Today from Azà Hub, I share with you 5 money-sucking "evil spirits" (demons, monsters) that are draining your pocket, and are swallowing your salary even without you noticing in today's economy. And, yes, that is one benefit of financial literacy, which Azaland is all about promoting: being able to identify such monsters and avoiding them.

Financial Literacy skills and knowledge will safeguard you from these demons that keep wrecking havoc to many people's financial livelihood.

What are these demons?

1. Excessive Internet Data Subs:
Sincerely, it seems Naija networks have a data-evaporating policy. Because the burn rate of the data bundles are just bewildering. The rates at which the data bundles disappear can be exasperating and mysterious at best.

If you take stock of your total spend on data each month, you'd be most likely alarmed. In the age of social media with prevalent data-heavy multimedia like videos on Tiktok, YouTube, Instagram and even X.
How can you survive these?

Well, I cannot blame the data networks because they are being monitored for transparency. But in this era of Android phones, the devices are mostly the culprit.

One thing you can do is to make sure you compare prices and choose best deal. Recently I was able to get a huge business plan package that gives me double than usual. Don't be complacent, research around.

Also, be sure to take accurate records of your data spends monthly. This will give you idea if you have unknowingly spent more than even your monthly earning or salary on data! That way, you would be motivated to take immediate drastic steps.

Finally, ensure to manage the data-consuming appetite of your phone vis a vis background data usage. Facts show that the Android device on its own on standby continues to gulp data. A way out is to restrict background data for these app.

What of system apps?
Well I stumbled upon an app recently that can help bar all apps from having Internet access except I need them to. It saved me a lot. Want to know the name? Ask me.

2. The Eating Out Frenzy
Restaurant foods, high profile eateries all sound fancy and convenient and time-saving. They even have air conditioning! But trust me, they are not pocket friendly. My data shows that as a middle income individual, 2 meals at the restaurant could have catered for a week meal when cooked at home.

It is even worse for students, low income class and average salary earners.

Cultivate the habit of home-cooking your food and storing. It saves a lot of money.

Cook your food at home most times and let expensive eating out be a once-in-a-blue-moon thing.


3. Not Planning Well
Well, he who fails to plan has planned to do what?
Spending well requires good planning. Why?
Because our available resources (money) is too small compared with our insatiable wants and needs. Therefore, it is sacrosanct to stay in charge so as to be sure that the most important needs are catered to first.

This is what proper budgeting does. Budgeting will plan properly the allocation of your scarce limited resources (money, income or salary) towards your savings, and then your needs first, then wants and then others.

To budget or plan properly, you need data in form of accurate records of your monthly expenses. Therefore, be sure to keep good record monthly. Don't be too complacent to do that. There are modern apps that now help with both record keeping as well as Budgeting. Do a search. They work.

4. The Hanging Out Fever
If you are of the regular habit of hanging out to cool spots, lounges and clubs with friends on your bill, then you may need to stop first and have serious rethink to be sure if this is good for your pocket.

Hanging out is not bad. It's good social behaviour. However, is the cost implication good for your pocket and financial class? Is it in line with your financial goals or is it draining you? Is it deepening you into debts or does it rob you of achieving your monthly savings target?

These are personal questions to ask for sincere self assessment. It's your financial life we are talking about here.

I'm not saying you should stop hanging out with friends. No. I am saying you should ensure your plans and actions have cost implications that align with your financial status and goals.

My recommendation: it sounds better to forgo some enjoyments now and achieve your financial goals guaranteed rather than forfeit your financial future for some instant enjoyment or gratification.
Think about it.

If you can't afford an outing or party, speak out. Don't be too ashamed to accept. You may even be lucky your cohorts may offer to cater for the expenses. If not, turn it down for a better date.

Be in charge.

5. Not Negotiating Prices Well Enough
There's something called "Haggle" or "Haggling."
In my land, people naturally believed its is only for women to haggle prices. But trust me, in this harsh economic climate in the face of low buying power of the Naira, currency devaluation, high inflationary and interest rates, being able to negotiate best prices is a must-have financial survival trait. Men now haggle in the market better than women. Seriously.

Don't doubt this:
Sellers of goods and services want to sell at highest possible price so as not only to cover their high cost of production but also to make as much profit per sale so as to possible cover for future costs and investment.

