Every week,聽X站福利所 seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it鈥檒l be revealing.
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What鈥檚 your earliest memory of money?
I remember receiving the usual gifts of money from relatives when they visited. Also, at some point in junior secondary school, my dad gave me a weekly 鈧�250 – 鈧�300 allowance, and I spent it on sweets, ice cream, and Gala. It was good money because I only needed to spend 鈧�20 per day. That was in the early 2000s, when 鈧�5 could still buy sweets.
The good ol鈥� days. What was your family鈥檚 financial situation like?
We were quite comfortable. My family is mixed-faith, and we always had rams during Sallah and chicken during Christmas. My dad was an engineer with the government, and we lived in the staff quarters.
My mum made money by doing several things. In primary school, she was a caterer and delivered food to my school. Later, she started travelling to Dubai thrice a year to buy men鈥檚 clothes, lace and safari suits. This was at a time when travelling to Dubai wasn鈥檛 as common as it is now.
My parents separated after I left secondary school, and things changed. I lived with my mum, and I鈥檓 not sure why, but our finances became tighter. It鈥檚 not like my mum wasn鈥檛 providing; there was just no extra money to spend anyhow. I wanted money to do my own thing, which led me to the first thing I did to earn money.
What was that?
I carried blocks on a construction site. The site was close to my house, so I worked there for a few hours when my mum went out in the morning. Of course, I couldn鈥檛 tell her because she鈥檇 have killed me.
My pay was about 鈧�50 per block, and I made around 鈧�600 – 鈧�1k each day. I only lasted four days, though. As a part ajebutter, the work started telling on me, and I decided the money wasn鈥檛 worth my life.聽
I鈥檓 screaming. Did you try another money-making venture?
Nah. That was it for me. I got into uni in 2013 and relied on pocket money from my parents until I graduated in 2017. I didn鈥檛 have a specific monthly allowance. I could call either of my parents separately for money without the other knowing.
NYSC was much tougher. This was between 2018 and 2019, and allawee was still 鈧�19,800. I served in a secondary school that paid 鈧�5k/month. So, I relied on loan apps to meet my living expenses and 鈧�12k biannual rent during the service year. I always paid my debts, though; they never put my face on a banner or threatened my family members to make sure I paid back.
So, no disgrace
No disgrace o. I got my first job three months after NYSC in October 2019, and my financial situation improved a bit. It was an IT role at a bank for 鈧�80k/month. When I resumed the job, I commuted from my dad鈥檚 place to the office in Marina.
But my dad retired and moved a few months later, so I had to rent an apartment close to work. I took a 鈧�300k loan from work and used it to rent a tiny self-contained apartment in a good location. Rent was still reasonable in Lagos.
I used another loan arrangement from an electronics store to buy a TV, fridge and sound system. I think I paid them off over three months. One thing about me, I believe in taking loans to buy things I need 鈥� emphasis on things I need, not what I want.
If I can get an interest-free loan, I think it鈥檚 better to use it to get the value of what I need immediately and pay it back over time. I prefer that to holding on for months to save up for what I can get now.
I hear you. How long were you in this role?
Two years, and my salary increased to 鈧�200k/month before I left.
In 2021, I got a job at another bank, but the new job wasn鈥檛 much of an upgrade; I was just tired of my old job. I was still an IT officer at the new bank, and while my salary increased to 鈧�320k/month, so did my cost of living.
The new bank was on Victoria Island, and my transport and feeding costs increased. At Marina, I could get breakfast from local restaurants for 鈧�250 and lunch for 鈧�400. 鈧�700 was enough to feed me well for a full work day. But VI didn鈥檛 have that. I had to buy food from the office cafeteria, which set me back 鈧�1200 each time. If I wanted to eat breakfast and lunch, I had to hold 鈧�3k.
So, even though my earning power increased, I still had to cut back on things like food to maintain a barely average lifestyle.
I can imagine
I stayed at this bank for close to three years. There were no pay increases during this time, only a biannual 鈧�500k bonus. I felt stagnant, both career-wise and financially.
To top it all off, Tinubu came on board in 2023, and you know how that affected the economy. It felt like my cost of living tripled, but my salary still didn鈥檛 change. My take-home salary stopped taking me home, and I was constantly in debt.
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Did you return to the loan apps?
Oh no. At this point, I鈥檇 made friends with professional colleagues from other banks. Rather than go to loan apps with their crazy interest rates, I reached out to my friends for quick interest-free loans, and they always came through. I made sure to always repay my debts, so they were willing to lend me money. I just know I was always owing one person or repaying someone else.
Fortunately, I depended less on loans after I left for another bank in 2024. This time, I moved to the cybersecurity team rather than IT, and my salary jumped to 鈧�600k. Early this year, I got confirmed, and the bank reviewed salaries generally. So, I now earn 鈧�1m/month.
That鈥檚 quite a leap. How did the move to cybersecurity happen?
I was just lucky. I saw the job application online through a recruitment agency, applied for the position, and got an interview.
