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How To Manage Money As A Nigerian In Your 20s - Business - Nairaland

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How To Manage Money As A Nigerian In Your 20s by Opinionated: 4:14pm On Oct 21, 2018
Growing up in Nigeria, you would agree that money is usually not the topic discussed with teenagers becoming young adults. Money is only discussed when it is needed by someone or when it has been misplaced or wrongly spent.

Every other thing in between like budgeting, how to makes wise money decision, long term money goals, short term money goals, savings and most importantly investing, is usually not discussed with young adults in Nigeria except but a small percentage.

As a young Nigerian in your 20s, you would usually fall within one of these four categories; a fresh graduate, a just discharged corp member, an employee at the edge of kicking off your career, or an entrepreneur trying to figure out how to get started.

Regardless of where you belong, you must have accepted and come to terms with the money truths, so it’s time to start getting serious about managing your money and here is how to get started.

Educate yourself

By now you’ve probably realized that the education system has done a terrible job at teaching anything related to financial literacy, except of course you studied something relating to finance. But don’t worry, managing your money is simple once you educate yourself. Start by reading a book about personal finance, but be deliberate about it. if you want to be an entrepreneur, read books by successful entrepreneur an how they managed their money, as a career person, read books about successful executives and how they managed money. That way you don’t get confused when you want to apply it to yourself.

Make a realistic budget

This is the starting point for personal finance, yet many people struggle with it. One of the reasons people struggle with justifying their spending is because they do not have a budget or do not set a realistic budget. Also, a lot of young Nigerians get carried away by the salary they earn that they don’t bother to account for it.

Before you can put together a realistic budget, you must be able to track your spending, all of it. Know the needs you spend on and the wants you are likely to spend daily. Prioritize what is important to your survival first before adding your fun and splurge expenses. Though you might be able to afford some splurge, but ensure they are trimmed so you won’t spend more than you earn.

Pay yourself first

This rule was first mentioned in the book ‘The richest Man in Babylon’ by G.S Clason and it is the start of financial freedom. This applies to both short and long term savings. This includes saving for buying of a car, your wedding ceremony, vacation and even retirement savings. By paying yourself first you are paying down for the future so when you need those things, you would be able to pay with ease. It also means your future needs goals would always be met. Money in your 20’s can be difficult to manage so don’t fall into the trap of spending first and then saving if you have something left over.

Build your emergency fund

Building your emergency fund can be tough in your 20’s since your pay is usually not that fantastic, but don’t underestimate the importance of saving for one. Anything can happen, you might need medical attention that your HMO would not cover that’s if your organization has one in place. Yu might need to get an accommodation, in case you are still leaving with your parent or some friends. Therefore, for these unexpected things, make your emergency fund part of your budget.

Start Investing

It is funny how a lot young Nigerians believe investing is something that should be considered when one is approaching their 40s or 50s when they have millions in their account. As a matter of fact investment is the last thing to be spoken about when talking about money. The truth is, investing is now easier and anyone can start an investment plan. Financial institutions have now made it easier for anyone to start an investment, just find the one that is verified and effective and start investing.

Finally, one thing to note is that you can’t compare yourself with your peers and what you do with your money now could have a lasting impact on your financial future.

How to Manage Money as a Nigerian in your 20s

28 Likes 7 Shares

Re: How To Manage Money As A Nigerian In Your 20s by eezeribe(m): 5:00pm On Oct 21, 2018
Most broke Nigerian youths deserve to be broke or even poor ...from their lifestyles

7 Likes 1 Share

Re: How To Manage Money As A Nigerian In Your 20s by Issakendrick: 9:02pm On Oct 21, 2018
eezeribe:
Most broke Nigerian youths deserve to be broke or even poor ...from their lifestyles
Re: How To Manage Money As A Nigerian In Your 20s by officialJP(m): 9:02pm On Oct 21, 2018
Stop gambling womanizing drinking and stop giving all your money to church

48 Likes 1 Share

Re: How To Manage Money As A Nigerian In Your 20s by BigGuyMan: 9:03pm On Oct 21, 2018
In Nigeria?

95% of afonjas youths are all Internet fraudsters or skull miners, they all want fast money embarassed

The only investment they know na Investment formats lipsrsealed

9 Likes 2 Shares

Re: How To Manage Money As A Nigerian In Your 20s by BigGuyMan: 9:03pm On Oct 21, 2018
lipsrsealed
Re: How To Manage Money As A Nigerian In Your 20s by LemuelIrabor: 9:03pm On Oct 21, 2018
Hmmn..
Re: How To Manage Money As A Nigerian In Your 20s by oderinde151(m): 9:04pm On Oct 21, 2018
Issokay

1 Like

Re: How To Manage Money As A Nigerian In Your 20s by Sunexy(m): 9:04pm On Oct 21, 2018
Keep away from most naija girls...They can disfigure your account if you aren't careful cheesy

