In today’s Nigeria, cutting costs is inevitable if you want your income to last. But, if surging inflation has us spending more to get the same — and often, less — value, how can one enjoy life on an even lower budget? Don’t we have to spend more to live better?
The short answer is no. There are ways to manage money and still enjoy life on a budget in Nigeria. You just have to change your outlook, prioritise affordable experiences, shop smarter and invest in your health, among other things.
Just as material possessions do not assure happiness, a sensible budget does not equal a boring life. Indeed, some luxuries will have to go, but didn’t a wise person say, “The best things in life are free”? In this article, we’ve shared tips to help you enjoy life even while cutting costs.
1. Change your outlook:
A perspective shift is vital to enjoying life on a budget. You must intentionally begin to ignore the noise and pressures around you. When FOMO knocks, remind yourself that you’re not missing out on anything life-changing if you skip that expensive trip or dinner.
Focus on maximising your current resources and situation. There’s always more to be done or had, but living in the present will help you stay grounded and content.
2. Create a budget:
How can you live on a budget when you don’t even have one? Budgeting is always the first and most practical step to spending less. Budgeting doesn’t have to suck. A reasonable budget will help you keep unnecessary expenses to a minimum, and live a financially stable lifestyle.
PiggyVest’s Labels, a sub-feature of your Flex naira wallet, is a simple yet efficient tool for allocating money to all the essential expenses on your budget. Monthly data subscription? Create a Label for it. Transportation and monthly shopping for the month? Make new Labels for each expense. Note that having a budget does not mean you cannot treat yourself to nice things; the purpose of a budget is to help you live within your means, spend smartly and plan for the future.
3. Prioritise affordable experiences:
Experiences don’t have to be luxurious to be memorable. Besides, one man’s luxury may just be a day in the life of another. But to enjoy life on a budget in Nigeria, opt for low-cost activities over pricier alternatives.
When looking to create experiences on a budget, your safest bet is quality time with your loved ones. Bonding with your family over dinner counts as a memorable experience. Instead of a night out, invite your friends over for a home-cooked meal and exchange stories over cheap wine. Go to a public park with free admission. Host game nights. It might require some intentionality but the rewards are worth it.
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4. Try mass transportation:
With petrol selling at ₦1,200 per litre, driving everywhere has become too expensive. Even though mass transportation fares have risen to scary numbers. Some common examples of mass transportation services in Nigeria are taxis, buses, tricycles, okadas, carpooling, office/school buses and interstate train travel.
Commuting using mass transportation helps you spend less and save more money. It might be a tad chaotic, but if you plan your route in advance, you can get to know your town better and make the experience fun. Right?
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5. Lock away excess funds:
Keeping spare cash handy might encourage reckless spending. PiggyVest has many features, depending on your needs. Piggybank’s Autosave feature helps you build great saving habits, while Safelock is a wallet for locking away funds you don’t want to be tempted to touch.
With HouseMoney, you can get a headstart on saving on rent. HouseMoney helps you split your rent payment into monthly, bite-sized chunks, allowing you to save for your following rent easily. If you have specific future goals, you can save up for them using Target savings on PiggyVest.
The bottom line? If you want to spend less, have less cash readily available. So, while you’re having a swell time on a budget, your money is reeling in sweet interest when you save on PiggyVest.
6. Shop smart
To save more and spend less, you must avoid impulse purchases. Kick the habit of buying new clothes, books, or gadgets on a whim after hours of doomscrolling on IG. And if you must buy things online, make sure they’re items on your budget and utilise every single deal or discount available.
Finding the best deals does not end at online shopping alone. Compare the prices of local markets and shops to find the lowest prices before you buy. Bulk buying is also helpful. Since the prices of things have not stopped skyrocketing, stockpiling (if you can afford to) is an excellent way to wage against inflation.
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7. Eat at home:
Eating fresh food all the time might no longer be possible. A great way to spend less in Nigeria is by not throwing your leftovers away just because you’re tired of them. Food is expensive; a single egg sells for as much as ₦250 these days. You literally can’t afford to waste food.
You must try to minimise waste by “recycling” food. Have fun by trying out new recipes; leftover white rice can become jollof or stir-fried rice with a little culinary magic.
8. Trim unnecessary subscriptions:
Deep down, you know that not all your recurring subscriptions are necessities. For instance, a gym subscription is only useful if you’re a gym rat. And there’s such a thing as too many streaming services. Some subscriptions will have to go if you want to spend less. If you’re trying to enjoy life on a budget in Nigeria, focus on keeping only a few useful and affordable subscriptions and do away with the rest.
9. Invest in your health:
“Health is wealth,” they say. Poor physical and mental health can steal your money and time. But simple lifestyle changes, such as exercise, rest, healthy eating, and an affordable HMO plan, will help you stay healthy.
Self-care on a budget involves taking walks, primarily if you work at a desk most of the time, streaming workout videos online; home workouts can be just as effective as going to the gym and improving your sleep habits so your body can recover.
A fun life as a Nigerian on a budget
Less sometimes means more. To enjoy life on a budget in Nigeria, you must practice gratitude, be mindful of the things and people that matter, and make smart financial decisions.