I didn鈥檛 even have in-depth cybersecurity knowledge. I worked in information technology, and while both fields have similarities, they鈥檙e also very different. Cybersecurity involves protecting information technology assets, while IT is more like the general application of technologies.
While I knew a bit about it, I wouldn鈥檛 have called myself a cybersecurity person until I got this job. It was pure luck.
You鈥檝e gone from 鈧�80k at your first job to 鈧�1m at just your third job. That must have caused a few lifestyle changes
I haven鈥檛 earned the 鈧�1m for a long time, but I definitely find it easier to make expensive purchases and decisions these days. For instance, I spent 鈧�120k on a dog last year, and I鈥檓 finally taking savings seriously.
Before, I couldn鈥檛 manage to build my savings to 鈧�500k because I鈥檇 always spend it. But since this year, I鈥檝e saved 鈧�350k religiously every month. To be fair, I have a savings goal I鈥檓 planning towards, and that鈥檚 a huge source of motivation.
What鈥檚 the savings goal?
I plan to save 鈧�4m – 鈧�5m by December, which will be equity for car financing. Here鈥檚 how it works: The current market price for the car I want to buy is 鈧�15m. Before anyone reads this and asks why I鈥檓 not going for something cheaper, I want a foreign-used car that won鈥檛 give me any issues.
That said, when I have the 鈧�5m, my workplace will finance the remaining 鈧�10m, and I鈥檒l pay them back over a stretch of four years. The interest rate is below 10% per annum, so I鈥檒l be paying around 鈧�200k – 鈧�250k monthly for four years.
Interesting. What happens after you get the car?
I鈥檇 need to reduce my savings as I鈥檒l be paying for the car. I鈥檒l probably cut it down to 鈧�150k/month and put it in my mutual funds account. I opened the account in January and just put 鈧�200k there. After the car is sorted, I can start investing regularly.
I鈥檓 curious. Why mutual funds?
I restrict my savings to safe investments. Mutual funds are quite safe, even though the interest rates might not be mind-blowing. It works for someone like me who鈥檚 just beginning to explore savings and investments. Plus, I have access to my money anytime.
Let鈥檚 break down your typical monthly expenses
I鈥檝e already collected my share of the ajo contribution to pay my rent. I left that 鈧�300k apartment years ago, around 2020, and my current rent is 鈧�1.3m/year. Typical Lagos rent hike.
How would you describe your relationship with money?
I鈥檓 still a learner in savings and investments and want to improve at them. I used to struggle with keeping money away for more than a month, but saving for my car has been a learning curve for me. It鈥檚 teaching me how to curb my expenses and enforce self-discipline so as not to touch my savings. It鈥檚 not like I鈥檓 a big spender, though. I mostly live within my means, but sometimes, I go overboard.
That usually happens when any of my friends are getting married and I spend far more than planned on their wedding. Other times, it鈥檚 just the cost of food. Prices are insane these days. The economy is just all-round terrible, and it makes keeping to budgets much more difficult.
Would you say your income gives you a comfortable life?
It doesn鈥檛. A comfortable life means I can eat well, have a well-furnished apartment, and a car I can conveniently fuel. Besides that, my income should also allow me to easily save and invest.
I don鈥檛 have all that yet, so I can鈥檛 say I鈥檓 comfortable. As a single man, I need to earn around 鈧�2m – 鈧�2.5m monthly to feel comfortable. However, the good thing about my current income is that I haven鈥檛 had to turn to a friend for a loan in five months. That鈥檚 something.
Is there anything you want right now but can鈥檛 afford?
It’s still my car. I really wish I could just go to a car shop and pay the 鈧�15m outright without worrying about financing, but unfortunately, I can’t.
What about the last thing you bought that made you happy?
I bought a refrigerator in November. You might wonder, 鈥淲hy鈥檚 a fridge making you happy?鈥�
Haha. I鈥檓 an adult, so I can understand your excitement
Thank you o. I鈥檝e realised that, as I get older, buying electronics and household stuff makes me happier than even buying clothes. The fridge cost me 鈧�310k, including delivery, and I was so happy because it has a big freezer space. I can now buy meat in bulk and just throw it in the freezer.
What do you imagine the next few years should look like?
I should earn between 鈧�2.5m – 鈧�3m within the next five years. I鈥檇 also like to get married soon. I don鈥檛 want a big ceremony, so I expect a 鈧�4m – 鈧�5m budget should be enough. I keep seeing people on Instagram and TikTok say you can鈥檛 plan a wedding with less than 鈧�10m, and I鈥檝e just chosen to believe they鈥檙e jokers.
Screaming. How would you rate your financial happiness on a scale of 1-10?
5. I still can鈥檛 get the things I need easily, and I still get broke before the next salary cycle. I also don鈥檛 like how I鈥檓 dependent on just one source of income. I鈥檓 not sure what side hustle I can do right now, but I hope to get answers within the next five years. I just want something to augment my income so I don鈥檛 feel limited.
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