Spending so much on things that don’t make sense is one of the killers of financial success. Don’t even dare to do that while you live in Lagos.
This habit is predominantly among your people who still live with their parents. And this has a financial wrecking effect in the long run.
All the advice of saving and spending less could probably make no meaning to you as a young person who lacks fiscal discipline.
In Lagos, there is always this pressure to meet up everybody’s expectations. Some of the individuals live a fake life and you always feel your esteem is lowered if you do not meet their standards.
Frankly, it is not usually easy to live below the expectations of Lagosians, but sometimes, you need to overlook that and focus on your financial goals.
Focusing on your financial goals is a long term gratification, and you need to deprive yourself of those pleasures. The ripple effect of spending money on frivolities is a setback.
Therefore, you must at all times be cautious of what you spend money on.
Here are some of the things I think you shouldn’t be bothered about, let alone spending on them.
Luxurious Apartment
Many people in Lagos pay a huge sum of money to their landlords annually just to secure an apartment. It is usually expensive, even a room self-contained apartment costs as much as N250,000 (minimum) for one year. This money includes the agent and agreement free.
If you are earning income monthly you can imagine other expenses that follow. You have to pay at least N150,000 annually after paying N250,000. It not easy. It is better to share an apartment while you build your self financially.
Expensive Clothes
Lagos has a population of over 20 million people and a larger percentage of that number are the youth. These people try to buy the latest designs of clothes. There is no point in spending a lot of clothes.
You need clothes to put on, there is no doubt about it, but you shouldn’t spend so much on that.
For instance, if Mr. A buys cloth worth N5k for instance, it is still possible to get that same cloth at a cheaper rate. Always look out for alternatives and stop spending a lot on cloth.
Car
The cost of fuel, diesel, car insurance is astronomical. The repair of cars cost a lot of money, and I doubt if an average Lagosian could afford that. Other people from an influential background could get a car, YES. But you don’t need it.
Even if you are buying a car, let it be for a transport business such as Uber. You also have the option of is buying a landed property.
The money you use to get the car would fetch you a landed property that will value that amount in ten folds in 10 years.There are better days ahead, invest the money and drive the best cars tomorrow.
Electronics
This is a common notion amongst young people who reside in Lagos. They want to get the finest sound systems to decorate their apartment. It is fine to decorate your apartment, but there is always a better option.
There are cheaper and good quality electronics in certain markets in Lagos. If you are single, you may not need to even get one.