Volume 106
Good morning ☀️
Random, but this week’s #NairaLife is the series’ 298th. If you’ve been a part of this universe long enough, you probably know that a recurring pattern in some of these stories shows how people’s quality of life can flip in unexpected ways. Take, for example, the guy in today’s story. Tough childhood, tough start. But he’s gone from washing clothes to earn an income to scrubbing up as a nurse. His hustle? Relentless. His journey? Unbelievable.
On #LoveCurrency, Tife talked to a woman navigating the emotional and financial turbulence of a marriage that’s not quite what she signed up for. This one is packed with hard choices and doses of heartbreak.
That’s not all in today’s dispatch. Let’s dive in!
In this letter:
- #NairaLife: He Washed Clothes for a Living 4 Years Ago. Now, He’s a Nurse
- Love Currency: The Kaduna Finance Sis Juggling a Failing Marriage and Providing for Her Children on ₦650k/Month
- I Want to Be Like My Mum, but Inflation Is Making That Impossible
- Ask Aunty M: I’m a Corps Member, and I don’t Have a Grip on my Finances
- QUIZ: Only Money Smart Nigerians Will Score 8/11 on This Fintech Logo Quiz
- Where The Money At?!
#NairaLife: He Washed Clothes for a Living 4 Years Ago. Now, He’s a Nurse
This 30-year-old had a rough early start, and his #NairaLife has been a series of grabbed opportunities and random luck. He’s been a houseboy, a cyber cafe assistant, a laundryman and now, a nurse earning ₦405k/month.
How did he get here?
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The Kaduna Finance Sis Juggling a Failing Marriage and Providing for Her Children on ₦650k/Month
Eni* married Ismah* as a bright-eyed 21-year-old, but it didn’t take long for their financial incompatibility to surface.
For #LoveCurrency, she talks about their different approaches to finances, his rigid expectations and why she doesn’t see herself in his financial plans.
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I Want to Be Like My Mum, but Inflation Is Making That Impossible
Inflation has generally made it more difficult to live comfortably in Nigeria, but for Faridah*, it’s robbing her of her mother’s legacy.
She talks about enjoying the fruits of her mother’s generosity to others, deciding to follow in her mother’s footsteps, and how the high cost of living might be changing her values.
Ask Aunty M with Reni
I’m a corps member, earning ₦48k monthly, comprising state and federal allowances. I don’t have a grip on my money. It literally just flies. I found out that I spent ₦15k on airtime and data last month. Halfway into the month, I borrow money from loan apps — usually ₦10k, which I refund as soon as I get my monthly allowance. The money flies, and I can’t pinpoint reasonable things I do with it, except the food items I buy at the beginning of the month; it only sustains me for two weeks. After two weeks, I start to eat out or live on bread/noodles. How do I manage this?
Also, I’m working on landing remote jobs. Even if I get an extra source of income, can please guide me on what to look out for when I start earning more? – Oyin, 22
Hi Oyin! Thanks for writing in. You’re already taking a significant first step by looking into your spending habits, so great job. When you have a limited, fixed income, it can be challenging but thankfully it’s only temporary until you’re done with NYSC. Until then, here are a few adjustments I suggest:
a. Start tracking every kobo:
Since money is flying in and out of your hands and you’re unsure where it’s going, tracking your expenses will help you see precisely how you are spending. You can use an app, a notebook, or a good old spreadsheet to jot down your expenses and income. This helps you identify where you may be overspending and gives you a clear picture of where you can cut back. For example, tracking may lead to the realisation that you have to build the discipline only to spend ₦5k monthly on data, and once it’s exhausted, no more data til the next month.
b. Set a budget with categories:
Create a simple budget based on your monthly income of ₦48k. An example would be:
Essentials (Food, transportation): ₦25k.
Airtime and Data: ₦5k.
Savings or Debt Repayment: ₦5k (save this or set it aside to pay debt).
Miscellaneous: ₦13k.
c. Save before you spend: Get into the habit of saving while making a little so you can save when you make a lot. If ₦5k is what you’re committing to saving every month, it should automatically be taken out when your allowance comes in and goes into your savings account. You can hold this at a separate institution and automate the transfer so we don’t rely on your willpower to save. Put systems in place to support you in the areas you may lack.
d. Avoid debt:
Borrowing ₦10k each month can trap you in a debt cycle. Try setting aside a small amount from your monthly allowance as an “emergency fund.” Even starting with ₦1-₦2k a month can make a difference. This will reduce your need to borrow and give you more financial control.
e. Set financial goals.
It’s easy to spend money when you have no goals for it. As you start to make more money, set goals for your money, such as an emergency fund, car fund, travel fund, or whichever other goal aligns with you personally.
Xoxo,
Reni
QUIZ: Only Money Smart Nigerians Will Score 8/11 on This Fintech Logo Quiz
Chances are that you use some of these fintech apps.
But can you recognise their logos?
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.
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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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