Hey girl, let’s talk money!
My mom always says money is a spirit, and it will fade away if you don’t take care of it. Overdramatic, much?! But I’ve lived alone for three years, and I can say there’s some wisdom in her words.
Because we’ve all been there!
You’ve been tracking your expenses, sticking to a budget, and even tossing a few notes into that savings box (or account because, modern times). But somehow, your savings aren’t stacking up as you’d hoped.
Turns out, some real sneaky culprits might be quietly nibbling away at your nest egg. Yes, you had a couple of thousands in your wallet or account, and you completed a few, and a mean a few transactions, and somehow it’s all gone! And you are wondering, dumbstruck, where your money is gone.
So she’s right: money does pull some disappearing acts, and we’re here to uncover the secret hiding spots.
10 Things That May Be Eating Your Savings Without Your Knowledge
Let’s uncover these secret savings snatchers and put that hard-earned money back where it belongs—in your control!
- Subscriptions
Check your subscriptions—yes, all of them. From streaming services to that app you downloaded for a free trial and forgot to cancel (oops!), these can drain your wallet faster than you can say “automatic renewal.” Tip: If you haven’t used a subscription this month, you probably don’t need it.
Set a reminder to review your subscriptions every few months. Consider consolidating where possible (like family plans) or alternating subscriptions based on what you actually use seasonally. This way, you only pay for what you truly enjoy and use.
- Impulse Shopping
It’s all too easy to fall into the trap of impulse shopping, especially in today’s age of digital convenience. With online stores promoting endless sales and that tempting “Add to Cart” button always just a click away, resisting the urge to splurge on non-essentials can feel like a real test of willpower.
And let’s talk about those grocery trips—ever noticed how you’d go to buy a few items, and before you know it, your cart is overflowing with items that weren’t on your list?
Tip: When online shopping, try adding items to your wishlist or cart and then stepping away for a day or two. This “cooling-off” period can help you evaluate whether it’s a genuine need or just a fleeting desire.
Always eat before you go grocery shopping. Shopping while hungry is a surefire way to fill your cart with tempting snacks and extras you wouldn’t usually buy. And don’t, I repeat, go into a supermarket without a list. If not, your money will develop some wings, and then you get home with bags worth of groceries, wondering where it all disappeared.
Another thing that has helped me is setting aside money for “impulse buying. ” Once I exhaust it, it’s until the next month. Setting a budget for treats can help you resist impulse buys that seem harmless but hurt in the long haul.
- Owambes
Where are my “Owambe” girlies?! We all love a good wedding or family celebration—the joy, the dancing, the music, the glamorous outfits. But let’s be honest: Attending these fabulous events can take a toll on our finances. The costs add up quickly, from buying aso-ebi to splurging on gifts and covering transport to makeup and even sewing the dress!
To keep your social life vibrant without draining your wallet, start by setting a monthly budget specifically for social events. Be realistic about what you can afford and stick to it.
You don’t have to attend every single event. You are not close to that many people, and the party won’t fall apart if you are not there. It’s perfectly okay to politely decline an invitation if it’s not within your budget this month. I am not ashamed to admit that if I calculate the clothes, gifts, makeup, etc., transport and it’s running high, I’m staying in my house. Did you forget you will be taking a ride there, or will you be slaying in a bus? I simply send money or a gift and my best wishes.
But if you don’t want to miss anything, get creative with your outfit. You can recycle looks or swap dresses with friends to save on buying new aso-ebi for every occasion. This way, you can still partake in the fun while saving your money.
- Energy Sucking Vampires
Have you ever wondered why your electricity bill seems high even when you try to save power? Those plugged-in gadgets and old appliances at home might be the culprits, quietly consuming more electricity than you’d expect. If you fall under Band A or are trying to cut costs like me, it’s time to make some changes. Small changes = big savings!
First, let’s tackle those energy vampires. Unplug devices like chargers, microwaves, and TVs when they’re not in use. It might seem like a small change, but it adds up! Another strategy that has helped is buying inverter variations or energy-saving appliances like fridges and lightbulbs. Yes, they might cost a bit more upfront, but the amount they’ll save you in the long run will make it worth it.
- Sneaky Bank Fees
Yes, I said it: Your bank charges are draining your wallet. ATM charges, account maintenance, and those ₦100 fees for ₦5000 POS transactions might not seem like much on their own, but together, they can seriously drain your wallet.
Review your bank statements, and you will see those tiny amounts begin to amount to a significant sum.
Here’s something you can do: Can you withdraw less frequently to cut down on charges? Or maybe carry a little extra cash to avoid multiple POS charges? Also, explore bank accounts offering lower transaction fees or perks like a certain number of monthly free transactions.
