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Jrd · 2024-01-14T17:03:40Z

Today on Azàland, I share with you 5 money-sucking "evil spirits" (demons, monsters) that are draining your pocket, and are swallowing your salary even without you noticing in today's economy. And, yes, that is one benefit of financial literacy, which Azaland is all about promoting: being able to identify such monsters and avoiding them.Financial Literacy skills and knowledge will safeguard you from these demons that keep wrecking havoc to many people's financial livelihood. What are these demons?1. Excessive Internet Data Subs:Sincerely, it seems Naija networks have a data-evaporating policy. Because the burn rate of the data bundles are just bewildering. The rates at which the data bundles disappear can be exasperating and mysterious at best. If you take stock of your total spend on data each month, you'd be most likely alarmed. In the age of social media with prevalent data-heavy multimedia like videos on Tiktok, YouTube, Instagram and even X. How can you survive these? Well, I cannot blame the data networks because they are being monitored for transparency. But in this era of Android phones, the devices are mostly the culprit.One thing you can do is to make sure you compare prices and choose best deal. Recently I was able to get a huge business plan package that gives me double than usual. Don't be complacent, research around.Also, be sure to take accurate records of your data spends monthly. This will give you idea if you have unknowingly spent more than even your monthly earning or salary on data! That way, you would be motivated to take immediate drastic steps.Finally, ensure to manage the data-consuming appetite of your phone vis a vis background data usage. Facts show that the Android device on its own on standby continues to gulp data. A way out is to restrict background data for these app.What of system apps?Well I stumbled upon an app recently that can help bar all apps from having Internet access except I need them to. It saved me a lot. Want to know the name? Ask me.2. The Eating Out FrenzyRestaurant foods, high profile eateries all sound fancy and convenient and time-saving. They even have air conditioning! But trust me, they are not pocket friendly. My data shows that as a middle income individual, 2 meals at the restaurant could have catered for a week meal when cooked at home.It is even worse for students, low income class and average salary earners.Cultivate the habit of home-cooking your food and storing. It saves a lot of money.Cook your food at home most times and let expensive eating out be a once-in-a-blue-moon thing.3. Not Planning WellWell, he who fails to plan has planned to do what?Spending well requires good planning. Why?Because our available resources (money) is too small compared with our insatiable wants and needs. Therefore, it is sacrosanct to stay in charge so as to be sure that the most important needs are catered to first. This is what proper budgeting does. Budgeting will plan properly the allocation of your scarce limited resources (money, income or salary) towards your savings, and then your needs first, then wants and then others.To budget or plan properly, you need data in form of accurate records of your monthly expenses. Therefore, be sure to keep good record monthly. Don't be too complacent to do that. There are modern apps that now help with both record keeping as well as Budgeting. Do a search. They work.4. The Hanging Out FeverIf you are of the regular habit of hanging out to cool spots, lounges and clubs with friends on your bill, then you may need to stop first and have serious rethink to be sure if this is good for your pocket. Hanging out is not bad. It's good social behaviour. However, is the cost implication good for your pocket and financial class? Is it in line with your financial goals or is it draining you? Is it deepening you into debts or does it rob you of achieving your monthly savings target?These are personal questions to ask for sincere self assessment. It's your financial life we are talking about here.I'm not saying you should stop hanging out with friends. No. I am saying you should ensure your plans and actions have cost implications that align with your financial status and goals.My recommendation: it sounds better to forgo some enjoyments now and achieve your financial goals guaranteed rather than forfeit your financial future for some instant enjoyment or gratification. Think about it.If you can't afford an outing or party, speak out. Don't be too ashamed to accept. You may even be lucky your cohorts may offer to cater for the expenses. If not, turn it down for a better date. Be in charge.5. Not Negotiating Prices Well EnoughThere's something called "Haggle" or "Haggling." In my land, people naturally believed its is only for women to haggle prices. But trust me, in this harsh economic climate in the face of low buying power of the Naira, currency devaluation, high inflationary and interest rates, being able to negotiate best prices is...

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[Sticky] 5 Money-Sucking "Demons" You Didn't Notice Are Draining Your Pocket

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Ernest

Jan 17, 2024 1:50 pm

(@ernest)

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Joined: 2 years ago

Data is the worst

Posts: 17

Ubcash

May 10, 2024 4:35 pm

(@ubcash)

Active Member

Joined: 2 years ago

What you have listed here is the whole truth. Like me I know how much I spent on data in a month. One really has to do sth about it. Thanks for sharing.

Posts: 6

Vivo

Jul 09, 2025 1:12 am

(@vivo)

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Joined: 4 months ago

So true

Posts: 2

Acidic01

Jul 24, 2025 2:58 am

(@acidic01)

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Joined: 4 months ago

Nothing but the truth here

Posts: 1064

Jrd

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Topic starter

Jul 24, 2025 4:17 am

(@jrd)

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Joined: 2027 years ago

Nothing but the truth here

:thumbup! :thumbup!

Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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