12 Likes 1 Share

Re: How To Manage Money As A Nigerian In Your 20s by ishowdotgmail(m): 9:04pm On Oct 21, 2018
E no easy my brother. I think of money everyday, I just want to be rich

10 Likes

Re: How To Manage Money As A Nigerian In Your 20s by MJBOLT: 9:05pm On Oct 21, 2018
managing money in a bad economy is difficult

3 Likes

Re: How To Manage Money As A Nigerian In Your 20s by BigGuyMan: 9:07pm On Oct 21, 2018
ishowdotgmail:
E no easy my brother. I think of money everyday, I just want to be rich
Ote no go hustle dey think

1 Like

Re: How To Manage Money As A Nigerian In Your 20s by MsFaith: 9:11pm On Oct 21, 2018
At this moment, I'm stuck between saving money and you only live once

19 Likes

Re: How To Manage Money As A Nigerian In Your 20s by tokrizy: 9:11pm On Oct 21, 2018
is it ur money?

3 Likes

Re: How To Manage Money As A Nigerian In Your 20s by abdeiz(m): 9:12pm On Oct 21, 2018
Oga which money Pls?

2 Likes

Re: How To Manage Money As A Nigerian In Your 20s by gift01: 9:14pm On Oct 21, 2018
Avoid bet9ja

13 Likes

Re: How To Manage Money As A Nigerian In Your 20s by rozayx5(m): 9:14pm On Oct 21, 2018
ishowdotgmail:
E no easy my brother. I think of money everyday, I just want to be rich


And rich u go be

8 Likes 1 Share

Re: How To Manage Money As A Nigerian In Your 20s by LordFriar: 9:17pm On Oct 21, 2018
sad

I don't want to relate to posts like this and I hope I won't in the future.
I want to have so much money that I won't care how I spend it.

3 Likes

Re: How To Manage Money As A Nigerian In Your 20s by drips8(m): 9:17pm On Oct 21, 2018
BigGuyMan:
In Nigeria?

95% of afonjas youths are all Internet fraudsters or skull miners, they all want fast money embarassed

The only investment they know na Investment formats lipsrsealed



Your aba made brain must be overheating

8 Likes 1 Share

Re: How To Manage Money As A Nigerian In Your 20s by Benbelor(m): 9:18pm On Oct 21, 2018
eezeribe:
Most broke Nigerian youths deserve to be broke or even poor ...from their lifestyles

Excuse me, they are a lot of young Nigerians who are spend drifts but are still v.rich to make up for the future. This is all about ones plans and decisions on finance.

1 Like

Re: How To Manage Money As A Nigerian In Your 20s by zionmde: 9:22pm On Oct 21, 2018
BigGuyMan:
In Nigeria?

95% of afonjas youths are all Internet fraudsters or skull miners, they all want fast money embarassed

The only investment they know na Investment formats lipsrsealed
why constituting nuisance
Why don't u consider dressing on corporate and going around submit ur CVs again rather than giving up on ever getting a job and resorting to constitute a nuisance

1 Like

Re: How To Manage Money As A Nigerian In Your 20s by Dukebaba3v3(m): 9:24pm On Oct 21, 2018
eezeribe:
Most broke Nigerian youths deserve to be broke or even poor ...from their lifestyles
omo u dey vex ooo, take it easy my guygrin
Re: How To Manage Money As A Nigerian In Your 20s by gboxbaba(m): 9:25pm On Oct 21, 2018
Benbelor:


Excuse me, they are a lot of young Nigerians who are spend drifts but are still v.rich to make up for the future. This is all about ones plans and decisions on finance.
One question how old are you. Let me educate you. You can't be a spendthrift and still be rich. Unless you're a gboy or a drug pusher or your father is rich.
Ask Hollywood actors let them give you the gist.

7 Likes

Re: How To Manage Money As A Nigerian In Your 20s by qanda: 9:31pm On Oct 21, 2018
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Re: How To Manage Money As A Nigerian In Your 20s by awoo10(m): 9:32pm On Oct 21, 2018
Saving up could really be a hard task. Op God Bless you for this enlightenment.

1 Like

Re: How To Manage Money As A Nigerian In Your 20s by ishowdotgmail(m): 9:38pm On Oct 21, 2018
BigGuyMan:

Ote no go hustle dey think

Lol ode
Re: How To Manage Money As A Nigerian In Your 20s by Nobody: 9:39pm On Oct 21, 2018
MsFaith:
At this moment, I'm stuck between saving money and you only live once
the moment you realize it is not about you only but also your offsprings. you already know what to do
Re: How To Manage Money As A Nigerian In Your 20s by Onnasucs1(m): 9:48pm On Oct 21, 2018
MsFaith:
At this moment, I'm stuck between saving money and you only live once
while your mates are stuck between saving money and investing money

4 Likes

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