MoneybyZikoko: How Much Does It Cost to Be a Bridesmaid?

Good morning,

Have you noticed the recent spike in the price of tomatoes?

If you’re wondering why, it’s because the quantity of tomatoes produced in the country has declined. As the rainy season approaches, the harvest period is almost over, thus affecting the available supply of the tomatoes we consume. 

What does this look like in numbers? According to Nairametrics, a basket of tomatoes was sold for ₦50k – ₦80k last month. This number has now risen by approximately ~100%. As it stands, a basket of tomatoes now sells for ₦140k – ₦150k.

This feels like another battle in the country’s fight to control food inflation. In April, headline food inflation was at 40.53%. One wonders how this scarcity will affect May’s inflation numbers. Whew.

Let’s get into today’s stories. By the way, the Aunty M column is live!

In this letter:

• #NairaLife: The 20-Year-Old House Manager Nursing Big Dreams
• The Cost of Being a Nigerian Bridesmaid, According to 6 Women
• Ask Aunty M
• #ZikokoMoneyVideo: If You Had to Live on ₦500k for a Month, How Long Before You Run Out of Money?
• QUIZ: Only Nigerians Who Love Money Can Get 9/13 on This Lyrics Quiz
• Where The Money At?!

The 20-year-old in this #Nairalife dropped out of university and moved to Egypt to work as a house cleaner due to her family’s financial struggles. She also spent the last two years repaying a significant debt she owed her sponsor.

What’s her life like now?

Read her #NairaLife here

The Nigerian wedding industry is the epitome of the saying, “It’s expensive out here”. From make-up to hall decoration, the cost of an item is most likely to double — or even triple — once the word “wedding” is mentioned.

We spoke to six Nigerian women about what it costs to be a Nigerian bridesmaid.

Find the story here

I’m a graphic designer and perfume vendor. I’m putting everything into growing my perfume business, and I’m looking to create my own fragrance next year. So I use the money from my design gigs to fund my perfume business.
I earn roughly ₦45k/month from my design jobs. I don’t use my profits from my business. Remember the goal to create my own perfume next year? I also want to get a physical store for my brand in my uni — I’m in my final year — by April next year. How do I create a budget to accommodate this financial goal, have an emergency savings, have money at hand for immediate needs and wants, and still invest? At the moment, I save and buy stocks and mutual funds as little as I can afford. – J, 23

Congrats on your journey to launching your fragrance! This is exciting. I suggest working backwards to create a realistic budget that meets your immediate needs and wants. You need to figure out what your goals are.

First, how much do you need in your emergency savings to feel comfortable? Is it ₦200k or ₦1m? Figure out the number based on your essential monthly expenses; don’t just come up with a random number.

Next, repeat this for all of your goals. How much do you need to launch your perfume? Have you done the research to figure out the number? Then, work backwards from there. If it will cost ₦500k and you need to do it within 12 months, you need to save ₦42k per month to get there. This means you may have to take on more design gigs to reach these goals, or you may need to adjust your timelines.

I’m rooting for you.

• Have a money question? Ask Reni here and we’ll find you an answer!

Watch the video here