MoneybyZikoko: How Much Do You Have in Your Bank Account?

Volume 93

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Good morning,

How much do the Nigerian federal and state governments owe in external debt? The short answer is a lot. In the first half of 2024, the state governments felt the heat, collectively paying ₦139.92 billion in external debt, which is up by 122% from what they spent during the same period last year. Of course, a factor is the sharp depreciation of the naira, which makes these repayments more expensive.

Kaduna and Lagos states led the pack, paying ₦23.08 billion and ₦32.44 billion, respectively, over six months.

What does this mean? Numbers like this give a clear idea of the fiscal health of Nigerian states. If the states spend so much on servicing their debts, there will likely be little left to divert to critical infrastructure and other capital projects. It’s a tough spot.

But, let’s look at today’s stories.

In this letter:

#NairaLife: This Freelancer Once Drove Cabs. Now, She Makes $3k/Month
I’ll Never Date Someone Who Earns Less Than Me Again
Aunty M: I Just Got Into Uni and Don’t Know How to Make My Money Last
QUIZ: Can We Guess How Much Is In Your Account?
Where The Money At?!

This Freelancer Once Drove Cabs. Now, She Makes $3k/Month

This 32-year-old freelance project coordinator is what you might call a late starter. Things haven’t always been rosy for her, from waiting five years to enter uni to driving cabs after a job loss.
However, she’s now on the road to financial freedom.

Well, as soon as she figures out money management.

Read her #NairaLife here

Jollof+ is a cutting-edge savings app providing up to 21% net interest rate with no hidden charges. Designed to help combat inflation, Jollof+ offers personalized saving features, ensuring steady financial growth for users.

Find out more here

I’ll Never Date Someone Who Earns Less Than Me Again

Nenye* (26) talks about her three-year relationship with her ex, the several money-related issues they had, and why that experience has turned her off dating men with less money than her.

Ask Aunty M with Reni

I’m a freshman at a state university, so I’m still new to the whole uni system.
I don’t have a job or a business, although I’m a talented writer (who’s currently not earning from it.
I took a money test and found out I’m a spontaneous spender. I don’t save, and if I do, I always withdraw it after some time.
My pocket money runs out before the end of each month. Please advise on how I can ‘manage’ my funds and plan a budget because I don’t have one. My expenses revolve around data, food, and transportation. Thank you. -Temi, 17

Hi Temi, managing your money as a student can be difficult, but here are a few suggestions to help you get on track.

First, track your spending. Write down everything you spend on data, food, transportation, and other monthly expenses. This will show you where your money goes. Once you have tracked your expenses and income, it’s easier to see why you can’t save. If I am to guess correctly, the amount you get as pocket money isn’t enough to sustain your expenses. That’s why you always have to dip into your savings. The solutions are to either decrease your expenses or increase your income. You are a talented writer — is it possible to monetise your talent by doing freelance writing work? This can provide you with a new income source to fund your life and your savings. Also, on the spending front, see if you are overspending in any of the categories you track and decrease if needed.

Next, I’d encourage you to set a budget. Divide your monthly pocket money into categories that make sense for your situation. For example:

Data: 20%

Food: 40%

Transportation: 20%

Miscellaneous: 10%

Savings: 10%

I think you should get into the habit of prioritising saving.

Consider opening a separate, harder-to-access savings account to avoid dipping into your savings. Also, consider automating the transfer from your main account to your savings account so you’re forced to live without the money. Having goals around what you want to save for also makes saving easier.

All the best!

Xoxo,

Reni

Have a money question? Ask Reni here and we’ll take it from there

QUIZ: Can We Guess How Much Is In Your Account?

We are here to tell you how much is in your account. How, you might ask? By using your taste in Nollywood, of course.

Take the quiz here

Where The Money At?!

We can’t say we’re about the money and not actually help you find the money.

So we’ve compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.

Again, don’t mention. We gatchu.