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Money Matters: Living On A Budget in Lagos

Living on a budget in lagos and making sound financial decisions is not so complicated but some of us do not find it easy. You start with the best of intentions only to discover that you are struggling to meet your budget expectations.

Living in Lagos can make all your savings swiftly disappear, knowing how to safeguard your finances is therefore very important. You need to create a simple budget to help you understand your spending impulses, and keep you on track with your financial goals. These goals could be include your next holiday, a new car or simply saving money for a rainy day.

It is one thing to learn how to manage your money properly, it is another to know the right step to take to do so. In managing your finances, you either fall into any of these categories, ‘money cannot waste’ gang and the YOLO ‘you only live once’ gang.

You know your friends who are living proof of the ‘money cannot waste’ gang. They create a budget every month and do not spend any extra Naira over it. Yes, these are people who know how to manage money in Lagos, regardless of tight deadlines, terrible traffic situations, and everyday rush and banter.

While you are stuck in the middle; you sit down to make a monthly budget, promising that you would save your money every month and invest your finances to reap the rewards later. Only that you end up not achieving this. Never fear, there are some guiding principles to taking actions with your finances. 

Here are some simple actions that can help you plan your finances better and live on a budget:
1. Do a quick check on your finances. 

Go through your finances and check if they are in good shape for now and for the futureto ensure that you have enough income to cover all your expenses and still leave money to meet your financial goals.  This would help you feel confident about your finances.

2.Avoid impulse buying: 

Just because you’ve spotted something you like on your favourite Instagram vendor page or a particular ‘big boy/colleague’ has it, you decide that you want it. Rather than buying it, put the money aside and wait for 30 days. Chances are you may no longer be interested in buying it after putting some thought into it. Remember that every Naira you earn should be spent thoughtfully and intentionally.

3. Be financially literate: 

To successfully live on a budget, you need to educate yourself on personal finance. Try to split your expenses into essential expenses; such as food, clothes, and transportation and non-essential expenses like Netflix subscriptions, snacks, other luxury items. This would help you to remain in control of your money.

4.Automate your savings:

 One way to ensure that you are in line with your budget is to ensure a direct debit for your savings and investments plan. This way you commit to meeting your financial goals without struggling with the urge to spend. 

5: Be rest assured with REAP: 

 Rosabon Earning Plan can help you take care of financial emergencies and ensure your finances are more manageable. With N20,000, you are on the path to living a Lagosian dream, free from money worries. 

Be armed, be prepared and wise while living in Lagos, Lagos suffers no fools. Want to know more about the Rosabon offerings, click here.

Alternatively, you can contact us today and call Busola on 0815 088 0038 (Lagos), Rita on 0815 088 0039 (Lagos), Folashade on 0815 084 6657 (Lagos), Sophia on 0815 084 6659 (Port Harcourt), Chineye on 0815 088 0082 (Port Harcourt) or Aderonke on 0811 239 1001 (Abuja). You can also chat us on WhatsApp on 0815 088 0066 or send us an email at [email protected]

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