My Money Mistake is a weekly PiggyVest series that explores the worst money mistakes real Nigerians have made, and the lessons they learnt from it.
For this week’s episode of My Money Mistake, we spoke to a 24–year–old community health worker and content creator who spent a chunk of her savings on skincare treatments. She talks about how this mistake almost cost her her dream career.
Could you tell me your biggest money mistake?
Sometime last year, I spent a significant amount of my savings on skincare treatments and products. I had been saving for rent and a laptop, but I got wasteful and realised too late that I had spent half of the money on something I didn’t budget, and it could have waited.
How much did you spend on the treatment?
I spent over ₦300k from my ₦700k savings. At first, I blew it on shopping for a few clothes and eating out. Later, I paid for a dermatologist consultation, skincare treatments, chemical peels, acne treatments and skincare products. That was what took the bulk of the money.
Why did you decide to prioritise skincare treatment?
At the time I was going through a hormonal acne phase that took a toll on me and my self-confidence. I decided to get help. I had money, so I thought why not?
The next thing I knew, I was getting chemical peels here and there, buying all the recommended products, which were very expensive. I was just doing YOLO. [Laughs]
Did you get the results you wanted?
Yes, I actually did. But the thing with skincare is you have to be consistent with your routines, and consistency comes at a heavy price, one I could no longer afford. That’s when reality dawned on me. My savings were dwindling at an alarming rate, and I wasn’t any closer to the things I needed to get started in life.
How much of your savings was left at this point?
I had a little less than ₦400k. The ₦300k I had spent was meant for my laptop. I had been saving for this laptop so I could start the vlogging career I had been putting off for five years.
Oh no! How did blowing off your savings like that make you feel?
The results from the treatment were there, but I felt numb. This was money I had been saving for a year, and it had disappeared in a short time. Honestly, I didn’t even know how to feel.
How did you end up resolving this?
I finally got the courage to call my mum to beg for the money. She knew I was saving for a laptop, so when I told her I had used the money to settle some house stuff and passport issues, which was partially true, she bought it and sent me ₦400k.
What lesson did you learn from this money mistake?
No go dey do pass yourself! If my mother hadn’t helped, maybe I wouldn’t have gotten a laptop to start my vlog. Second, set your priorities right. Don’t get distracted while working towards your goals and dreams. Distractions are never worth it.
Check back every Friday by 10 AM for a new My Money Mistake episode. Read the past episodes here. If you would like to share your story for the series, fill this form.