Money Goals For Anyone Making Less Than ₦100K A Month

Practical tips to help you feel less pressure and enjoy life reasonably on a ₦100,000 salary.

Truth be told, managing a monthly income of ₦100,000 in Nigeria is an extreme sport — it’s hard not to feel under pressure. But if money management is a skill, you can definitely learn how to cope well with what you’re earning now as you make moves to earn more. We have suggestions for you.

1. Save what you can first.

Save first, spend later. Before doing anything else with your money, set aside a percentage of your income to save every time you get paid. This way, you’ll be saving every month and have a clear picture of how much you’ll have by the end of the year. Remember that saving money is like a muscle that gets stronger when you exercise it regularly. After a while, it becomes a habit that your future self will thank you for.

2. Invest in yourself.

Investing in yourself is the best investment you can make. Whether it’s learning a new skill, taking a course, or starting a side hustle, investing in yourself usually pays off in the long run — you’ll probably earn more. And who knows, your side hustle might become your main hustle someday! Check out our guide on small business ideas in Nigeria to get started with your side hustle.

3. If you can, stay with family or friends for now.

Renting a place will put a lot of strain on your existing savings. If it’s possible, live with family or friends to cut down the costs of living alone. You won’t have to worry about rent, and maybe even electricity costs. Plus, you get to enjoy some quality time with your loved ones while you’re at it. Win-win!

4. Needs over wants, always.

Sure, a fancy dinner, a ticket to your fave’s concert or the latest gadget might seem like a must-have, but let’s get real — they’re not necessities. Opt for budget-friendly options like cooking at home, skipping expensive restaurants or streaming music for free. Remember that cutting back on pricey nights out always makes a difference to your bank account. Also, cancel multiple subscriptions that offer the same thing. You don’t need them.

5. Avoid borrowing as much as possible.

Debt is a source of stress, so make sure that you take loans only when it’s absolutely necessary, like for emergencies or important investments. Loan offers might seem tempting but remember, it’s not free money.

6. Embrace your inner thrifter.

Who says you need to break the bank to look stylish? Thrift stores and markets like Yaba and Kotangora are goldmines of affordable finds.

A good thing to remember when thrifting is to invest in timeless pieces like a white shirt, a black jacket, black pants etc. Also, look out for clothes with holes, open hems, missing buttons or stains that won’t go away.

Living on a tight budget doesn’t mean you can’t have a little fun along the way. Using a reliable money app can help you track your spending and make smarter financial decisions. Debt is a source of stress, so make sure that you take loans only when it’s absolutely necessary, like for emergencies or important investments. Loan offers might seem tempting but remember, it’s not free money.