The average Nigerian dude (not necessarily the f*ckboy) wants to
ball. You can’t really judge them either, because…you only live once.
YOLO!
Monday to Thursday: you stay on the hustle, money must be made.
Fridays nights: back to back clubbing with the babes.
Saturdays: wedding and after party then lounge/drinking time with your bros.
Sundays: big boy brunch at Oriental and football time at the bar later in the day.
The
lifestyle is the dream; however, except you have your own business or
solid inheritance somewhere, this lifestyle cannot be sustainable
-especially, if you are still a bachelor.
Even when they follow
the best financial advice available (they work hard, spend less than
they earn, save and invest) quite a percentage of single men still find
they have to live pay cheque to pay cheque – with no savings.
Of
course, this does not in any way imply that all the unattached men in
Nigeria are flunking their finances or are in a hopeless position when
it comes to money. Some men just face specific challenges, when it comes
to managing their cash.
The state of the country’s economy plays a
huge role in this dreary financial picture; as such, opting for just
the basics when it comes to making financial changes may not be ideal.
Single dudes should consider taking on some of these hands-on money rules:
Rent must not exceed half of your monthly earnings
Yes, you want to live alone, have your own place and be independent,
but you should not spend a fortune or run into debt renting an
apartment. Ensure your monthly rent is not more than half of your total
earnings per month. For instance, if you earn N100,000 per month ensure
you do not rent a place that costs more than N25,000 per month. This
means that you would be looking out for a space that would possibly cost
you N300,000 per year.
It’s easy to get sold on the dream of
emancipation from parents and total independence, but if it’s going to
jack up your bills, it’s probably not a wise financial move. If you must
rent a space, consider getting flatmates and move up from there.
Opt for hobbies that don’t require an upkeep cost
As a dude, you have a number of hobbies and activities you engage in,
to keep life eventful and interesting. It could be fitness, or just
games for leisure. The thing is, a number of these hobbies require
ongoing upkeep costs; from club membership dues, to cost of supplies,
uniforms, and even trips/get-togethers.
While it is definitely
alright to have hobbies, just make sure you go for one that requires
minimal maintainance, or even none at all. For instance, no matter how
much you love golf, you may want to put that off for later, when you are
more finically stable. Not only do you have to register to use the golf
course, you have to get the outfits and the need for fresh supplies are
almost endless. You may want to consider alternatives like playing
music, on an instrument you already have, or even football with friends
or colleagues.
Cut down on eating out
Yes,
you want to join in on the Sunday brunches with colleagues; you want to
prove to your girlfriend, who loves fancy food, that you are enough for
her; you also want to order from ‘The Place’ like your colleagues,
instead of brining something homemade or buying from the lady across the
road and being the “stingy” or “low-class” one. But if you are
concerned with upgrading your financial status, you will have to skip
these splurges. They seem small, but actually, they accumulate and take a
toll on your finances. You will be surprised to find out that
sometimes, the cost of the daily take-out is what, over time, separates
the rich dude from everyone another dude the wrong side of the thin
money line.
Acquire cars based on reliability and fuel efficiency…otherwise, use public transport
There is the assumption that owning a car makes a dude more appealing.
Before using your life’s savings to buy a car, you must at least
consider two factors.
Ask yourself: how reliable is the car? How
fuel-efficient is it? Answering these questions lets you know if you
would be actually making an investment by buying the car, or acquiring a
liability.
This is because fuel bills and repair bills are
serious money drainers when you own a car. Do not just jump and buy any
car just because it is cheap and it still moves. If you cannot say for
sure that it is reliable and fuel-efficient, get on with public
transport. And by public transport, I don’t mean Uber and Taxify.
There is absolutely nothing wrong with commuting to work in a bus or
keke napep. It is actually a better option as it is incredibly faster in
rush-hour traffic. It’s also cheaper when you consider the fuel, oil
and other maintenance costs of running the car. You save more and you
upgrade yourself financially.
When shopping, use the 30-day rule
Believe it or not, shopping is not a “girl” thing. Guys love to shop
too. When shopping – online or in-store, it is important that you adhere
to the 30-day rule. The rule simply implies that you wait 30 days after
your first serious impulse before buying the expensive item, no matter
how essential you think it is. Waiting 30-days give you enough time to
do research and ascertain the impact it could have on you financially,
and whether you even really want it or not. Sometimes we are deluded by
brief fascination and end up spend a lot of money on something that we
will never use and may not improve our lives in any way.
The 30-day rule gives you the time to come back to reality and make the sane decision.
Don’t borrow money to invest
Every financial guru will tell you to invest your money in something, if you want to be financially stable in future.
While this is great advice, you must also ensure that you do not use
borrowed money (money that is not originally yours) to invest…no matter
how lucrative the investment seems or how much of an asset you assume it
will be.
In the case where the investment you want to make is
either a fixed deposit or bond, you will eventually find that the
dividends may not able to match the rate of interest you pay on the
loan. Again, even investments, such as equities, that offer higher
returns, can be too risky.
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