The Nigerian Guide to Budgeting

Let’s take a break from talking about credit and loans for a minute. Today, we’re diving into the less glamorous (but totally essential) world of budgeting.

If you just rolled your eyes or felt a shiver down your spine, you’re not alone. I used to dislike the word “budget.” All I could see were spreadsheets and confusing numbers that made my brain itch.

But as much as I tried to ignore it, one thing became clear: if you’re not budgeting, you’re probably spending recklessly and that’s the fastest way to stay broke between paychecks.

Budgeting doesn’t have to be scary or boring. It just has to work for you. So here are four budgeting tips that have actually saved my wallet and my sanity.

1. Pay your non-negotiables first

Rent? Groceries? Data? Fuel? Medication? These are the must-haves. Before you even think about weekend vibes or buying that “just because” outfit, take care of the bills that keep you afloat. If the expense shows up every month without fail, it should come off the top before anything else. This way, you don’t “accidentally” spend your rent money at a hangout.

2. Give yourself a fun budget — and stick to it

Yes, you deserve soft life. But the soft life shouldn’t wreck your account balance. Set a specific amount aside for enjoyment. This can vary depending on how the month is going, but make it intentional. Having a guilt-free fun allowance means you can chill and stay disciplined. Win-win.

3. Don’t be afraid to cut back

Some months will require sacrifices. Maybe prices have gone up (again), or you’re saving for something important. Either way, cutting back isn’t punishment, it’s strategy.

Ask yourself:

Do I really need to eat out this week?
Can I skip that subscription for a while?
Do I have to attend every owambe?

The goal is to prioritise needs over wants without feeling like you’re suffering.

4. Plan for “life happens” moments

Unexpected stuff will happen. Your car might misbehave. Your phone screen might suddenly crack. Or your electricity units might finish in the middle of a Zoom call. That’s why you need a miscellaneous/emergency fund in your budget. It doesn’t have to be a huge amount, but it should exist. That way, when life throws drama your way, you won’t be stranded.

5. Try the 50/30/20 rule

Budgeting can feel like a puzzle until you find a method that actually makes sense. If you’re tired of overthinking every naira, the 50/30/20 rule might just be your new best friend.

50% – Needs
This covers all your essentials; rent, utilities, transport, food. The things you absolutely cannot do without.
30% – Wants
Things like concerts, eating out, new clothes etc. It’s okay to treat yourself, just be honest about what’s a “want” and what’s a “need.”
20% – Savings & Debt Repayment
This chunk should go toward building an emergency fund, investing, or repaying debt. Think of it as money you’re giving your future self.

So, how are you budgeting?

Be honest; have you ever set a budget and ignored it the next day? (We’ve all been there.)

What methods have you tried? A budgeting app? Pen and paper? Vibes and vibes?

And more importantly, where do you think you can improve?

Let’s talk in the comments. Share your budgeting wins, fails, or hacks. Someone out there might learn from your story.