Is The Heatwave Affecting How We Save?

I’ve heard these three words so many times this year: climate change, heatwave, savings. As temperatures soar in Nigeria, the impact of climate change isn’t just felt in the heatwave; it’s also hitting hard in our pockets. The recent warnings from the Nigerian Meteorological Agency about temperatures reaching up to 41°C and 39°C are reminders of the challenges we face in adapting to a changing climate.

The health risks include lead to dehydration, heatstroke, and other medical emergencies that demand immediate attention. The financial implications are also significant.

Heatwave

Keeping cool isn’t just about comfort—it’s also closely tied to productivity. When temperatures rise, our bodies expend more energy trying to regulate the heat, leaving us fatigued and less focused. Studies have shown that heat can affect how we think, leading to decreased concentration, slower reaction times, and reduced decision-making abilities. 

The most immediate response to combating the heat is seeking alternative power sources. Nigeria’s inconsistent power supply makes this situation worse. Many Nigerians are now investing in inverters, solar panels, and more fans and air conditioners. However, inverters and solar panels are expensive and fans and air conditioners inevitably lead to higher utility bills.

As a writer, my work heavily relies on uninterrupted power and a comfortable environment.  I feel so useless in the middle of the day. With the heatwave and the light situation, I’m constantly worried about meeting deadlines. Investing in an inverter seems inevitable now.

– Jennifer*, a content creator.

For many households, this sort of purchase can disrupt their financial plans, forcing them to reallocate funds meant for other purposes. Savings intended for education, healthcare, or investments in the future suddenly find themselves diverted to cover the immediate need for relief from the heat.

“I never thought I’d have to consider buying an air conditioner. Have you even seen the prices?  but the heat has become unbearable. It’s affecting my sleep, my work, everything. The children get so restless. We need relief, even if it means dipping into my savings.” – Aisha*, a banker.

Keeping Cool Without Breaking the Bank

Delayed savings mean postponed goals – whether it’s moving houses, starting or restocking a business, or planning for other significant life projects. In Nigeria, businesses struggle with increased costs due to high electricity bills and the need for cooling systems to ensure employee and customer well-being. This, in turn, leads to higher prices for goods and services.

The thought of buying new energy sources right now, in addition to the rising food and transport costs, is stretching our budgets thin. However, a reliable savings plan in Nigeria can help manage these expenses more effectively. By leveraging a savings app, individuals can automate their savings, making it easier to set aside money for future needs without compromising financial stability.

The most practical strategy to consider right now is to budget, prioritize, and save towards it. We can take a closer look at our budget and identify areas where we can cut back or reallocate funds to cover the new expenses related to cooling. Right now, we can consider buying only essential expenses to free up funds.