Living below your means in Nigeria: Myth or Possible?

Let’s be honest. Nigeria has changed so much from what it used to be. The cost of living has gone up so much that it feels like our earnings are never enough. So when people say, “Live below your means,” it sounds like motivational noise. Myth, right?

But wait - is it really impossible, or just hard?

Let’s unpack this Nigerian financial dilemma and find out whether living below your means is a fairytale...or just a strategy we haven’t mastered yet.

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First, What Does “Living Below Your Means” Even Mean?

Put simply, living below your means is spending less than what you earn. In essence, it means utilising your pay in a way that you'll have money left over at the end of the month. It’s not about being stingy or denying yourself every soft life experience. Instead, it involves: 

• Prioritizing needs over wants

• Saving or investing a portion of your income

• Making decisions that reflect your real financial status, not your Instagram one

Sounds simple on paper, right? But in Nigeria, It comes with unique battles. Below, Let's look at some of the reasons it often feels impossible to to live below your means in Nigeria. 

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1. Low Income, High Expenses

The average Nigerian earns far less than the actual cost of living. You earn ₦100k and spend ₦80k on transport, food, and electricity. What exactly is left to save?

2. The Pressure to Flex

Nigeria is the land of packaging. Everybody looks like they have money - until you realize half the iPhones are bought on borrowed money and the “Detty December” fund was sponsored by a loan app.

3. Emergency Culture

Sapa hits unannounced. One sickness, family emergency, or fuel scarcity and boom - your budget is shattered. There's always something trying to eat your savings.

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So Is It Still Possible?

Definitely yes. But it takes determination, planning, and sometimes stubbornness. Here are tips that can help you live below your means. 

1. Know Your Real Income (Not Just the Alert)

₦150,000 salary minus rent, tithe, electricity bill and transport is not ₦150k. It’s ₦65k. That’s your real spending limit. Learn to work within that.

2. Track Your Spending Like a Detective

You don’t need a fancy app - just use Notes. Write down every expense from the first to last day of the month (even that ₦500 gala and Coke).

You’ll be shocked at how much flies out on impulse purchases, delivery fees, or DSTV you barely watch.

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3. Cook More, Flex Less

We’re not saying you shouldn't eat out every once in a while. But eating out five times a week, paying for bottle service, or ordering shawarma at 11pm will break your budget.

Beans and stew is still an elite Nigerian meal. Try it! 

 4. Avoid Debt Traps (Especially Buy Now, Cry Later Apps)

If you keep “borrowing small” to live large, you’re digging a hole. Don’t take loans for things that don’t bring returns like new phones, clothes, or parties. If you can’t pay for it twice, you can’t afford it.

Living below your means in Nigeria may not be easy, but it's definitely possible. It's about discipline, and courage to put away some expenses until you can afford them. Tell us how you deal with the rising cost of living in the comment section.

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