Living on a monthly salary below ₦100,000 in Nigeria can be very challenging, especially with the rising cost of living and inflation. While it may seem difficult to survive, the key is learning how to manage your income wisely and avoid financial decisions that could push you further into poverty.
If your income falls within this range, there are certain things you must avoid doing. These habits can negatively affect your financial stability and future goals. Let’s explore the top 7 things you should not do if you earn below ₦100,000 monthly in Nigeria.
1. Avoid Living in Expensive Areas
One of the biggest financial mistakes you can make is choosing to live in high-rent areas. Places like Lekki, Gwarimpa, or highbrow estates may seem attractive, but the rent alone can swallow over half your monthly income.
Look for more affordable locations that still offer access to basic amenities. Prioritize safety, accessibility, and affordability. Cutting down on rent gives you more room to save and cover other essential needs.
2. Stop Spending to Impress
Trying to impress others is a fast track to being broke. Buying clothes you can’t afford, attending every party, or eating at expensive restaurants will drain your wallet quickly.
Living within your means is not a sign of failure. It’s a smart move that allows you to focus on building your financial foundation. True friends and people who value you will respect your discipline, not your spending power.
3. Don’t Depend on One Source of Income
If your salary is less than ₦100,000, depending solely on it can put you under constant financial pressure. It’s risky to rely on a single income stream in today’s uncertain economy.
Look for side hustles or freelance jobs that can supplement your earnings. You could learn a skill like graphic design, content writing, digital marketing, or social media management. Even small gigs can boost your monthly income significantly.
4. Avoid Buying on Credit or Taking Unnecessary Loans
Buying items on credit or taking loans for non-essential things is a major mistake, especially if your income is low. It may seem like a solution, but in reality, it only puts you in debt and reduces your future earnings.
Only take loans when it’s absolutely necessary and you have a clear plan to repay. Avoid online loan apps that charge outrageous interest rates. Instead, learn to plan your spending and prioritize saving for big purchases.
5. Stop Neglecting Your Budget
Many people earning low incomes fail to create a budget. This is a mistake that can lead to reckless spending. A budget helps you monitor your income and expenses, ensuring that you don’t spend more than you earn.
Use simple budgeting apps or a notebook to plan your monthly expenses. Break down your income into categories like rent, food, transport, savings, and miscellaneous. This way, you’ll know exactly where your money goes and can avoid waste.
6. Don’t Ignore Savings
It may seem impossible to save when you’re earning less than ₦100,000, but saving is still necessary—even if it’s just ₦1,000 a month.
Building a savings habit prepares you for emergencies and unexpected expenses. It also gives you peace of mind and financial discipline. Start small and remain consistent. Over time, your savings will grow and help you take advantage of opportunities when they arise.
7. Avoid Having a Lavish Lifestyle or Expensive Taste
If your income is low, you have no business living like a celebrity. Expensive phones, designer clothes, or luxury items should not be on your priority list. Focus on needs, not wants.
There’s nothing wrong with dressing well or enjoying life, but do it within your means. Sacrificing now can lead to financial freedom later. Train yourself to distinguish between needs and luxuries, and you’ll make wiser choices.
Bonus Tip: Track Every Naira You Spend
Understanding your spending habits can help you avoid financial traps. Track every naira spent daily, weekly, and monthly. This practice can help you identify unnecessary expenses and cut them off.
Being intentional about your finances helps you maximize the little income you have. It also builds a habit of accountability and better decision-making.
Conclusion
Earning below ₦100,000 in Nigeria doesn’t mean you can’t live a decent life or plan for a better future. It simply requires financial discipline, careful planning, and avoiding common money mistakes.
By staying away from these seven habits, you’ll find it easier to manage your finances and even grow your income over time. The goal is not just to survive, but to build a pathway to financial progress and freedom.
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With patience, hard work, and smart financial choices, even a small salary can be a stepping stone to a more secure and successful life.
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