Let’s face it, most of us didn’t get a financial education growing up. Nobody sat us down to explain how compound interest works, but they did teach us how to fry plantain without burning it (shoutout to Nigerian parents).
But in this economy where money disappears faster than airtime during a late-night gist, financial literacy is no longer a nice-to-have—it’s an essential personal finance tip that helps us survivel. Read more
What is Financial Literacy?
It’s not about wearing suits and quoting Warren Buffett. It simply means understanding how money works—how to earn it, manage it, grow it, and avoid blowing it on things you’ll forget in 24 hours.
Why Should You Care?
Because being broke is ghetto. Because “debtors’ group chat” is not where you want to hang out. And because “soft life” needs planning, not just vibes and prayer.
7 Personal Finance Tips Every Nigerian Should Know
1. Live Within (Not Above) Your Means
Just because your salary came in doesn’t mean Shoprite should see you the same day. And please, not everything is urgent on Jumia Flash Sales. Budget your spending like someone who wants to leave their landlord’s house. Read more
2. Save Before You Spend
Don’t wait till you’ve “enjoyed small” before saving. Flip it. Save first—even if it’s just ₦2k. You’ll be surprised how those small amounts can grow (and save your neck one day).
3. Learn to Budget
If you can plan a wedding with 300 guests and still have jollof rice left, you can plan your monthly expenses. Use simple apps or even a notebook. Just know where your money is going—because money without direction will disappear like NEPA light. Read more
4. Avoid Bad Debt Like Bad Wi-F
Borrowing money to invest? Maybe okay.
Borrowing to buy the latest iPhone 25 Pro Max Ultra Super Plus? God abeg.
Not all debt is bad, but know the difference and don’t use loans to fund a lifestyle. Read more
5. Invest—But Understand What You’re Doing
Investing isn’t just for people in suits in Victoria Island. It’s for you too. But read first. Ask questions. Start small. No need to enter a Ponzi scheme because the return is “double in 7 days.”
6. Emergency Fund is a Must (Yes, Again!)
If you haven’t read our other blog on emergency funds, you should check it out now (or later). In summary: if you don’t have a backup plan, you are the backup plan.
7. Pay Yourself First
You work hard. So before you pay rent, DSTV, or even tithe—pay yourself. Not for soft life, but for future-you. Savings, investments, retirement, all the good stuff.
Bonus Tip: Money Is Emotional, Not Just Mathematical
Sometimes you know the right thing but still do anyhow.” That’s okay. The goal is to be better, not perfect. Talk to people, join finance communities (the right ones), and don’t shame yourself for past money mistakes. Na experience.
Final Thoughts
Financial literacy is like pepper in Nigerian stew—without it, everything is bland and stressful. You don’t need a finance degree to be money smart. Just learn small-small, apply what you know, and stay consistent.
Your future self will thank you. Your bank account will be happier. And one day, you’ll say:
“Wow. I sabi this money thing now. Who would’ve thought?”
Want more tips? Here’s a downloadable budget tracker app
