Avoid Overspending: 5 Ways To Make Your Income Last Longer In Nigeria
-If you’re frequently in a situation where you find yourself borrowing money to sustain yourself at the end of the month, you need to read this to avoid overspending
-If you don’t have savings and end up spending your entire income monthly, you need to read this
-If you have a habit of impulse buying, you also need to read this
It’s that time of the month again. You’ve received your salary or you’re about to.
Wait! Before you start spending lavishly, remember what happened at the previous month’s end. Yeah, (Sapa) you went broke.
To avoid the same situation this month, we’ll be teaching you ways to manage your income and balance it with your expenses.
Keep Track Of Your Expenses
To avoid overspending, you need to agree that you’re spending over your budget and keep track of your expenses.
Remember what you spent money on the last time? Are they things that were unnecessary? Yeah, you need to cut them out.
The 50/30/20 rule was not invented by me but it’s pretty helpful. The rule proposes that half of your income (50%) is spent on necessary things. Things like food and rent.
30% of the income is allocated to wants. Do you want a new bag or shoe? This is where you take out the money.
The final 20% of your income is for savings and investments. You can also pay out debts from this portion. This doesn’t seem so hard, does it?
Create a Budget
The next step is to create a budget, without a proper plan you can’t avoid overspending.
A good budget will monitor how much you spend in a month, so you don’t get caught off guard. This is the easier part though, sticking to the budget is where you need more discipline.
Still wondering why you should save? Naira has deprecated to $410 on the official market
Get Side Jobs/ Other income sources
If you find it difficult to stick to the above rules, your income may just not be enough.
The good news is you can make some more money from doing side gigs if you have a special skill. You can also try out other paying activities on the weekends.
Lastly, you can avoid overspending by staying indoor. This seems pretty easy but it works. Often, we are triggered to impulse-buy when we go out.
If you really need to have fun, you can hang out with friends and family at home. Bring the fun home and you’ll spend less. Remember Sapa…..