7 Nigerians Talk About All The Gbas Gbos That Come With Saving

July 23, 2020

For some young Nigerians, a savings culture is a mindset instilled at a young age, with many parents encouraging their children to put money aside for rainy days. Others weren’t so lucky, having to learn about saving alongside every other thing adulting throws at you.

I was curious about the saving culture among young people so I asked 7 people about their relationship with savings. Here’s what they had to say. Read below:

Shox, 24 – Saving isn’t the problem, rent is.

Personally, I think I save enough money. Usually, I save about 70% of my income so I don’t think I struggle on that end. The problem is depletion. I spend most of my savings on rent. Finding an apartment that isn’t an embarrassment to humanity and is within my salary range is nearly impossible. In all, I just think I have to earn more.

Mimi, 26 – I save alright, but black tax wants to finish me.

Saving isn’t really the issue. I just think I don’t earn enough money. I certainly used to earn a lot less when I was in Nigeria, but I had fewer responsibilities. Here, I have to think about rent, food and the almighty black tax

I had a good savings streak until my brother died. I had booked a flight to Nigeria to see him when he was ill, but he died before my travel date. I spent more money to reschedule the flight for his funeral, but I missed that as well. Then my father needed money for his business and I had to take a loan for that too. I’m hoping my finances stabilise in the coming months.

Enejo, 21 – I don’t know how to save

When we were younger, my mother used to collect any money we got and saved it for us. It was done with our knowledge but we never actively participated in saving. Now, I’m not very good at saving money by myself. The money my mother saved for us is still in a trust fund and she occasionally deposits more money in it. Still, my saving skills suck.

Mo, 29 – I have three different saving portfolios

Personally, I don’t think it’s hard to save. I started saving when I was in secondary school, at the age of 15. It’s not like I was earning a lot then. It stemmed from wanting to be able to buy stuff without relying on my dad or my sisters and after that, it became a hobby.

Now, I have three different saving portfolios. I’ve been slacking though. I stopped working since I had my baby last year and my side business isn’t moving much. I strongly believe in saving because having an emergency stash is highly invaluable.

Molly, 29 – I haven’t touched my salary in almost 3 years

Me that I save anyhow? I haven’t touched my salary in about 3 years and I have N5.7m saved. I’m a lawyer, so I survive mostly on money from my private practice. I also get money from different sources, like my Dad. Generally, I don’t touch my savings for just any reason. I just save towards a target, like buying a piece of land or a car.

Tswaggs, 24 – I’m learning how to save

Omo, on God, I save as often as possible, although that’s a recent development. An emergency made me realise the need to start saving for rainy days. If I receive 10k, my brain automatically deducts 2k for savings and the rest is for balling. To be honest, it hasn’t been easy. Sometimes, you think you could use the money you’re saving for something else, but you really need to be disciplined.

Deola, 24 – My Mom does my saving for me

I’m not really a savings person like that because I always have my mom if I need emergency cash. Last last, she gives me the money and I repay her in instalments. 

When I started working, my mom ensured she collected a percentage of my salary at the end of every month. When I was earning 45k, she would collect 10k. Now she has made me join an ajo (cooperative society) and I remit 20k monthly to it while I save 10k with her monthly.

The bad part is that always end up spending the money on other people, on emergencies or give it to my family whenever they need it.

If you enjoyed this and want to learn how to save, check out 8 Simple And Effective Techniques For Saving Money.

Join The Conversation

Bring a friend.

You'll like this

August 3, 2020

The Nairalife was pulled off in partnership with FCMB. Get started with a Personal Business Account for as low as ₦5,000 here! When did life first show you the importance of money?  I think I’m on that journey. I try to resist the urge to believe money is more than what it is: an exchange […]

Watch

Now on Zikoko

Recommended Quizzes

November 11, 2019

Today, we are going to be using your taste in music to determine how good you actually are in bed. All you need to do is create the ultimate Nigerian hit — from the lead artist to the producer — and we’ll tell you if all your partners leave satisfied, or if you are just […]

February 26, 2020

Are you all set for marriage, or are you still figuring it out? Well, if you’re curious to know the answer, then this is the quiz for you. All you have to do is create your own ideal Nollywood wedding film, and we’ll tell you if you’re ready to say “I do”. Go ahead:

April 9, 2020

At some point in life, we all learnt that someone can be very intelligent and still lack common sense. That’s the difference between being book smart and being street smart. If you’re not sure where on the spectrum you fall, well, that’s what this quiz is here to tell you. Take it:

November 25, 2019

We already guessed how many people you’ve slept with, and y’all were out here denying the truth. Anyway, we won’t hold that against you. This time, however, we’ve created a quiz that predicts who you’ll sleep with next — so you can either prepare or try (unsuccessfully) to prevent it. So, take and see:

More from Money

Watch

Trending Videos

Zikoko Originals

September 13, 2022
Vs The World is a Zikoko original video series that follows best friends Astor and Hassan as they take on the world.
August 23, 2022
Zikoko Ships is a Zikoko Original series where we invite two people who share a relationship to play the Zikoko card games
December 14, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
November 2, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
October 26, 2020
A collection of videos documenting some of the events of the EndSARS protests.
June 22, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
June 22, 2020
Hacked is an interesting new series by Zikoko made up of fictional but hilarious chat conversations.
June 4, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
June 2, 2020
Quickie is a video series where everyone featured gets only one minute to rant, review or do absolutely anything.
May 14, 2020
Isolation Diary is a Zikoko series that showcases what isolation is like for one young Nigerian working from home due to the Coronavirus pandemic.

Z! Stacks

Here's a rabbit hole of stories to lose yourself in:

Zikoko amplifies African youth culture by curating and creating smart and joyful content for young Africans and the world.
X