My people! Times are hard! “Uwa shiri ike”! To some people, their accounts read in billions, while some are looking for the slightest Kobo to rub together!
Na wa o! This country will not even allow somebody slay in peace. Just when you want to slay, one bank debit charge will just appear. Who else has experienced this? From bank charges to ridiculous call bills and data services. That is if Nepa decides to meere gi ebere.
Living on a budget is for determined minds who want to hold on till 2019. Some of us will make photocopies of our voter’s card just to vote twice. Let 2019 come first!
- 1. Track your spending history
For the “let-me-quickly-lick-one-Coldstone-ice-cream” folks, this one is for you. Before this current recession, I was one of the Evangelists for Coldstone Ice cream. Now, I can no longer carry megaphone for them. I have reduced my intake to once a week. Once I get the morale again, I will reduce it to once in two weeks or once a month. Not only am I reducing the intake of sugar in my system, I am saving a few pennies. What is that thing you indulge in? Do you have a sweet tooth? Collect past bills, bank statements and trace your spendings. This will help you know what you spend every month.
- Document all your spending bills
Write everything down right to the last kobo. This will help you know where you are overspending and how to cut it down. Add all your expenses and subtract them from your income. This will give you an insight as to whether you should increase your income or simply cut down your expenses.
- Have a limit
With the history of income and expenditure, you have a working estimate of how much your bills cost on a monthly basis. After cutting down the things you do not absolutely need, the next step is to set a limit for a specific amount every month. To achieve this, have two accounts, a savings account and spending account. Try not to touch the savings account until absolutely necessary. Shey you hear?
- Define Values
By values, I mean things that are absolutely important. Nne, the new Prada bag is not yet important when you have worn the last edition only once. Unless, you are Halima Dangote, sha. If you are a wanna-be managing life like the rest of us, biko gbaa brake and make sure your income will not shake when you make these purchases. Meanwhile, the latest Samsung is out. Wait make the price fall first but if your phone is still in good condition, brother, please don’t near that phone.
- Find ways to increase your income
Increasing your sources of income is always a good thing. You can start multi-income streams or get an extra job to take care of the pleasures of life. Most times, your monthly salary is not enough to sustain especially with the depreciation of the naira. A plan B is always a good thing.
Am I missing something? Let’s talk in the comments.