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 Pay attention and save yourself the headache.


There are so many opportunities to make money and be successful in Naija, but easy come easy go. Below are 10 foolish ways you lose money in Nigeria.

1. Overdoing the parties

It is estimated that Lagosian’s spend close to 40 billion naira annually on parties alone. Most analyst have argued that most of these parties are completely unnecessary and most times do not add value to either the host or the guests.

2. Insisting on Designers, Labels, and Brands

From groceries to clothing to prescription drugs, you can save money by choosing an off-brand over a fancy label. And in many cases, you won’t sacrifice much in quality. Clever advertising and fancy packaging don’t make brand-name products better than lesser-known brands. For example, generic drugs can cost as much as 80% less than their brand-name alternatives.

3. Not knowing where to shop

If you are Particular about price then don’t just walk into any store, a bottle of drink at MM2 will cost you almost three times the amount you buy it at your neighborhood fast food outlet, a supermarket in Victoria Island will not sell Gala at the price you get it in Oshodi

4. Paying for “ashoebi” you may Never wear again,

Today, almost all weddings, burials,Birthdays and even naming ceremonies now have a uniforms which organizers use in adding color and or liquidating their guests ! This is one of the Biggest drain pipes in most low income Families who can hardly afford three square meals but are willing to mortgage their 5 months salary for a 2 hours programme!

5. Maintaining a Fleet of Cars
Most people keep a fleet of car to show the world they have arrived , However they fail to realize that their cars start diminishing in value the moment they drove out of the show room . The Insurance, licensing, and maintenance is an unnecessary expense for a vehicle you drive once in a month!

6. Multiple Girlfriends or Sugar Boys.

Women are wonderful creatures, history is replete with men who died because of women only to have those women become concubines of the men who killed their lovers. A Man with a retinue of girlfriends will have to Buy Credit for Shade , change wardrobe for Ngozi and pay house rent for Fatima all these add up to keep the young mans account in perpetual red!

In the same vein women are reinventing slavery but this time on a different dimension, they have mastered the act of keeping “Bingos” whose only duty is allegiance to the Bosom of a woman old enough to be their mothers. One peculiar thing about these “bingos” is the Fact that they have taste as such keeping many “Bingos” sometimes leave a tsunami effect on the bank account !

7. Leaving Your Money in a Low-Interest Account

If you’re stashing your cash in a traditional savings account earning next to nothing, you’re wasting it. Make sure you’re getting the best return on your money. Fix any money you don’t need and earn good returns from your bank instead of paying account management fees to a bank which charges you for using your money.

8. Not Pulling the Plug on Electronics

If you use a prepaid meter this is one of the reasons your can easily fly away. Electronics that have a clock or operate by remote are typical culprits. The obvious way to pull the plug on your energy suckers are to do just that — pull the plug. Or buy a device to do it for you, such as a Smart Strip Power Strip which will stop drawing electricity when the gadgets are turned off. Though it costs extra a device like this will pay for off within a few months.

9. Buying at the wrong time

This mistake could some times have devastating effect Its is dangerous to Buy a Land or House during dry season because the area might be prune to floods or the Land could be waterlogged. Building during raining season on the other hand also has some advantages 1. Cost of Building materials especially cement falls. 2.Molding Blocks and water supply for concretes works could be made easier especially for those in arid areas

10. Borrower

Nigeria is an enterprising country and people are constantly working to build their own. You’ve probably heard the speech before, “please borrow me N 500,000 I have a business deal I must close tonight?” The wisdom here is never led out an amount you’re not willing to forget. Many people have lost million and made enemies just because they chose to loan. Any business that is too good to be true, is too good to be legal.




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