Learning to live within your means in Nigeria has become so crucial as the economy of Nigeria keeps crumbling.
Nigeria according to statistics is one of the poorest countries in the world and even the notion of being the giant of Africa looks more like a joke.
Be it as it may, fact remains in every kind of situation there must be a way out and this is where this topic comes in. We will in this post show you ways you can take to manage and live within your means. It may be difficult to achieve this as majority of Nigerians live below average and can’t even afford to it as they are supposed to.
The post will address all the issues raised above as we try to provide you with all the possibilities to eradicate or manage poverty. That’s the truth and I know you may have wondered why the above term I used.
Well in Nigeria 97 percent of its citizens are in abject poverty and saving money becomes such a difficult task in such a country with this bad economy. So as you read be assured that we learned all those and have determined to work in this post to teaching you all you need to do and how you can live within your means.
How to live within your means in Nigeria economy
Now what are the ways or things you will need to be doing in order to live within your budget in Nigeria. We prepared below guide for you as follow:-
1. Set Your Budget
If you want to live within your means then the first thing you will ever want to do is set your budget. Setting budget not only helps you to live within your means but also help you keep a history and track records of the activities that may be consuming your hard earned money.
To set your budget you first have to start from understanding your monthly income as well as your expenses. This will help you shape your thoughts and every decision that has to do with your budget which is the yardstick at which you can live within your means.
2. Track or watch your Spending
To live within your means you have got to understand where your money goes. What you spend no matter how little is important for you to know as this will help monitor where your money is going to. Most times we have found out that the little money you spend each day looks little but very big that you will end up thinking you have lost money not knowing that you just spent it in little things without even knowing. So it is ideal that you track your spending knowing all where your money is going to. Start your day taking records of what you use your money to do and you will feel better again.
3. Save Money and spend the remains
Saving money may be hard in a harsh economy like Nigeria but it’s necessarily important to save money no matter how small. There is emergency saving plan and there is retirement saving plan. Whichever you have heard have been known and proven to be productive. It is one of the ways wealthy and rich people have used to keep their status. Start saving money and see how you will easily live within your limit.
4. Pay Down Dept And eliminate interest
Paying down debt is very necessary. This will help eliminate your interest. Debt is a bad thing especially when you borrowed to pay back with interest. To live within your limit do have a set plan to eliminate all your debts and interest.
5. Build multiple sources of income
It’s important that you set many ways to make money as this will help cater for your expenses.
When you have multiple stream of income it will help boost your income and also ease your expenses.
The ideas you can work on and add to your current job is to take up freelancing and other online jobs. But be aware you are to have experience in the skill you want to offer to your proposed client as such will solidify your portfolio and attracts more gig opportunities for you. Something about working online is portfolio. Once you’ve a sound portfolio you are sure to break in with lots of customers looking for your service.
In this post we were able to discuss ways one can live within their limit by cutting down on their frivolous expenditures and saving money for things that matters including retirement savings. We believe the little we have discussed above will go a long way to reshape the knowledge you already have about how to manage, save and build wealth. If you found this useful do share to friends who may also benefit from this writeup.