking of buying a new phone. No please, do not buy that new phone. Keep up using the old one unless your phone fell inside the pool and spoilt.
More so, cut down on your data consumption. It is insane for you to be on YouTube for more than an hour during this critical time. Also, do not watch videos on any of those “sites” that tend to consume data. Music streaming should be minimal. The same with Netflix.
Basically, consume less
This should be your mantra for the meantime. You are only allowed to spend money on products and services that are of paramount importance. And while you do that, ensure not to spend too much consuming those important items. Eat less food and fast if you can. After all, fasting is very good for your body and soul.
Engage Frugal Mode
We are emphasizing on this because it is very necessary. Frugality basically has to do with sparingly spending your money like it’s your last kobo. Well, in this case, it is literally your last kobo. Therefore, get ready to haggle food prices at the market until you can get the best deal.
This may also mean that you will now have to switch from your favourite breakfast cereal to a Nigerian brand or switch to boiled yam and fried egg as a matter of fact.
Collect salary advance, or borrow from friends and family
For those whose situations are too critical, you may need to collect an advance of your salary from the office. This is, however, dependent on whether your company has a provision for this. If you do not want this option, then your friends and family may be able to help you out.
Whatever you do, please avoid a payday loan. It is already bad that you are collecting an advance of your salary to spend. It would be sad if you have to pay interest to borrow money which you intend to expend.
Finally, consider earning more
If you have found yourself in this situation, then you should let it motivate you to start looking for alternative sources of income. After all, it is hard to see people with multiple streams of income going broke. Find that side hustle today.