Inflation bites at the moment, and Nigerians continue to pay a lot more for everyday necessities than they did a year ago. From food to fuel to housing, the increasing cost of living has got many Nigerians weary, and that’s got more people searching for ways to cut costs.
But calm down; it’s not all hopeless. Let’s review some of the best, quick cost-saving tips to save on the cost of living:
Create a new budget
Your budget is the foundation upon which you can build the rest of your financial life. When the cost of living goes up and your financial situation changes significantly, making a budget can make life easier.
If you already have a budget, you can adjust the numbers to reflect your current cost of living. To really cut costs, go through the last few months of your bank statements manually. This process will inform you where your money is going, which is vital to the next steps.
Cut back on your spending
You may encounter a few surprises as you go through your monthly expenses. Maybe you spent more on ordering food than you thought. Or perhaps you’ll wince when you think about all the money you spent on fueling your generator. For example, you could cut dining out for a month. Planning before you go shopping will help you keep your total under control.
Subscriptions often sneak into your budget and hide there, eating away at your money without realizing it. Identify all your recurring payments, whether monthly, quarterly or annually. If you’re paying for more cable channels than you watch, think about changing your subscription to a new plan. Or, if it’s not something you use regularly, it may be time to cancel.
Change your lifestyle
This could be the year to stay home more and stop going out every other weekend. This will save a huge amount of money. Opting for free sports such as running or walking could save your gym membership. The pandemic has changed how we work, so speaking to your employer about this is good. If you can, get permission to work from home, this can help you to save money on commuting or even leave the car sometimes. This will help you save money on fuel.
Sell unused items
If you still have gifts from birthdays or keep looking at clothes you haven’t worn in a while, look at putting them up for sale and recoup the money.
Get flexible salary access
If you are an employee, you can reach out to your employer to sign up for Earnipay – a financial wellness benefit that allows you to access your salary anytime you need it. Having access to your salary to sort out your immediate needs can save you from taking predatory short-term loans with high-interest rates, which save you money in the long run.
You may not be able to control the rising cost of living, but you can adjust your lifestyle to make your finances work for you.
At Earnipay, employee financial well-being is our number 1 priority. Download our FREE comprehensive guide to break out of the payday cycle and start living a financially free life.