5 Money Mistakes Nigerian Girls Are Making
Every
girl makes mistakes with money at some point in time: not planning
adequately, not saving enough, spending recklessly on something
frivolous e.t.c. Unfortunately, some Nigerian girls seem to be eternally
stuck in the miry clay of certain money mistakes and are not even aware
of how these financial pitfalls are significantly derailing their
finances.
Managing
money effectively is a key success skill for any sensible Nigerian
girl, but to make the decision to become effective with money requires
that they first identify what their weakness are and which areas they
have been making money mistakes.
Are you a Nigerian girl itching to get your finances right but wondering what money mistakes you are probably making? Jumia Travel, Africa’s No.1 hotel booking portal shares 5 money mistakes Nigerian girls are making.
Not acting their wage
Nigerian
girls are super hard working, they strive to make a living for
themselves and that is great. However, a major problem most of them
have, especially in Lagos and Abuja, is their tendency to live above
their means and not act their wage. They over-spend
on the little things – the small amounts that seep out of their pockets
here and there and eventually become large, as well as on big things
like buying a car or renting a lavish apartment in Lekki Phase 1;
when they are earning just about NGN150,000 a month. As a Nigerian
girl, if your outflow exceeds your income, then your upkeep will be your
downfall. Basically, it’s not about the amount you make, but the amount
you spend that is the problem.
Supporting a broke boyfriend
The
social situation in Nigeria today seems to be different as girls seem
to be much more proactive and earning better, while the men seem to have
become a bit lazy and there are more broke guys in their late 20s, 30s,
and even 40s than there should be. Unfortunately, Nigerian girls seem
to be emotional and these broke guys know how to pull their strings.
They leech off these women for sustenance, literally depending on them
for everything from daily spending money to toothbrush. For the Nigerian
girl, spending money and supporting a lazy and broke boyfriend is a
huge money mistake. Pouring money into a feckless boyfriend is like
investing in a company you own no part of. It is important that the
Nigerian girl ensures she is on the same page, or at least in the same
book financially with any boyfriend. That way, her finances are not
completely depleted.
Going into debt over a big, fancy wedding
Every
Nigerian girl getting married in 2016 wants an ostentatious wedding
that will be featured on BellaNaija Wedding. This implies pre-wedding
photoshoots, exquisite designer wedding ceremony gown and wedding
reception gown, hiring a wedding planner, lavish wedding venue and
decorations, premium coverage as well as a fabulous honeymoon. To
achieve this desire/goal, a number of these girls drain their groom
financially and still go into debt. Nigerian girls need to remember to
invest in the marriage rather than the wedding event, as life continues
afterward. In fact, a simple rule every single Nigerian should try to
live by is this: If you are not in debt, do not get into debt.
Going without a budget
A
number of Nigerian girls fail to keep track of how much money they
spend per time as they do not have budgets. They are huge on impulse
buying and so, tend to make a lot of financial mistakes in that regard.
The truth is, no matter how shrewd a Nigerian girl is with her spending,
she will still need a budget. A budget helps control spending and
reveals where improvements need to be made. With a budget, it is easier
for the Nigerian girl to reach her financial goals as she will know
where her money is going and plan in advance how to spend it. Budgeting
is actually very easy if she follows the 50/20/30 Rule which says that
from the take-home pay, 50% should be allocated to essential expenses;
which include housing, transportation, utilities and groceries; 20% to
financial priorities; which are retirement, savings and debt (in that
order) and 30% to lifestyle choices; which are gifts, travel, dining
out, shopping and everything else.
Living paycheck to paycheck
Most
Nigerian girls may have a budget and live within their means, but still
not have savings. While it is great to know where every naira will go,
the reality is that no one can predict everything. For this reason, it
is important for Nigerian girls to stop living paycheck to paycheck and
instead create a budget that would include a small emergency fund that
could cover unexpected expenses or surprise doctor’s bill and provide a
cushion that will also prevent them from overdrawing on their checking
account and paying unnecessary financial fees.
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