I remember the first time I got paid a salary. I felt on top of the world. It felt like I had finally become an adult. I could buy anything I wanted to buy, go anywhere I wanted to go, the opportunities were endless... Then, I paid my light bill, bought a data subscription, bought a few groceries, paid for transport to and from work, and before I knew it, just two weeks after I got paid, I was back to being broke.
Imagine my confusion; "where did all the money go?" I wondered as I carried a pen and paper, looking through my account statement trying to trace the source of my brokeness. To my shock, I actually did not do anything out of the ordinary. The problem was just poor budgeting, not enough income, and inflation.
Two out of those three problems were out of my control in the immediate. However, the budgeting, I could do something about. So after eating noodles and drinking garri for the remaining two weeks left in that month, I finally got paid again for the next month. But this time, I carried my pen and paper first and wrote down a list of necessary bills to pay, such as rent, light bills, and so on. After which, I wrote down my needs such as groceries and data subscription. I made sure to go for the most economically convenient options, and then I put aside my savings (emergency funds) and givings. I also made sure to strictly stick to my budget and remind myself that long-term gratification pays better.
Do you think it is impossible to save with your current income? What can you do differently this month in how you manage your finances? Let's continue this conversation in the comment section below.