There are some of mistakes Nigerian girls make when it comes to managing their money. These are some of those mistakes.
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Every girl makes mistakes with money at some point in time: not
planning adequately, not saving enough, spending recklessly on something
frivolous e.t.c. Unfortunately, some Nigerian girls seem to be
eternally stuck in the miry clay of certain money mistakes and are not
even aware of how these financial pitfalls are significantly derailing
their finances.
Managing money effectively is a key success skill for any sensible
Nigerian girl, but to make the decision to become effective with money
requires that they first identify what their weakness are and which
areas they have been making money mistakes.
Are you a Nigerian girl itching to get your finances right but
wondering what money mistakes you are probably making? These are 5
money mistakes Nigerian girls are making.
1. Not acting their wage
Nigerian girls are super hard working, they strive to make a living
for themselves and that is great. However, a major problem most of them
have, especially in Lagos and Abuja, is their tendency to live above
their means and not act their wage.
They over-spend on the little things – the small amounts that seep
out of their pockets here and there and eventually become large, as well
as on big things like buying a car or renting a lavish apartment in
Lekki Phase 1; when they are earning just about NGN150,000 a month.
As a Nigerian girl, if your outflow exceeds your income, then your
upkeep will be your downfall. Basically, it’s not about the amount you
make, but the amount you spend that is the problem.
2. Supporting a broke boyfriend
The social situation in Nigeria today seems to be different as
girls seem to be much more proactive and earning better, while the men
seem to have become a bit lazy and there are more broke guys in their
late 20s, 30s, and even 40s than there should be. Unfortunately,
Nigerian girls seem to be emotional and these broke guys know how to
pull their strings. They leech off these women for sustenance, literally
depending on them for everything from daily spending money to
toothbrush.
For the Nigerian girl, spending money and supporting a lazy and
broke boyfriend is a huge money mistake. Pouring money into a feckless
boyfriend is like investing in a company you own no part of. It is
important that the Nigerian girl ensures she is on the same page, or at
least in the same book financially with any boyfriend. That way, her
finances are not completely depleted.
3. Going into debt over a big, fancy wedding
Every Nigerian girl getting married in 2016 wants an ostentatious
wedding that will be featured on BellaNaija Wedding. This implies
pre-wedding photoshoots, exquisite designer wedding ceremony gown and
wedding reception gown, hiring a wedding planner, lavish wedding venue
and decorations, premium coverage as well as a fabulous honeymoon.
To achieve this desire/goal, a number of these girls drain their
groom financially and still go into debt. Nigerian girls need to
remember to invest in the marriage rather than the wedding event, as
life continues afterward. In fact, a simple rule every single Nigerian
should try to live by is this: If you are not in debt, do not get into
debt.
4. Going without a budget
A number of Nigerian girls fail to keep track of how much money
they spend per time as they do not have budgets. They are huge on
impulse buying and so, tend to make a lot of financial mistakes in that
regard.
The truth is, no matter how shrewd a Nigerian girl is with her
spending, she will still need a budget. A budget helps control spending
and reveals where improvements need to be made. With a budget, it is
easier for the Nigerian girl to reach her financial goals as she will
know where her money is going and plan in advance how to spend it.
Budgeting is actually very easy if she follows the 50/20/30 Rule
which says that from the take-home pay, 50% should be allocated to
essential expenses; which include housing, transportation, utilities and
groceries; 20% to financial priorities; which are retirement, savings
and debt (in that order) and 30% to lifestyle choices; which are gifts,
travel, dining out, shopping and everything else.
5. Living paycheck to paycheck
Most Nigerian girls may have a budget and live within their means,
but still not have savings. While it is great to know where every naira
will go, the reality is that no one can predict everything.
For this reason, it is important for Nigerian girls to stop living
paycheck to paycheck and instead create a budget that would include a
small emergency fund that could cover unexpected expenses or surprise
doctor’s bill and provide a cushion that will also prevent them from
overdrawing on their checking account and paying unnecessary financial
fees
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