Financial Literacy skills and knowledge will safeguard you from these demons that keep wrecking havoc to many people's financial livelihood.
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 Frenzy
Restaurant 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 Well
Well, 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 Fever
If 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 Enough
There'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 a must-have financial survival trait. Men now haggle in the market better than women. Seriously.
Don't doubt this:
Sellers of goods and services want to sell at highest possible price so as not only to cover their high cost of production but also to make as much profit per sale so as to possible cover for future costs and investment.
Don't fetch water into oceans from your little well.
The idea is not to cheat but to arrive at a much lower price than pre-stated at win-win for all parties.
Negotiate well and you'd be surprised how much bucks you'd save. Sometimes when I haggle in the presence of my partner, its usually astonishing. Fact is: the seller won't sell unless its still profitable. You don't know the true cost of production. Its not your field.
Bulk buying helps haggle get better.
Haggle thus:
Seller: Buy yam, buy yams!
You: How much is a tuber of yam?
Seller: 1 for 1k. But because you are special and beautiful, I'll give you for 950.
(Don't fall for it, it's scope)
You: Thanks for the compliment.
Seller: You're welcome. How many you want make I pack them?
You: I want to buy 5 tubers for total of 3,500.
Seller: Ahh, that is shortage for me na.
You: Oya, what is your last price?
Seller: OK, angel, take it at 4k.
Did you see what just happened? Without using juju, you just bought a tuber listed at 1,000 each at final price of N800! 20% saving!
That's how money is saved. Don't be shy. Don't feel too big. You didn't steal the money you're spending. You suffered to get it.
Sweat it too.
Conclusion
So, that's it guys. I wrote all these while in my bed. Writing is not so hard afterall, especially if it's on a topic you can relate to and you are knowledgeable on.
I hope with these I've been able to expose those money-gulping demons who won't let you have savings. They may also be responsible for why you get broke just a week after salary!
Now that you know what to do, go take these mfs down! Go! Act!
Yours truly,
Jared
Azàland Hub.
