The recent economic recession In Nigeria created a change in lifestyle of most citizens. People really took some drastic measures to manage their finances by cutting down on the excessive living.
Recently, The National Bureau of Statistics stated that Nigeria had gotten out of the worst recession in over 20 years and people are gradually re-adjusting to their old lifestyle. But as our country, Nigeria is getting out of the recession gradually; people are getting into their own personal economic recession.
1. Having no budget
Making a budget cannot be over-emphasised. Having a budget makes it easy to curb and control excessive spending. A budget makes it possible for you to avoid reckless spending but how can you do that if you don’t have when you have no idea of how much you spend.
You should be able to have an idea about how much you spend monthly. Create a strict budget today, to keep track on your expenses.
2. Living on debt
Taking loans is not a bad idea if you are getting a loan for the right reasons, probably going into a business and you need a substantial amount of money to start up.
But if you find yourself always relying on a loan for survival, then you need to really check your finance and also yourself then there is serious problem lurking around the corner.
Nobody really wants to associate with a chronic debtor.
3. Excessive spending
Excessive spending is very common in Nigeria. The social functions and celebrations we do is mostly always too extra. The show off of wealth on social media platforms has made people who can’t afford the luxury lifestyle to keep struggling to keep up with the trend which actually affects a lot of people’s finance. Most Nigerians are slave to society, trying to please everyone around them.
Apart from societal factor, there are people who just have the habit to spend excessively, living them left with little or no money.
If you are an excessive spender, you should really watch it because you are on your way to a personal recession.
4. The payday to payday lifestyle
A lot of people are guilty of this, waiting expectantly for the next mobile text for salary at the end of the month. Imagine there is a delay in payment and not having an emergency fund to fall back on which becomes a disaster.
The sad thing about living this way is that you keep acquiring debts and when you get paid, you have to pay the debt .
5. Buying things you don’t really need
Another sign is people buy a lot of stuff they don’t really use or need, which is bad because the money that could have been used for other meaningful and productive things was wasted on irrelevant things. Think about it twice before going to get what might not be useful.
It is very important to be rational when it comes to finance. Do you need it or you just want it?
If you see any of these signs in your finance, try to check it and work at it.