In a country like Nigeria, where the cost of living keeps rising, managing your finances wisely has never been more important.
This is the story of Sola and Damola, two individuals with similar salaries but very different approaches to money management.
Sola and Damola both know the struggle all too well. Despite their seemingly comfortable salaries – Sola with her ₦150,000 and Farrah earning ₦200,000 – the harsh reality is that their money just doesn’t stretch the way it used to.
“Sapa” (financial strain) has become all too familiar, and it seems that every time they check their bank accounts, they’re left with far less than they anticipated.
While Sola decides to take a proactive approach, carefully budgeting her expenses to save more, Damola, on the other hand, continues to live in the moment, letting bills pile up without a second thought.
For him, it’s always about “you only live once” – a mindset that leaves her with little to show for her hard work.
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Savings From Your Salary
Sola, starting cutting down her expenses, budgeting with so much discipline.
She opened an account and sets up automatic monthly savings, putting aside ₦600,00 in a year, and possibly earning an interest.
This allows her not only having savings but growing her money without the stress of monthly bills looming over her head.
Damola, however, has a different approach. “Bills pass bills,” she often says, believing that life is too short to worry about budgeting.
While it’s true that life can throw unexpected expenses your way, budgeting is the key to taking control of your finances and ensuring you can still enjoy life’s pleasures without the constant fear of financial shortfalls.