Sapa is real, but your savings can be too. Let’s talk about it
Let’s face it , life in Nigeria has changed a lot. Prices are skyrocketing, and it sometimes feels like your paycheck disappears before you blink. So when people say, “Live below your means,” it can sound like just another motivational phrase with no real meaning in our day-to-day life. Is it really possible, or just a nice idea that doesn’t fit the reality?
Let’s break it down. Living below your means simply means spending less than you earn. It means managing your salary so that by the end of the month, you still have some money left — money that can go into savings or investments. It’s not about cutting out fun or denying yourself all the good things life offers. Instead, it’s about:
• Focusing on what you truly need before what you want
• Saving or investing a portion of your income regularly
• Making spending choices that match your real financial situation not just what looks good on social media
Sounds easy? Well, it’s definitely challenging. Let’s look at why it feels so hard and how you can still make it work.
Why Living Below Your Means Feels Impossible in Nigeria
1. Low Income vs. High Expenses
Many Nigerians earn less than what it costs to survive comfortably. You might make ₦150,000, but after paying rent, transport, electricity, and tithes, you may only have ₦50,000 left for everything else. How do you save from that?
2. The Pressure to Show Off
We live in a culture where appearances matter. Everyone wants to look successful. That new iPhone? Often bought on loan. That holiday or party? Maybe it’s funded by borrowing. This “keeping up” game can drain your wallet fast.
3. Sudden Emergencies
In Nigeria, unexpected expenses are common. A family emergency, medical bills, or even fuel scarcity can throw your budget off track and eat into your savings.
Hidden Money Pits That Can Bankrupt You
• Lifestyle Inflation: Getting raises and instantly upgrading your lifestyle—new car, bigger apartment—can leave you no better off.
• “Small” Loans: Borrow ₦10,000 here, ₦20,000 there, and suddenly you owe double when fees kick in.
• Medical and School Fees: Without insurance or a school-fees fund, these can drain your savings overnight.
• Ignoring bills: Missing rent, utilities, or loan payments can lead to bigger debts and penalties.
• Ignoring your budget: Not knowing where your money goes makes overspending easy.
• Lack of savings: No backup plan means one emergency can wipe you out financially.
How to Actually Live Below Your Means and Protect Your Wallet
It’s possible, but it takes smart choices and strong willpower. Here are some practical ways to start:
1. Understand Your Real Income
Don’t look at your salary as the amount in your bank account. Calculate what’s left after all fixed expenses (rent, bills, tithes, transport). That’s your real money to budget with. If you earn ₦100,000 in a month and you spend ₦70,000 on fixed expenses, ₦30,000 is what you can budget with.
2. Track Every Naira Spent
Write down every expense, no matter how small. That ₦1000 for suya or ₦500 for data adds up fast. This helps you see where your money really goes and where to cut back.
3. Cut Unnecessary Subscriptions and Spending
Cancel unused or rarely watched streaming services like DSTV or Netflix. Stop paying for apps or memberships you don’t use. Cut back on daily deliveries or takeouts that cost more than cooking at home. These small savings add up big.
4. Cook More, Eat Out Less
Eating out five times a week or buying expensive drinks and snacks will drain your budget. Learn simple, affordable meals that you enjoy. Garri and soup? Classic and budget-friendly!
5. Avoid Debt Traps — Especially ‘Buy Now, Pay Later’ Apps
Loans for phones, clothes, or parties often trap you in cycles of debt. If you can’t afford to pay for something twice over, don’t buy it on credit. These debts can spiral and cause serious financial trouble.
6. Create an Emergency Fund
Start saving even a small amount each month for unexpected expenses. It will protect you from using loans when emergencies happen.
7. Limit Impulse Purchases
Don’t give in to “just browsing” or spontaneous buying. Make a shopping list, stick to it, and wait at least 24 hours before buying non-essentials.
Living below your means might seem tough, but it’s definitely not impossible. It’s about discipline, knowing your limits, and making choices that protect your future. Start small, stay consistent, and watch your savings grow. Money goes fast when your lifestyle doesn’t match your payslip.
How do you manage your money in these challenging times? Share your tips below!