6 Practical Financial Tips For Single Guys
The average Nigerian dude (not necessarily the f*ckboy) wants to ball. You can’t really judge them either, because…you only live once. YOLO!
Monday to Thursday: you stay on the hustle, money must be made.
Fridays nights: back to back clubbing with the babes.
Saturdays: wedding and after party then lounge/drinking time with your bros.
Sundays: big boy brunch at Oriental and football time at the bar later in the day.
The lifestyle is the dream; however, except you have your own business or solid inheritance somewhere, this lifestyle cannot be sustainable -especially, if you are still a bachelor.
Even when they follow the best financial advice available (they work hard, spend less than they earn, save and invest) quite a percentage of single men still find they have to live pay cheque to pay cheque – with no savings.
Of course, this does not in any way imply that all the unattached men in Nigeria are flunking their finances or are in a hopeless position when it comes to money. Some men just face specific challenges, when it comes to managing their cash.
The state of the country’s economy plays a huge role in this dreary financial picture; as such, opting for just the basics when it comes to making financial changes may not be ideal.
Single dudes should consider taking on some of these hands-on money rules:
1. Rent must not exceed half of your monthly earnings
Yes, you want to live alone, have your own place and be independent, but you should not spend a fortune or run into debt renting an apartment. Ensure your monthly rent is not more than half of your total earnings per month. For instance, if you earn N100,000 per month ensure you do not rent a place that costs more than N25,000 per month. This means that you would be looking out for a space that would possibly cost you N300,000 per year.
It’s easy to get sold on the dream of emancipation from parents and total independence, but if it’s going to jack up your bills, it’s probably not a wise financial move. If you must rent a space, consider getting flatmates and move up from there.