Unless you are into crude oil or politics, chances are high that you will have a small pocket. In a short time, Nigeria has dealt many Nigerians bad cards with hikes in fuel prices and over-the-top food costs. But if there is anything Nigerians like to do, it is to live large. So, how do you do that with prices up to double what they were two years ago and salaries remaining the same? In this article, we will explore practical tips and tricks to living large on a small pocket. Let’s dive in!
Buy Things in Bulk
Buying things in bulk is one of the most valuable tips about spending with a small pocket. The first reason is quite obvious. Buying things in bulk often comes with a discounted price. For instance, one tomato paste could go for #250 (two hundred and fifty naira), while a roll of five tomato paste will go for #900. Going for the roll saves you more money than a couple of purchases.
Another way buying in bulk saves money with a small pocket is that it combats inflation. Buying a 50kg bag of rice now at, let’s say, #100,000 saves you from a potential price increase. The prices of items are on the rise in Nigeria. You can be a step ahead by buying down when you can afford it. Moreover, note that this doesn’t apply to food alone. You can do this for soap, toothbrushes, and more.
Protect Your Health
Healthcare can siphon your hard-earned money and leave you dry, and you ought to be smart not to fall sick with your small pocket. As an average Nigerian, it could be detrimental to fall ill because of the money you’d spend treating yourself. Hence, it is recommended that you take precautionary steps so that you can use your money for necessities and fun.
You can protect your health by investing in multivitamins, good food, and a healthy routine. This builds your body’s immune system and makes you less susceptible to diseases. In Nigeria, prevention is always cheaper and better than cure.
Steer Clear of Impulse Buying
One way you can quickly drain your funds is by buying things on impulse. You should buy things as they pop into your mind. We know you want that flat-screen TV or Rx350. But if you can’t afford it yet, wait. On the other hand, you can create a shopping list and stick to it. This way, you only buy the essentials.
Incorporate the 50/30/20 Rule.
If you are a little financially literate and, know you have a small pocket, you might have heard the rule of 50/30/20. It gives perspective on how to budget the little money you have. Straight to the point, 50% goes to necessities like rent, utilities, and groceries.
The 30% is for investment. Consider contemporary investment options like stocks, bonds, and real estate. There are so many such platforms you can invest in. Lastly, 20% goes to saving and debt repayment. Following this plan religiously can help. You can enjoy parties and other social events when they are rollovers or dividends from investment.
Sell What You No Longer Need
There is no reason to hold on to your designer trainer or T-shirt which has become way smaller than you especially if you have a small pocket. Sell items that have gotten smaller or that you no longer need. Your house shouldn’t look like a store with double of everything. Sell the old speaker or chair. Make a bit of room. The money can go into investing, saving, or simply living big for a while.
Parting Note
Everyone is a bit calmer, particularly those with a small pocket. While that’s not alright, how do we adapt to the situation? This article explores how you can make the most of your money. It includes practical tips you can start today and immediately see results. We wish you a stress-free experience as you try to find what works. See you in the next lifestyle post.
