As a youth in Nigeria, discussions like how to make money, how to spent money both irreverently and wisely are been discussed among Nigerian youths.
As a Nigerian youth, you will fall within one of these four categories; a fresh graduate, a just discharged corp member, an employee, or an entrepreneur trying to figure out how to get started.
Regardless of where you belong, money is highly needed and how to manage money is very important.
The following are ways on how to manage money as a Nigerian youth:
- Educate Yourself
You can start by reading a book about personal finance, but be deliberate about it.if you want to be an entrepreneur, read books by successful entrepreneurs and how they managed their money. By doing so, you can apply it to yourself.
Make a Budget
One of the reasons Nigerian youths struggle with managing their money is because they do not have a budget. Making a budget is the starting point for personal finance, yet many Nigerian youths struggle with it. Also, a lot of Nigerian youths get carried away by the salary they earn that they don’t bother to account for it.
- Learn the Habit of Saving
This applies to both short- and long-term savings. This includes saving for buying of a car, your wedding ceremony, vacation and even retirement savings. But don’t underestimate the importance of saving for one. Anything can happen, you might need medical attention that is not planned for. You might need to get an accommodation urgently, in case you are still leaving with your parent or some friends. Therefore, for these unexpected things, make savings part of your budget.
- Start Investing
Many Nigerian youths believe investing is for someone who is approaching their 40s or 50s when they have millions in their account.
But as a matter of fact, investment is the last thing to be spoken about when talking about money because of the arising needs Nigerian youths are facing. But the truth is, investing is easier in your youth age.
Furthermore, Financial institutions have now made it easier for anyone to start an investment, but one just have to find the one that is verified and effective.
Finally, to Nigerian youths, you have to note that you can’t compare yourself with your peers or colleagues and what you do with your money now could have a lasting impact on your financial future.