We all have that one friend who we make fun of for being too frugal or money conscious. We call them cheap or we make fun of them when they try to stretch every Naira as far as possible. Even our local languages that sometimes struggle to translate words from English have well established words for people like this and with Yoruba at least, these words have some negative connotations.
The way we have come to celebrate wealth in our society has also made our prudent friends stand out even more. While some Nigerians feel the pressure to show off their latest iPhone, designer cloths, flashy cars and so on, our prudent friends stay committed to their practices.
Despite our feelings towards these people, somewhere deep down within us, we know they are doing somethings right; we just don’t have the discipline sometimes to do as they do. We have to juggle infinite expenses with finite incomes while these people on the other hand not only seem to have control over their urges to spend, they have also amassed sizable savings over the years. Most of all, we envy them because they are hardly ever in debt.
Furthermore, you may have also realized that you are not getting any younger and it’s time to start putting together some money to start a business or to build your own home. Regardless of your circumstance, we would recommend that you pick at least one of the habits below and apply them through the coming year so you can be more financially independent. Don’t just spend whatever you save willy-nilly though, have a plan now for how much you will save and what you will do with the money.
Buy Fairly Used Items
There is absolutely no shame in buying used goods. Many people may have owned or still own a used car, which is fairly common but would you consider owning used furniture or a used TV or mobile phone? The way many people have “japa-ed” , there are loads of quality household items available that they want to offload for cash. You can pick up a great bargain. Check out these declutter accounts on Instagram to find used stuff at great prices.
Budget Monthly
When you get paid, don’t just start spending till you’re spent out. Have a plan for what is urgent and important and set aside money for these things. Also, differentiate between things you need and things you want. Prioritizing things you need over others will help you make sure your money is always going to the right places first.
Give Yourself A 7 Day Purchase Window
We’ve all been in a situation where we see something we like and just must buy it. It’s like our lives won’t be complete if we don’t have it NOW! When you are faced with a situation like this and you see something you like online or even in a store that you must have, take a mental note to wait for 7 days. If you still have that burning need to buy it, go right ahead (if it’s in your budget). Most times though, your better judgement takes control and you realize the item is not just that important anyway.
Shop Around When Buying New Stuff
When buying big ticket items, frugal people don’t just buy from the first store they go to, they shop around and compare prices. The driving around may be inconvenient but that is where Lekkipages.com can help. Just use the site to locate all the store that sell the item you want and chat with them directly from the site or on WhatsApp. At the very least, you will find several locations near you that carry the item you are looking for.
Do you have any frugality tips or habits you want to share? Leave your comments below.