- Branded Items or “the latest and greatest of anything.”
Let’s face it: the thrill of brand-new designer clothes or the latest tech can be hard to resist. But constant splurging on high-end items can quickly deplete your savings.
Think critically about each purchase. Is it a must-have or just a fleeting desire? This reflection can prevent unnecessary spending. A trick I have learned is to hold off on immediate buys. Prices often drop just months after release. Also, consider mixing high-end purchases with more affordable finds to keep your style without overspending. And maybe no one else will tell you, but wearing too many branded items is not … classy.
- Dining Out and Food Wastage
We all love hitting the newest restaurants for brunch or dinner with friends, right? Those social meals are great until you peek at your bank account and realise how much you’ve been spending. It adds up faster than you think.
But here’s a twist: even though cooking up a meal at home might seem like the cheaper route, it isn’t always cost-effective if we end up throwing out leftovers. So, for my home chefs, remember this: cook what you can consume. It’s crucial, especially if power outages mean you can’t store food long-term. Plan your meals based on what you actually eat and what will last, given your house power supply, to avoid food wastage.
Now, I’ll be straight with you—I order in quite a bit. It suits my schedule, and honestly, when I tally up the costs, it often makes more sense than cooking. But that’s my routine, and you must figure out what fits your budget and lifestyle best. I’m not suggesting you ditch the kitchen or live off takeout, but instead, find a balance that works for you.
Just to clarify, I mentioned I ordered in a lot, but I didn’t say I dined out at the fanciest or trendiest restaurant around me. As far as I am concerned, there is nothing attractive about going on an expensive outing, taking pictures, and looking bougie only to come back home to open your mouth to air.
The solution? Stick to a budget for those restaurant visits. Maybe pick one fancy place a month and keep it low-key other times. Also, if ordering works for you like it does for me, that would be great, but keep an eye on those costs. It’s easy to go overboard without realising it.
Read Also: A Girl’s Guide to Fun on a Budget
Finally, whether you cook or order in, whatever your vibe, ensure you plan your meals. It will help you save money. For instance, you can order your meals ahead from the restaurant to save on delivery fees or buy your groceries in bulk.
- Transportation
You have to admit it can be pretty expensive to get around, especially with fluctuating fuel prices and fare hikes. And even though we all love the soft life attached to ordering a ride, for those without cars, we’ll admit that it eats into our savings.
So what can you do? If it’s a short distance, why not take a quick walk? It’s a quick and easy way to get a free workout. Also, instead of taking an Uber alone, you can sometimes opt for sharing the ride, and Bolt even has economy options for days you are feeling low on cash.
And if there’s an opportunity to carpool, please do. You can follow a co-worker who has a car going in your direction. But don’t be that girl who is all take. Once in a while, offer to fuel their car. Trust me, they’ll love you for it.
However, while trying to save costs, ensure you are not compromising your security.
- Gyms: Slimming your wallet, not your waist
If you are the fitness girl, respect to you; many of us aspire to be that.
But let’s talk about that high-end gym membership you’ve got—yeah, you know, the one I am talking about – The one that is more like a backdrop for Instagram, that gym you love throwing into conversations that you are using. But if there is a closer one, a cheaper one nearby with less aesthetics, and you still keep going to that one… well, your money is gone.
Think: Could your fitness needs be met with less costly alternatives? There are plenty of effective and enjoyable ways to stay fit without breaking the bank. You can go to the less attractive one, try YouTube videos at home, or thrift your gym wear and equipment. You need to be realistic and practical.
- Buy Now, Pay Later
You know those tempting “Buy Now, Pay Later” offers and the easy-to-click “Borrow Airtime” options from providers like MTN. Yes, that’s how they get you.
Sure, they look like quick fixes when cash is tight, or you just need a bit more to get through the month. But beware: They can quietly pull you into a debt cycle, where you find yourself constantly paying back today’s spending with tomorrow’s earnings.
You needed airtime on a call with someone, and you followed through with the MTN debt thing, and you thought, “Awesome.” Babe, NO!! You will pay back a percentage of that when you next recharge, and the same goes for the many Buy Now, Pay Later options available.
To avoid this trap, try setting aside a small emergency fund for unexpected expenses so you don’t have to rely on credit. When you do use these services, prioritise paying them off immediately.
And because I’m on your side, here’s a bonus tip: Not saying “no” can drain your wallet fast. For example, when you’re out with friends, and you don’t ask to split the Bolt fare, or you agree to another round of drinks because you don’t want to seem stingy. It’s crucial to prioritize your spending—be upfront about sharing costs and know when to call it a night. Saving that extra cash will not only boost your bank balance but also your happiness. You deserve it!
