Volume 108
Happy salary week, ☀️
On this week’s #NairaLife, we have a research analyst who faced seven years of unemployment but kept her head above water thanks to smart investments. Her story is a primer in weathering financial storms.
Then, we meet an Abuja teacher who is not about the girlfriend allowance life, and this is a source of conflict in his relationship. What does this mean for him and his partner?
There’s plenty more where that came from. So let’s get into it.
In this letter:
- #NairaLife: How Did This Analyst Survive 7 Years of Unemployment? Investments
- Love Currency:This Abuja Teacher Doesn’t Believe in Girlfriend Allowance
- I Don’t Mind Starving All Year Long Just to Have Money to Spend in December
- Ask Aunty M: I Save 80% to My Salary but I Struggle for the Rest of the Month
- QUIZ: Do You Even Have What It Takes To Be a Nigerian Billionaire?
- Where The Money At?!
#NairaLife: How Did This Analyst Survive 7 Years of Unemployment? Investments
This 48-year-old research analyst had just started to find career stability and comfortable income flow when she lost her job in 2016. Fortunately, her safety nets in investments helped her through several years of unemployment.
Now, she’s figuring out how to increase her income again.
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Love Currency: This Abuja Teacher Doesn’t Believe in Girlfriend Allowance
Elisha* (28) and his long-distance girlfriend, Beatrice* (24), have different expectations about showing affection. While Beatrice wants grand gestures, Elisha believes in the little things.
One thing he’s sure he’ll never do? Send her a girlfriend allowance.
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I Don’t Mind Starving All Year Long Just to Have Money to Spend in December
Many Nigerians are big on their end-of-year traditions. But how do these affect their finances?
Chike (33) talks about his yearly tradition of spending all his savings on his community in December and why he intends to keep doing that regardless of the economic situation.
Ask Aunty M with Reni
I earn ₦150k/month and put aside ₦120k monthly to rent a place because I set a deadline for myself. I live with my mum, and it’s becoming insufferable. Then I live on ₦30k. But I have to borrow money at the end of the month. Any advice, please? – Cassandra, 28
Hi Cassandra. You borrow money each month because your savings rate is too high compared to your income. You are saving 80% of your income, but that isn’t realistic based on your expenses. ₦30k is nearly impossible to live on unless someone is covering some of your expenses. You need to figure out how much you spend every month. To do so, start tracking your expenses. Write down everything that you spend money on each month. Once you do that – let’s say you figure out that you usually spend ₦60k monthly – have two options.
The first option is to reduce your savings to ₦90k per month so you don’t have to go into debt. This will mean moving out will take you longer, but you won’t be in debt.
If you are steadfast in your decision to move out by your deadline, you need to increase your income. Using the ₦60k example again, look for jobs or a second source of income that can account for the ₦60k you need to live on monthly plus your ₦120k savings, meaning you need to make at least 180k monthly. This will allow you to cover your monthly expenses and save without debt.
Lastly, remember that once you move out, you will incur many more expenses than when you lived at home. I’m not trying to tell you to stay home, but be realistic about how much you will have to spend once you move out, as now all food costs, rent, home maintenance, and more will be on you. I don’t want you to move out and now get into more debt trying to maintain the new home.
Try to increase your income before moving out, and ensure the place you move into is within your means, even if it means getting roommates to lower the costs. I hope this works out.
Xoxo,
QUIZ: Do You Even Have What It Takes To Be a Nigerian Billionaire?
Make some money decisions and we’ll tell you if you’re Otedola, Dangote or another Nigerian billionaire.
Where The Money At?!
We can’t say we’re about the money and not actually help you find the money.
So we’ve compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.
Again, don’t mention. We gatchu.
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All good things must come to an end. But not this good thing. We’ll be back next week.
In the
meantime, keep reading Zikoko’s articles and be sure to share the love.
See you next week…
Yours cashly,
Toheeb,
Zikoko’s ‘OG’ Mr. money
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