Welcome to Lagos, Nigeria
Lagos is Nigeria’s commercial capital, and the hustle and bustle never stop. Everyone is always rushing to keep up with today’s fast-paced lifestyle and the city is well-known for its high-end restaurants and expensive shopping. It’s no surprise that people overspend and struggle with their finances. However, this does not have to be the case. This article will go over some clever ways to save money and live comfortably in Lagos.
Have a monthly budget
Creating a monthly budget is an important step in saving money in Lagos, Nigeria. With rising living costs and the temptation to overspend, budgeting allows you to be more intentional with your spending and avoid financial pitfalls.
Creating a spreadsheet
You can also use your computer or phone to create a simple spreadsheet to track your income and expenses.
Using a budgeting App
There are numerous budgeting apps available that can assist you in tracking your expenses, setting financial goals, and creating a budget.
Shopping at Thrift Stores and Market
Lagos is home to some of Nigeria’s most expensive stores. But did you know that thrifting can help you save a lot of money? Thrift shopping entails purchasing second-hand items that are still in good condition for a fraction of the price of new items. Thrift stores have high-quality clothing, shoes, and accessories. It’s not just about buying used clothing; it’s about realising that not every item in your closet has to be expensive. Consider thrift shopping before you spend a lot of money on expensive clothing.
Try the second-hand items market at Yaba, Lagos.
Cook Your Own Meals
Food is an important part of the culture in Lagos. The city is famous for its spicy and delicious street food, which can become addictive. However, eating out can quickly deplete your savings. It is vital to learn how to cook your own meals in order to save money on food. Cooking your own meals is not only healthier, but it is also less expensive. You can save money by purchasing fresh produce at local markets and preparing your meals.
Having a Simple Social-life
A healthy social life is essential for your mental health and well-being. However, it is important to have a simple social life that does not cost a fortune. Going to bars and clubs every weekend is not only costly, but it can also be bad for your health. Instead, try to focus your interests on activities that will benefit your health and well-being, such as joining a running club or a fitness group. You can also host movie or game nights with your friends. It’s not always necessary to go out; you can have fun at home as well.
Spend Cash or Separate your Expenses from Your Main Account
When you use a debit card, it is easier to track your spending, but it is also easier to overspend. When you spend cash, you are more conscious of how much you are spending. Alternatively, you can open a separate account for your monthly expenses if you prefer to use a debit card.
Stay No to Aso-Ebi
Aso-Ebi is a traditional Nigerian wedding and event outfit. It’s a gesture of support and solidarity for the celebrant. However, Aso-Ebi can be costly, and it is not always necessary to purchase it. If you’re on a tight budget, you can skip it. You can still attend the event if you do not purchase the outfit.
Use Public Transportation
Traffic in Lagos can be a nightmare, and owning a car can be costly. To save money on gas, car maintenance, and parking fees, consider carpooling with coworkers or taking public transportation. Moreso, owning a car means you can’t get out of a bad traffic situation. When you take public transportation, you can get off the bus and walk to your destination, or flag down a motorcycle (Okada) which is another means of public transportation.
Negotiate Prices When You Shop
Price haggling is common in Lagos, especially when shopping at markets and street vendors. Remember that the initial price quoted is not always the final price, so don’t be afraid to haggle and ask for discounts. A good starting point is to offer half of the quoted price and work your way up from there. Remember that the goal is to reach a price that is acceptable to both parties, so remain polite and respectful throughout the negotiation process.
It’s also a good idea to do some preliminary research to get an idea of how much the item should cost. This will allow you to negotiate more confidently and avoid being overcharged.
Lower Your Energy Bills
Because electricity bills in Lagos can be high, consider ways to reduce energy costs, such as turning off lights and appliances when not in use, and using energy-efficient light bulbs and appliances. The heat and humidity in Lagos may tempt you to leave the air conditioner on all day, but this will result in a hefty electricity bill. Use fans and open windows instead to circulate air and cool down your living space.
When you’re not using an appliance, make sure to turn it off. This may appear to be a minor detail, but it can add up to significant energy savings over time. Also, encourage your family and roommates to conserve energy as well.
In Conclusion
Living in Lagos can be a challenge, especially when it comes to managing your finances. but with the right mindset and strategies, it is possible to live comfortably without overspending. There are so many other things in Lagos that can stress you, don’t let your personal finance be one of them.