Don't fetch water into oceans from your little well.

The idea is not to cheat but to arrive at a much lower price than pre-stated at win-win for all parties.

Negotiate well and you'd be surprised how much bucks you'd save. Sometimes when I haggle in the presence of my partner, its usually astonishing. Fact is: the seller won't sell unless its still profitable. You don't know the true cost of production. Its not your field.

Bulk buying helps haggle get better.

Haggle thus:
Seller: Buy yam, buy yams!
You: How much is a tuber of yam?
Seller: 1 for 1k. But because you are special and beautiful, I'll give you for 950.
(Don't fall for it, it's scope)
You: Thanks for the compliment.
Seller: You're welcome. How many you want make I pack them?
You: I want to buy 5 tubers for total of 3,500.
Seller: Ahh, that is shortage for me na.
You: Oya, what is your last price?
Seller: OK, angel, take it at 4k.

Did you see what just happened? Without using juju, you just bought a tuber listed at 1,000 each at final price of N800! 20% saving!

That's how money is saved. Don't be shy. Don't feel too big. You didn't steal the money you're spending. You suffered to get it.

Sweat it too.


Conclusion
So, that's it guys. I wrote all these while in my bed. Writing is not so hard afterall, especially if it's on a topic you can relate to and you are knowledgeable on.

I hope with these I've been able to expose those money-gulping demons who won't let you have savings. They may also be responsible for why you get broke just a week after salary!

Now that you know what to do, go take these mfs down! Go! Act!

Yours truly,
Azà land . com

PD: Financial Literacy is the possession of skills, knowledge and behaviors that allow an individual to make informed decisions regarding money.

Nice

6. Olosho

That hanging out and eating out are real demons...I feel am!

AchrafHakimi:
6. Olosho

Hooking up with Ladies.

You have to drop alot of friends to be able to save money especially those ones that don't believe in savings.

Anything you do now to secure your financial future is worth it , life is a marathon.

Thank you all guys for commenting. It takes real effort to really sir and write. But when people take time to read and comment, it's encouraging.

I'm open to constructive criticism too. My opinions msy be imperfect at time.

Follow my blog. Azà land

Gambling. It's a money consuming demon which puts an addict into depression and suicide

willi926:
Gambling. It's a money consuming demon which puts an addict into depression and suicide

Great point. This one, the gambler knows but some of them argue blindly.

SOME MORE MONEY SUCKING DEMONS:

1. Impulse purchases: Buying items on a whim without considering their necessity or long-term value.

2. Subscriptions: Regularly paying for subscriptions to services or publications that you don't fully utilize or need.

3. Unused gym memberships: Paying for a gym membership that you rarely or never use.

4. Coffee and snacks: Regularly buying expensive coffee drinks and snacks rather than making them at home.

5. Retail therapy: Using shopping as a way to cope with stress or negative emotions, leading to unnecessary purchases.

6. Overdraft fees: Incurring fees by overdrawing your bank account due to poor financial management.

7. Cable and streaming services: Subscribing to multiple entertainment services without fully utilizing them all.

10. Brand loyalty: Always purchasing name-brand products when more affordable alternatives are available.

11. Ignoring discounts and rewards: Failing to take advantage of discounts, cashback offers, or loyalty programs that could save you money over time.

This is really apt as you hit the nail directly, particularly that data aspect.

Funny thing is, I was made to believe Airtel towers above them all but it's like each time I subscribe on the wifi device, the management of Airtel are already handy with a straw to suck and drain all my data.

Just this year of buying the data to today of 15th January, I have spent 20k on the useless 3,000 naira for 20GB which looks tempting. , on top few browsing sites and small videos I dey watch o

aycorporat:
This is really apt as you hit the nail directly, particularly that data aspect.

Funny thing is, I was made to believe Airtel towers above them all but it's like each time I subscribe on the wifi device, the management of Airtel are already handy with a straw to suck and drain all my data.

Just this year of buying the data to today of 15th January, I have spent 20k on the useless 3,000 naira for 20GB which looks tempting. , on top few browsing sites and small videos I dey watch o

I feel how you feel.
We have no way of validating the integrity of those subs.
But let's consciously monitor.

