Tuesday, 5 September 2017

Smart Money, Savings and Financial Woes


I recently read Smart Money Woman By Arese Ugwu and it definitely helped me work on handling my finances a lot better during my last months in school and right now in my life I need it more than ever and I've had to go through it several times over to finally work on setting up a mini budget and work on managing my finances better. I figured. I couldn't be alone in these struggles. So, I decided to talk about money. One major benefit of being in school is that you to some extent have a stable source of income i.e., your parents. Asides your general or monthly allowances, you can always skim money off extracurricular fees and sometimes they give you extra because, they know you have expenses and you're  far away from home. Being at home however is a whole different ball game, you become twelve again and have to ask for permission to go anywhere, if you're lucky your allowance doesn't change but even at that your needs switch from food and the essentials to makeup, purses, clothes and in general, big ticket items and no matter how hard you try if you're like me and don't know how to drive, you spent a lot more than you would like on transportation.

The above has been my life for about two months and I have to some extent come up with a few tips and tricks that save me a chunk and afford me the luxury of making the most out of my allowance and I figured I'm not the only one in this struggle so here are couple of tips that have help me thus far.

If you can't drive the Lagos public transport system is your best friend:
While I was in school I saved a small portion of my allowance each month with the intention of using it as cab money over the holiday, so I spent my vacation taking an Uber around town and basically enjoying the comfort a cab provides. Fast forward to now where my major expenses are no longer a plate of rice and a bottle of water and I'm chasing things like Zara shoes and saving for aso ebi for my friends wedding, I can no longer spend about three to four thousand on an Uber everyday, I've had to get myself acquainted with the public transport system a cab from my house to the island is about five thousand naira and if I take a bus, its going to cost me about four hundred and fifty naira only. Although its not the most comfortable trip I save myself about three thousand naira that could be better used else where regardless of this, the easiest way to save a ton is to become comfortable with taking buses and kekes or simply learning how to drive.

Quality over quantity: In the haze of shopping it's very easy to be distracted by bright fashion items that are considered trendy, we can easily find ourselves in a rush to keep up with trends that we forget to consider the quality and ability of such pieces to stand the test of time. I've decided that I'd much rather save to buy myself pieces that I like and may not be considered the "IN" thing at the moment that to buy fast fashion that won't stand the test of time and will quickly fade into background. That way, I can tell myself that in the month if May (hypothetically), I want to buy four clothing items and as oppose to buying lets say five, five hundred naira chocker's, four tops and a pair of shoes that I'll have to throw away in a years time, I'd rather save the money and buy myself four items that are of really decent quality and will last for years to come.

Don't buy just because it's on sale: A good sale is hard to resist, I'm very aware. But just because it's cheaper than its original price doesn't mean it needs to be purchased. My advice, look out for sales on items that you really need or want, that way you'll be rest assured that it's money well spent and you wont go around having shoppers regret.

If you aren't good with money, have multiple accounts:
I find that having multiple accounts helps me save better. Each account has a purpose and splitting my money up allows me to know exactly how much I have for whatever I want to do. So, I have one for savings (general and certain), one for clothes, makeup and general purchases and a third for emergencies.

Last but not least:
Pay yourself first, once you get your allowance or salary, take the portion you intend to save out of it first, don't wait to do it, do it immediately cause if you can't save with a five thousand naira allowance, you won't be able to save even if you earned a million naira.



So those are my main tips when it comes to spending money. Hopefully you find them helpful like I do.
What are some tips you use when you spend your own money?


Feel free to let me know in comment section below, I'd love to hear from you.

10 comments

  1. Nice nice. I will try it too

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  2. From N5000 for cab to N450 using public transport? Girl you better get to bus hopping! I also recently figured out a way to cut on transport spending and it felt sooo good to have so much going into my savings. Financial stability is one of the best things anybody can have, right after a relationship with God

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    1. Like, I'm all about public commute, becoming a die hard keke fan. Financial security is a goal o. Speaking of God I've been working on building a relationship with him. It has not been easy but it has left me feeling really good.

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  3. I have been waiting for a blog post like this from the first day I saw you reading this book and am so happy it's finally here πŸ’ƒπŸ½πŸ˜this is really helpful and am so going to try clothes thing, the different account thing, the salary thing, the transport thing and definitely the self salary thing😁Keep it up

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    1. Thanks mami. Lol oh wow. Trust me it has helped a lot cause those Instagram stores can make you buy things you don't even like 😭😭😭

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  4. You know how I save! If I can't afford it I'm not going to get it and if it's not a necessity. My own tip is no matter what never spend for the fun of it. And always leave a little something in your account.
    Loving your blog each day Hun

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    1. Exactly, so many people get it wrong. Spending money has to be a well taught thing

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  5. I only just finished reading the book yesterday and your tips are super relatable and helpful. For me, I always take public transport so it's never been a problem, I Thrift or sew my clothes so as to be Stylish yet on a Budget, A piggy bank comes in handy as per saving and I try as much as I can to limit the events I attend so as to save more. There's always rice at home please.
    Sharing this right now so that other Frugalistas can benefit πŸ˜€πŸ˜€πŸ˜€

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    1. I'm gradually learning how to thrift. Especially for on trend items that cost a boatload but would only be trendy for a minute. As for piggy bank I've started using eSUSU on the diamond bank app. It's helping a lot

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