Op you see that eating out? It works if you're more than one person. If not it's cheaper to eat out than cook as a single person.
By eating out I mean at a reasonably priced local restaurant not fast food them o!
As a matter of principle, I no dey near Fast food them o! I once entered Tantalizers and ate a plate of rice with one tiny beef and water only to pay 2450 Naira. Normal restaurant is 1200 a plate with extra meat. By restaurant I don't mean those dirty ones that you'll buy a plate of food 500 Naira with 2 free plates of diarrhea
Believe me, if you want to cook properly and similar quality at that of a good restaurant 2450 at most or 1200 Naira cannot get you anything.
If you're a family of 2 and above, its more reasonable to cook at home

@oneda, your points are noted. Circumstances differ. Though N1,200 is still a lot of money.

All these discussions will not make sense to those born with silver spoon, sadly. They can't relate because everything was given to them.

But at least, while we are still trying to make it, we need to ensure everything aligns.

We can't eat with 10 fingers or eat our seed which we are supposed to plant.

If you eat a seed you're supposed to plant, you will be hungry during harvest while others are rejoicing.

That #5 is very necessary. Some people have been "blackmailed" into poverty and lack.

You will learn to prioritize yourself over others anytime you come to realise that an average Okada man in Lagos makes over 200k in a month.

Some of those yam sellers in the market have houses, two wives, and 10 children in the north. The demand of their job is why some don't dress well. But then you'll always find that struggling bachelor who is yet to pay his rent feeling too big to negotiate.

When I give tips, I do it because I'm impressed by the level of service given.

Acidosis:
That #5 is very necessary. Some people have been "blackmailed" into poverty and lack.

You will learn to prioritize yourself over others anytime you come to realise that an average Okada man in Lagos makes over 200k in a month.

Some of those yam sellers in the market have houses, two wives, and 10 children in the north. The demand of their job is why some don't dress well. But then you'll always find that struggling bachelor who is yet to pay his house rent feeling too big to negotiate.

When I give tips, I do it because I'm impressed by the level of service given.

Valid points there.

POS VENDORS
you didnt add these blood suckers too. the money wey them dey add as charges e fit help some people career

Switinthemiddle:
POS VENDORS
you didnt add these blood suckers too. the money wey them dey add as charges e fit help some people career

Then use my Haggling strategy on point 5 with them.

If he says N500 on 10k, negotiate to 200.

Last time I checked, its not by force to patronise them. You walk away if terms are not favorable lol.

AzaHub:

I feel how you feel.
We have no way of validating the integrity of those subs.
But let's consciously monitor.

Let's keep monitoring jare my dear

Acidosis:
That #5 is very necessary. Some people have been "blackmailed" into poverty and lack.

You will learn to prioritize yourself over others anytime you come to realise that an average Okada man in Lagos makes over 200k in a month.

Some of those yam sellers in the market have houses, two wives, and 10 children in the north. The demand of their job is why some don't dress well. But then you'll always find that struggling bachelor who is yet to pay his rent feeling too big to negotiate.

When I give tips, I do it because I'm impressed by the level of service given.

That number 5 is what is killing most Nigerians. They want to "belong"
They'll rather tell you the costly amount they bought something than the quality of that thing they bought.
I think it's low self esteem.
It's rampant in Abuja.
"I shop in wuse market, banex plaza etc ( I don't even know their names anymore)"
So people will call you big boy or girl.

We need to get it right mentally.
That's our problem

descarado:

That number 5 is what is killing most Nigerians. They want to "belong"
They'll rather tell you the costly amount they bought something than the quality of that thing they bought.
I think it's low self esteem.
It's rampant in Abuja.
"I shop in wuse market, banex plaza etc ( I don't even know their names anymore)"
So people will call you big boy or girl.

We need to get it right mentally.
That's our problem

Accurately said. You have the right words - "low self esteem"

descarado:

That number 5 is what is killing most Nigerians. They want to "belong"
They'll rather tell you the costly amount they bought something than the quality of that thing they bought.
I think it's low self esteem.
It's rampant in Abuja.
"I shop in wuse market, banex plaza etc ( I don't even know their names anymore)"
So people will call you big boy or girl.

We need to get it right mentally.
That's our problem

Hahahaha. No lies told.

Abuja people and their unnecessary "fake life".

Wuse Market is unnecessarily expensive. I cut my coat according to my cloth and was buying my stuffs at Karimo market.

I wrote something similar few years ago:

https://www.nairaland.com/6035550/nigerians-poverty-certain-acts-perpetuate

---

You made great points, but missed out on the most important one: STOP HAVING FLENTY CHILDREN

Nigerians need to understand that having flenty children in today's economic climate is tantamount to being on the road to multidimensional penury and privation. The belief that children are blessings from God is entirely misplaced: children become blessings when taken care of properly and adequately.

Use condoms, postinor, the numerous contraceptives available to women and if, as a man, you don born like two, do vasectomy. Considering that many Nigerian men are polygamous by nature (they stated so, not me), it is important so as not to score in away games.

"Giving birth is cheap, raising them is expensive". Gerrard59, 2016

willi926:
Gambling. It's a money consuming demon which puts an addict into depression and suicide

Womanising too. The ROI is extremely poor. It is sweet to the preek and testosterone to have sex with different women; shapes and sizes. It is biologically sweet, but it is prohibitively expensive. Only rich men should indugle in womanising.

OP, to clarify a bit: eating out might be cheaper if the person is single and works a mentally demanding job/runs a high demand business. Economics says when you are making money, you delegate or outsource some activities so you free more time to make more money.

folake4u:


Hahahaha. No lies told.

Abuja people and their unnecessary "fake life".

Wuse Market is unnecessarily expensive. I cut my coat according to my cloth and was buying my stuffs at Karimo market.

You know, I lived just behind that market when newly married. I can put a pot of rice on the fire, go and buy something without my rice burning but I never shopped there. You see all those village markets, I discovered them and they are all outside Abuja metropolis. Foodstuffs are cheap in Abuja unless you don't know your way around.
And anytime I wanna shop, I dress up like pepper seller and get the best bargain.

Throughout the time I stayed in that city, foodstuffs were the cheapest thing I buy.
Goodluck to them

Gerrard59:


Womanising too. The ROI is extremely poor. It is sweet to the preek and testosterone to have sex with different women; shapes and sizes. It is biologically sweet, but it is prohibitively expensive. Only rich men should indugle in womanising.

OP, to clarify a bit: eating out might be cheaper if the person is single and works a mentally demanding job/runs a high demand business. Economics says when you are making money, you delegate or outsource some activities so you free more time to make more money.

Cooking is very easy. One of the easiest task to do.
Even if you have a high demanding jobs, you know. You have freezer for a reason. Bulk cooking comes to mind.
Husbands and wives have high demanding job yet there is always food in the house for everybody.
Set goals and prioritise. Cooking is not the problem here. Unless you have that mentality that men should not enter the kitchen.

descarado:

You know, I lived just behind that market when newly married. I can put a pot of rice on the fire, go and buy something without my rice burning but I never shopped there. You see all those village markets, I discovered them and they are all outside Abuja metropolis. Foodstuffs are cheap in Abuja unless you don't know your way around.
And anytime I wanna shop, I dress up like pepper seller and get the best bargain.

Throughout the time I stayed in that city, foodstuffs were the cheapest thing I buy.
Goodluck to them

Oh wowwww!

I loveeeee village market ehn. Things there are so cheap and fresh!!! I also went to the fruit market for good bargain.

Foodstuffs are cheap in Abuja if one knows the way around and speak small Hausa to the seller. It is easy to please those Hausa traders, they're impressed when you try to speak their language.

I dress like a homeless person to the market and wear my crocs.

Foodstuffs are really cheap in Abuja.

Good luck to those ones buying at Wuse and Garki market.

descarado:

You know, I lived just behind that market when newly married. I can put a pot of rice on the fire, go and buy something without my rice burning but I never shopped there. You see all those village markets, I discovered them and they are all outside Abuja metropolis. Foodstuffs are cheap in Abuja unless you don't know your way around.
And anytime I wanna shop, I dress up like pepper seller and get the best bargain.

Throughout the time I stayed in that city, foodstuffs were the cheapest thing I buy.
Goodluck to them

Wisdom. Wisdom. Wisdom.

Well, wisdom is needed.